Masdar, Abu Dhabi’s renewable energy company announced plans to collaborate with the European Investment Bank (EIB) – the financial arm of the European Union – to accelerate the development of clean energy projects in parts of the Middle East and North Africa.

The framework agreement, signed during Abu Dhabi Sustainability Week, allows Masdar and EIB to jointly identify investment opportunities to develop and finance renewable energy projects.

"This agreement underscores the critical importance of international collaboration and the shared responsibility to accelerate the growth of renewable energy in the region," said Dr. Sultan Ahmed Al Jaber, UAE minister of state and CEO of Masdar.

"Masdar has strong ties with Europe and a successful track record in developing large-scale, clean-energy projects," added Dr. Al Jaber. "We look forward to working with the European Investment Bank to expand our portfolio of projects and advance renewable energy adoption in key Middle East and North African markets."

EIB Vice-President Philippe de Fontaine Vive said: "The European Investment Bank supports projects that make a significant contribution to economic growth, regional integration and environmental sustainability. This agreement will help to connect capital with project expertise in an effort to promote energy security. We look forward to working with a leading partner from the Gulf."

This partnership will contribute to better technical and financial resources for mature project preparation in renewable energy.

Masdar’s interests are broadly aligned with EIB’s objectives and collaboration could potentially lead to synergies, in particular for project identification, evaluation and development. As part of the agreement, EIB and Masdar will also look for opportunities to develop human capital through a hands-on internship program.