Dubai fund invests in projects to develop 650 MW of renewables, storage
Image by: Green Energy Markets (www.greenmarkets.com.au).
September 27 (Renewables Now) - Dubai Investment Fund (DIF) today announced an investment in five renewable energy development projects in Australia and Europe, representing a combined capacity of more than 650 MW.
DIF, which has more than USD 320 billion in assets under management and serves more than 7,300 private and institutional investors in 61 countries, said that two of the projects will develop solar power plants for local communities of Australia that will generate about 300 MW in the initial stage.
The fund is also investing in the development of an “innovative” wind park in Germany and a solar farm in Spain with an expected capacity of more than 125 MW each. The fifth project is designed to enhance energy storage methods and will see 100 MW of energy storage used along with the abovementioned wind and solar power plants.
The technological and geographical diversity of the projects is expected to contribute to the stability of potential profits, the fund said.
Further details of the projects or financial terms were not provided.
DIF noted it is expanding its investment strategies to encompass more environmentally friendly and clean technologies.
Ryan Smith, head of global strategy and investment operations at DIF, said the five projects will create renewable energy, which will improve local environmental conditions and tackle energy shortages. “The rising prices for fossil fuels is another reminder of why it is important to support the research and implementation of alternative energy production methods," he stated.