Investment Corp. of Dubai eyes India renewable energy investments

Dubai’s sovereign wealth fund, Investment Corp. of Dubai (ICD) through its subsidiary Dubal Holding Llc is scouting for investments in an Indian renewable energy platform.

The sovereign wealth fund’s interest in the Indian renewable energy space comes in the backdrop of Prime Minister Narendra Modi’s pitch for investment in August last year during his visit to the United Arab Emirates (UAE), three people aware of the development said, requesting anonymity.

“Dubal Holding is interested in investing in a renewable energy platform,” said one of the three people.

India is the UAE’s second largest trading partner, with the two countries sharing a “comprehensive strategic partnership”. India, which requires large infrastructure investment has been trying to persuade the UAE’s $800 billion sovereign wealth fund to invest in the country.

“The Indian clean energy space is where Dubal Holding’s interest is. It has been enthused by the success of Government of Singapore Investment Corp. (GIC) and Abu Dhabi Investment Authority (ADIA) in the sector,” said the second person among the three people cited above. Read more…