More money will flow into cleantech sectors in Asia including India. Istithmar, a unit of Dubai World, an investment group located in the Gulf state, and London-based Sindicatum Carbon Capital Holdings, a firm partly owned by Citigroup, will raise $600 million to invest in projects that produce carbon-emission credits, says an international report.
Istithmar World Ventures will invest $150 million in the Istithmar & Sindicatum Climate Change Partnership LP, the two firms said in a statement in Bali, Indonesia, where the United Nations is holding a global warming conference.
The fund-raising will be completed by the first quarter of 2008. The fund will help Sindicatum develop its $4 billion of clean energy projects in Asia. Istithmar & Sindicatum will invest in countries like India, Indonesia and China and gain credits under the United Nations’ Kyoto Protocol. It’s a project that eliminates greenhouse-gas emission, and can qualify for certificates that can be sold to polluters in emission-trading systems.
Citigroup Venture Capital International, a fund managed by a unit of Cargill Inc. and insurer American International Group Inc. own stakes in Sindicatum.
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