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Publish Date : 17-May-2013

Masdar, Abu Dhabi's renewable-energy company, and the Export Import Bank of the United States (Ex-Im Bank) – the official export credit agency of the United States – today signed a Memorandum of Understanding (MoU) in which they will explore opportunities to structure and deploy up to $2bn worth of Ex-Im Bank's finance supporting U.S. exports to Masdar's future projects.

Under the MoU, the two entities will identify investment opportunities which may facilitate the procurement and deployment of U.S. technologies, products and services in Masdar's renewable-energy projects.

Priority areas under the MoU include carbon capture, use and storage, utility-scale solar desalination, sustainable-city development and waste-to-energy projects.

The MoU was signed by Masdar's CEO His Excellency Dr. Sultan Ahmed Al Jaber and Ex-Im Bank Chairman and President Fred P. Hochberg.

"This MoU is intended to foster the deployment of U.S. technologies, products and services across Masdar's portfolio of projects," said H.E. Dr. Sultan Al Jaber. "It also underscores the importance of international collaboration on strategic investment in clean-energy projects. Masdar looks forward to working with the Ex-Im Bank to expand our global portfolio of assets and generate strong returns."

The mission of Ex-Im Bank is to support employment in the United States by assisting in financing the export of U.S. goods and services to international markets.

Ex-Im Bank Chairman and President Fred P. Hochberg said, "Masdar is a leading global developer of renewable-energy projects. Promoting clean-energy technology from American exporters in the global marketplace is an important priority at Ex-Im Bank. This MoU with Masdar will enable the competitive use of U.S. clean technology on an international scale."

Renewable energy remains the fastest-growing sector in the energy industry. According to the most conservative estimates by Bloomberg New Energy Finance, renewables will account for 70 per cent of the new power-generation capacity added worldwide by 2030, when renewables will make up half of installed power generation capacity. Global investment in renewables is also expected to show robust growth for the foreseeable future. In 2012, $268 billion was invested in renewable energy worldwide. That figure is expected to reach an estimated $750 billion annually by 2030, accounting for 73 per cent of total investment in power generation.

Ex-Im Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

In Fiscal Year 2012, Ex-Im Bank approved nearly $35.8bn in total authorizations. Its total FY 2012 authorisations are supporting an estimated $50bn in U.S. export sales.

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