U.A.E.’s Al Nowais Plans $500 Million Renewable Energy Fund - Bloomberg:
United Arab Emirates businessman Hussain Al Nowais is planning a $500 million fund to spur renewable energy investments across the Middle East and Africa.
Clean power is growing increasingly attractive for Middle Eastern oil producers as falling costs for solar and wind plants allow those states to free valuable crude and natural gas for export. Other countries in the region or in Africa that are poor in fuels burned for electricity are looking to renewable energy to cut hefty import bills and bring power to areas that are not already supplied.
Al Nowais is raising the fund “given the need for expansion and given the need for additional capital” for renewable energy projects, he said in an interview at the World Economic Forum in Davos, Switzerland. Al Nowais said he is in talks with “several institutional and local investors” about contributing to the fund.
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