Investment management company Dubai Investment Fund (DIF) has announced plans to invest in five renewable energy projects located across Australia and Europe.

In Australia, the $320bn company will invest in two solar power plants for local communities.

In their initial stage, the solar projects are expected to generate around 300MW of energy.

In Europe, DIF will invest in a wind power plant in Germany and a solar facility in Spain, both of which are expected to have a capacity exceeding 125MW. 

The company will also invest in a 100MW energy storage facility that will be used alongside the other wind and solar power plants.

DIF Global Strategy and Investment Operations head Ryan Smith said: “One of the core principles of DIF is investing into developing technologies, which will make people’s lives better in the future, and will create a possibility for a safer and sustainable environment.

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“With that notion, the fund announced the investment into five projects, united by the common goal – creating renewable energy sources, which will improve the environmental conditions on a local level and solve the problem of energy shortages.

“The rising prices for fossil fuels is another reminder, of why it is important to support the research and implementation of alternative energy production methods.”

The latest investments are part of DIF’s long-term strategy to support ‘promising and innovative’ research projects.

The company said that the geographical location and technological aspects will allow the projects to develop and grow independently, thereby increasing the stability of any potential profits.

Founded in 2001, DIF provides private equity, investment and asset management for more than 7,300 private and institutional investors across 61 countries.

The company’s areas of activity include retail, manufacturing, energy, financial services, healthcare, technology, media, real estate, listed securities and alternative assets.