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CORRECTION: Sindicatum replaces Dubai carbon fund partner

27 November, 2009

Corrects headline

Dubai government-owned Istithmar World Ventures has withdrawn from its carbon partnership with emissions project developer Sindicatum Carbon Capital (SCC), Carbon Finance has learned.

The Istithmar & Sindicatum Climate Change Partnership, launched in December 2007, last year raised $280 million, a quarter of which came from Istithmar. The rest of the capital came from US endowment funds, foundations and pension funds.

Assaad Razzouk, CEO of SCC, confirmed that the Dubai company is no longer a limited partner as of last month. This comes as the government’s debt crisis came to light: global capital markets were rocked by an announcement on Wednesday by Dubai World – Istithmar’s parent company and the emirate’s holding company – that it was restructuring and asking for a six-month holiday on debt repayments.

However, SCC has managed to attract new investors, Razzouk said. The new investors include more US endowment funds and institutions, he said, without elaborating. There are no plans to change the amount to be invested.

The fund has been renamed the International Sindicatum Climate Change Partnership, he added.

Istithmar was unavailable for comment due to local holidays.

According to the Carbon Funds Directory 2009/10, the fund is primarily investing in projects in China, south-east Asia, the US and India.

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