Masdar fund and EDF Renewables Israel have signed a strategic cooperation investment agreement

Abu Dhabi-based Masdar and Israel's EDF Renewables have signed a strategic cooperation agreement, which will see the renewable energy arm of the UAE investment fund Mubadala invest hundreds of millions of dollars in developing renewable energy projects in Israel, according to Israeli business and finance outlet Globes.

Join BJL on WhatsApp Status: Click here to Join BJL status for engagements, births, deals, levayos, events & more

Join BJL on WhatsApp Groups: Click here to Join an official BJL WhatsApp group for breaking news as it happens

This will be the first major investment by the UAE in renewable energy in Israel and follows the signing of the Abraham Accords on the White House lawn in September. The normalization of ties between the UAE and Israel has already encompassed agreements in business, finance, security, diamonds, technology and energy.

As part of the agreement, Masdar will become the strategic partner of EDF Renewables Israel, a subsidiary of the French utility giant EDF, which already operates 18 solar energy projects in Israel. Read more at i24