NZ clean energy pipeline set for $800 million boost from UAE investor

The UAE-headquartered renewable energy and green hydrogen developer Masdar is exploring $800 millon worth of possible renewable energy projects under a new Memorandum of Understanding (MoU) with government entity Invest New Zealand (NZ).

Projects in solar, battery energy storage and wind will be identified under the agreement, and will include co-investment with New Zealand companies and Māori businesses.

The MoU builds on the NZ-UAE Comprehensive Economic Partnership Agreement (CEPA) and the investment agreement signed alongside it.

Both include specific commitments to encourage investment in decarbonisation and clean technology. 

NZ Trade and Investment Minister Todd McClay said investment on this scale helps build the energy infrastructure the country needs to grow the economy and reach its goal of doubling renewable electricity generation by 2040.

“The CEPA was built to encourage investment between our two countries, including in clean technologies. This MoU turns that into something practical. It connects Masdar’s capital and know-how with renewable energy projects here in New Zealand,” McClay said.

Invest New Zealand and Masdar will establish a steering committee and project team to agree a work programme and a pipeline of opportunities.

Robert Wall, Chief Executive Invest New Zealand said renewable energy is a priority investment sector, with significant potential to support productivity and economic growth.

“Our focus now is practical: working with Masdar and New Zealand partners to identify a prioritised set of renewable energy opportunities and help them progress towards commercial due diligence.”

Masdar Chief Executive Mohamed Jameel Al Ramahi said the company believes long-term partnerships are fundamental to unlocking New Zealand’s renewable energy resources potential.

“We look forward to working with Invest New Zealand and local partners, combining their market knowledge with our two decades of global expertise in developing, investing in and operating large-scale clean energy projects,” Al Ramahi said.

Masdar’s Australian investments currently include in Victoria, in partnership with Opal Australian Paper and SUEZ Australia and New Zealand, the Maryvale Energy from Waste project, in New South Wales (NSW), the $1.5 billion 60 MW energy-from-waste Parkes Special Activation Precinct, and in Western Australia (WA), the $511 million 29 MW East Rockingham Waste to Energy project.