Abu Dhabi’s green energy firm Masdar plans to launch its third investment fund, after it closed a $290 million clean-tech fund late last year, highlighting growing interest in renewable energy, the general manager of Masdar Capital said.
"Despite difficult market conditions, we got commitment from investors," Alex O’Cinneide told Reuters on Thursday on sidelines of a conference.
"The third fund depends on how the market looks, whether it is a global fund or a specialized fund," he said.
Masdar is the renewable energy initiative of Abu Dhabi, one of the world’s top oil producers, which wants renewables to account for 7 percent of total power supply by 2020.
Masdar’s second fund, the DB Masdar Clean Tech Fund, set up with Deutsche Bank, will have an allocation of 40 percent in Europe and 30 percent in both the United States and Asia.
Mitsubishi Heavy Industries invested $25 million late last year, taking the second fund’s size to $290 million from the first close of $265 million in early 2010.
