According to the Masdar Press Release, “Masdar and Deutsche Bank today announced the launch of the DB Masdar Clean Tech Fund and its first closing, raising $265 million. This fund brings together for the first time the deep sector knowledge and scope of the Masdar Initiatives with the global asset management and research capabilities of Deutsche Bank.

Co-managed by Masdar Venture Capital and DB Climate Change Advisors (DBCCA), the DB Masdar Clean Tech Fund seeks to build a diversified venture capital and private equity portfolio that will include some of the world’s most promising and pioneering clean tech and renewable energy companies. The Fund will invest primarily in expansion and later stage companies in the clean energy (power generation, storage), environmental resources (water, waste management) and energy and material efficiency (advanced materials, building and power grid efficiency, enabling technologies) sectors.

“Completing first close on the DB Masdar Clean Tech Fund is a clear statement of intent,” said Dr. Sultan Ahmed Al Jaber, Masdar’s CEO. “We understand both the financial and social value of companies that are tackling global environmental challenges; we are committed to supporting them by providing capital investment and management expertise.”

“We look forward to this unique fund building a portfolio containing best-in-class companies which will benefit greatly from access to both the scope of the Masdar Initiatives and the global reach of Deutsche Bank, the leading global financial institution in this space,” he added.

The Fund has attracted investment from some of world’s leading organisations concerned with climate change issues. The initial investor group is led by Siemens and includes the Japan Bank for International Cooperation, Japan Oil Development Co., Ltd., which is a wholly-owned subsidiary of INPEX CORPORATION, Nippon Oil Corporation, Development Bank of Japan and GE.

“In these challenging economic times, the size of this first close and quality of participants demonstrates a profound confidence in climate change investing and in the joint DBCCA and Masdar investment team,” said Kevin Parker, Global Head of Deutsche Asset Management (DeAM) and member of Deutsche Bank’s Group Executive Committee.

“Siemens is very happy to be the lead investor in the DB Masdar Clean Tech Fund,” said Joachim Kundt, CEO of Siemens in the Lower Gulf region. “Our active involvement for the second time in a fund associated with Masdar demonstrates our ongoing commitment to clean technology, and we look forward to continuing our work with the Masdar Initiative and building on our already strong relationship with Deutsche Bank.”

The joint DBCCA and Masdar investment team is based in Abu Dhabi, New York and London and combines a wide range of experience in clean tech and private equity investing within the renewable energy industry.

The Fund’s co-managers are actively identifying and evaluating potential investment opportunities globally and expect to complete a number of investments over the next year. In addition to the considerable financial resources of the Fund, portfolio companies will benefit from the added value that comes through association with the Fund’s influential sponsors, co-managers and investors.”

Source: Masdar Press Release

According to the Press Release, ” Enviromena Power Systems today announced it has closed its Series B investment round and as part of that round Masdar and Good Energies have become shareholders joining zouk Ventures and New Energies Invest. The investment totals $US 15 million in equity and equity warrants. Enviromena will use the funds to expand operations throughout the Middle East and North Africa (MENA) and maintain its position as the region’s leading solar power developer.

Enviromena CEO Sami Khoreibi commented: “Enviromena is very excited to have tier one Cleantech funds like Masdar, Good Energies, zouk and New Energies be a part of our company. Institutions of this calibre investing in privately held MENA based renewable energy ventures is unique and indicative of the sector’s growth in this region.”

Dr Sultan Al Jaber, CEO, Masdar also commented explaining “Enviromena has achieved much in a short period and those achievements have earned it the attention of some of the most well respected investors in this field. We are more than happy to continue to support the company to their next stage of development both here in Abu Dhabi and beyond”.

Andrew Lee, Managing Director, Good Energies added to this remarking “We are very excited by the potential Enviromena has in the Gulf and beyond and look forward to being active participants in the growth of the company. In addition we are pleased that Good Energies is working for the first time directly in an investment with Masdar and we look forward to a continuing fruitful relationship.”

Colin Campbell, Partner at zouk Ventures also commented “As Enviromena’s largest initial shareholder, zouk is proud to have supported and advised the company since its formation and to be participating in this round to maintain the shareholding of our investment entity, zouk Solar Opportunities Ltd. This reflects our continued confidence in Enviromena as an exciting, high growth company in the increasingly important MENA region, with its huge potential for solar infrastructure investment.”

The financing round will see Masdar become the largest shareholder of Enviromena followed by Good Energies and zouk. Enviromena’s Board of Directors will reflect the new shareholder base with Masdar and Good Energies joining zouk with board representation in Enviromena.

Khoreibi commented further: ‘The experience and leadership of our new investors and board members solidifies Enviromena’s position as a major player in the solar industry.’”

Source: Enviromena Press Release