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JBIC Participates in Fund Focusing on Climate Change Investment Universe
Supporting Japanese Firms’ International Business Operations in Environmental Sector in Collaboration with Middle Eastern Sovereign Wealth Fund

  • Region: Others
  • Environment
  • Equity Participations
NR/2009-58
January 19, 2010
  1. The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed yesterday agreements on the DB Masdar Clean Tech Fund, L.P., a fund primarily investing in climate change investment universe.  The Fund is co-managed by the Abu Dhabi Future Energy Company (Masdar)*2 and by DB Climate Change Advisors, a unit of Deutsche Bank's Asset Management division.
     
  2. The Fund starts with 265 million US dollars commitment, with 25 million US dollars by JBIC.  Japan Oil Development Co., Ltd. (JODCO), which is a 100% owned subsidiary of INPEX CORPORATION (INPEX), Nippon Oil Corporation as well as JBIC have jointly participated in the Fund by forming a consortium.  Other investors are Japanese and overseas financial institutions and corporations.
     
  3. The objective of this private equity Fund is to invest in sectors such as clean energy, energy efficiency, fuel cell, water and waste management.  Supporting these projects through the Fund is expected to help reduce CO2 emissions and contribute to climate change mitigation measures.  JBIC established the JBIC Facility for Asia Cooperation and Environment (FACE) in April 2008*3 and the Government of Japan made an announcement in March 2009 to launch the Leading Investment to Future Environment (LIFE) Initiative that utilizes JBIC financing.*4   To implement these initiatives, JBIC has been supporting environmental projects by utilizing its equity investment function and serving as catalysis for mobilizing private-sector financing.
     
  4. By forming a consortium with INPEX/JODCO and Nippon Oil Corporation which have declared rechargeable batteries and other environmental businesses as new priority areas, JBIC supports Japanese firms' international business operations in the environmental sector.
     
  5. In the meantime, JBIC signed in December 2007 an MOU*5 on business cooperation with Mubadala Development Company (Mubadala), a Sovereign Wealth Fund (SWF) wholly owned by the Government of the Emirate of Abu Dhabi.  Masdar, a wholly owned subsidiary of Mubadala, serves as one of the co-managers of the Fund. In this context, the Fund has a positive significance for promoting collaboration between the SWF in the Middle East and JBIC, a policy-based financing institution charged with Japan's external economic policy.
     
  6. JBIC will continue to utilize a variety of financial tools to support climate change mitigation measures as well as Japanese firms' efforts to maintain and improve their international competitiveness.
Note
  1. *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
  2. *2 The Abu Dhabi Future Energy Company (Masdar) is a wholly owned subsidiary of the Mubadala Development Company (Mubadala), a Sovereign Wealth Fund of the government of Abu Dhabi, United Arab Emirates.  Masdar is a governmental institution responsible for implementing the Masdar Initiative, a global cooperative platform for the open engagement in research & development of renewable/alternative energy sources.
  3. *3 See Press Release on April 1, 2008.
  4. *4 See Information on March 23, 2009.
  5. *5 See Press Release on December 18, 2007.

 

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