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26 February 2014

Masdar and Japan Bank for International Cooperation sign clean technology agreement

Masdar signed a Memorandum of Understanding with the Japan Bank for International Cooperation (JBIC) today that will see the two groups work together to develop global renewable energy.

The two parties will jointly develop projects in various areas including; wind energy, solar power, water desalination, carbon capture, use and storage (CCUS) technology and sustainable city development.

Masdar was launched in 2006 by the Abu Dhabi leadership with a mandate to advance renewable energy through education, R&D, investment and commercialisation. It is a wholly-owned subsidiary of the Abu Dhabi Government-owned Mubadala Development Company and is guided by Abu Dhabi Economic Vision 2030, a programme driving new sources of income for the emirate and strengthening Abu Dhabi’s knowledge-based economic sectors and sustainability.

The Japan Bank for International Cooperation (JBIC)is a policy-based financial institution of Japan, and conducts lending, investment and guarantee operations. The Bank’s mission is to contribute to sustainable development in Japan and around the world by conducting viable financial operations.

UAE Minister of State and CEO of Masdar, Dr. Sultan Al Jaber, and JBIC Governor, CEO, Hiroshi Watanabe signed the agreement in the presence of His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Japanese Prime Minister, Shinzo Abe.

Dr. Sultan Al Jaber, CEO of Masdar said: “Japan and the UAE continue to strengthen a multilateral relationship that has been built on a foundation of common values and a shared vision in areas of energy, economics and politics. We expect, through this MOU, to capitalise on the opportunities for economic growth and energy security through the deployment of renewable energy.”

The agreement follows a visit by Prime Minister Shinzo Abe to the UAE in May 2013, when the UAE and Japan outlined their intention to advance their political and economic relationship, focussing especially on clean and renewable energy collaboration.

JBIC Governor, Hiroshi Watanabe said: “The MoU today should contribute to the further strengthening of the relationship between our two countries. We look forward to leveraging Masdar’s expertise and experience across the clean tech sector to create mutually beneficial opportunities.”

Japan is seeking to diversify its energy mix and is working to increase the use of solar and wind energy. Japan currently has 6GW of installed solar energy capacity after adding nearly 4GW in 2013 and estimates suggest that it will soon overtake Germany and the US to become the world’s second largest generator of solar energy in the world.

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