US, UAE say $20 billion investment to fund 15 gw in new clean energy

The United States and United Arab Emirates announced on Sunday that the first $20 billion of their $100 billion clean energy partnership would be allocated to fund 15 new gigawatts of renewable energy projects before 2035, state news agency WAM said.

The investments would be led by UAE’s Masdar and a consortium of US private investors, and financed through $7 billion in private sector cash equity and $13 billion in US debt financing and other instruments, WAM said.