Energy Saudi-backed clean energy firm announces push into Europe By Andy Sambidge March 20, 2023, 3:45 PM FRV Fotowatio Renewable Ventures opens another solar farm in Extremaduara, Spain Renewables firm FRV has three solar projects in Extremadura, SpainCompany has opened offices in the UK and GermanyExpects to invest more than $ 1.5bn globally Fotowatio Renewable Ventures, part of Saudi-based Abdul Latif Jameel Energy, has announced the commissioning of its latest solar farm in Spain as part of a major push into Europe. The San Serván 400 project, which consists of three 50 megawatts farms, will provide over 100,000 homes with clean energy in the Extremadura region in the west of Spain. It will produce around 300 gigawatt hours of clean energy per year, helping avoid the emissions of 223,000 tonnes of carbon dioxide annually, and will contribute to Spain’s plan to achieve net zero by 2050. Rolls-Royce sees Mena as ‘driver’ for green power growthGulf ‘needs to pick up pace’ to hit 2030 solar energy goalsSunny times ahead for Gulf’s solar market San Serván 400 is Fotowatio’s (FRV’s) third project in operation in Extremadura, following the commissioning of San Serván 220 last year and La Solanilla in 2020. bIts construction was carried out with a $94 million financing agreement with Banco Bilbao Vizcaya Argentaria and Natixis. FRV is also constructing the Carmonita Norte PV complex in Extremadura in September. The company, which specialises in renewable energy solutions for commercial and industrial customers, has also opened a new headquarters in the UK and Germany since the beginning of the year. The London office will be home to its global batteries excellence centre. In the UK FRV has more than 80mw of projects in operation, 200mw under construction and more than 1gw under development. In Germany it plans to develop 2gw of solar, battery energy storage and renewable installations over the next four years for 790,000 households. Globally, FRV expects to invest more than $ 1.5 billion with the goal of doubling total installed capacity from 2gw in 2021 to 4gw in 2024.
Markets Oman’s Asyad Group plans IPO of shipping unit Asyad Group, a logistics business owned by Oman’s sovereign wealth fund, has announced plans to float its shipping unit on the Muscat stock exchange. At least 20 percent of Asyad Shipping Company will be sold in the initial public offering. The Asyad IPO will be divided into two tranches. The first is 75 percent of […] 2 hours ago
Video length: 04:02 VIDEO Finance One million users for Saudi Arabia’s Sahm trading app “Riyadh has a population of 8 million. The government is going to double the population. That means money. That means capital,” says Steven Chou, chairman of Saudi-based fintech-driven financial company Sahm Capital. “Local Saudis are keen to look for a new product. They are options lovers,” Chou says, adding that the sectors of interest include […] 1 min ago In association with
Industry Almarai to increase poultry output by 35% Almarai, the Middle East dairy and food production group, announced plans to increase its poultry output by 35 percent this year as it continues with its multi-billion-dollar expansion plans. The Riyadh company reported fourth-quarter profit of SAR430 million ($115 million), an increase of 16 percent, as revenue rose 4.8 percent to SAR5.15 billion. It announced a […] 22 mins ago
Construction German company to assess proposed Spain-Morocco tunnel A German-owned company has been awarded a contract to conduct a feasibility study on building an undersea railway tunnel between Morocco and Spain, the latest indication that the long-stalled plan could become reality. If built, the tunnel would be one of the longest of its kind worldwide and would make transporting goods and people between […] 59 mins ago
