Dubai Investment Fund (DIF) announced the deal of investment into five projects aimed to developing renewable energy sources in Australia and Europe.
DIF did not reveal the name of renewable energy projects and investment details.
Details of the Investment
Two of the start-ups are solar power plants for local communities of Australia, utilizing the weather conditions of the region to improve the energy supply in the area. The project will generate about 300 megawatts of solar energy in its initial stage.
Two more projects will be developed in Europe. These are an innovative wind power plant in Germany and a solar power plant in Spain, which are expected to exceed 125 MW each.
Another one is dedicated to improving energy storage methods. Ensuring safe and effective energy storage is the key part of expanding alternative energy sources. The energy storage with a capacity of 100 MW will be used along with the wind and solar power plants mentioned above.
“One of the core principles of DIF is investing into developing technologies, which will make people’s lives better in the future, and will create a possibility for a safer and sustainable environment,” said Ryan Smith, Head of Global Strategy and Investment Operations at DIF.