Mumtalakat and Masdar ink deal for clean energy

TDT | Manama                                                    

The Daily Tribune – www.newsofbahrain.com

Bahrain Mumtalakat Holding Company (“Mumtalakat”), the sovereign wealth fund of the Kingdom of Bahrain, and Abu Dhabi Future Energy Company PJSC-Masdar announced yesterday the signing of a Memorandum of Understanding (MoU) aimed at exploring collaboration opportunities in the development of clean and renewable energy projects in the Kingdom of Bahrain.

Under the terms of this MoU, Mumtalakat and Masdar will collaborate to develop a pipeline of renewable energy projects, supply cost-competitive green energy to Bahrain, build local capabilities, and foster innovation in Bahrain by utilising their complementary expertise and know-how.

In addition, they will explore co-investment opportunities in other markets of common interest. Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, said: “We firmly believe that through strategic partnerships with industry leaders and investing in sustainable technologies, we can contribute towards creating a lasting positive sustainable impact for future generations.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “Masdar is delighted to be partnering with Mumtalakat to drive clean energy initiatives in the Kingdom of Bahrain.” This MoU has the potential to support the creation of highly skilled job opportunities in Bahrain by training and enabling local talent to actively engage in the clean energy industry.