Energy Total secures funds for $100m solar project in Saudi Arabia By Pramod Kumar June 30, 2023, 6:55 AM Unsplash.com The consortium will be responsible for financing, owning and operating the 119mwp peak photovoltaic power plant near Riyadh TotalEnergies has reached financial closure to manage a $100 million solar photovoltaic power plant close to Riyadh. The consortium comprises France’s TotalEnergies, Japan’s Toyota Tsusho and Saudi Arabia’s Altaaqa Renewable Energy (Zahid Group). The deal was finalised with Arab Petroleum Investments Corporation and Riyadh Bank, TotalEnergies said in a statement. Work set to start on $11bn new Saudi petrochem project The French oil major won the project in the third round of the kingdom’s national renewable energy programme. A power purchase agreement with the state-owned Saudi Power Procurement Company will involve the group being responsible for financing, owning and operating the photovoltaic power plant, which will be built by China’s Sepco by early 2025 in Wadi Al Dawasir, 500km southwest of Riyadh. Earlier this year TotalEnergies, which already operates solar plants in Qatar and the UAE, was awarded a large renewable project in Iraq. “Saudi Arabia is a close partner of TotalEnergies and this project is another example of our successful multi-energy strategy,” Ahmed Tarzi, country chair of TotalEnergies Saudi Arabia, said. In pursuit of the 2050 net zero goal, TotalEnergies is building a portfolio of activities in electricity and renewables. The company will expand this business segment to reach 35gw of gross production capacity from renewable sources and storage by 2025 and 100gw by 2030. In a separate statement, Toyota Tsusho said this was its first project in Saudi Arabia. The plant’s construction started in June 2023, and will be followed by the launch of the commercial operation in March 2025. Toyota Tsusho and TotalEnergies will each own 40 percent of the project, while Altaaqa will hold the remaining 20 percent.
Economy Jordan to get $131m under IMF’s finance programme Jordan will receive $131 million from the International Monetary Fund (IMF) under its $1.2 billion extended fund facility programme. The four-year programme, approved in January 2024, remains on track, the IMF said in a statement following the completion of a second review. Jordan’s economy continues to grow amid low inflation, the fund said, adding that […] 4 hours ago
Sustainability UAE to get first lithium battery recycling plant The UAE’s first lithium battery recycling plant will become fully operational by Q2 2027. The facility, a collaboration with state-backed Kezad Group and Witthal Gulf Industries, a unit of Singapore-based Witthal Group of Companies, will have the capacity to recycle 5,000 tonnes of battery waste annually by 2027. The plant is expected to save an […] 4 hours ago
Construction Trump Towers proposed for Saudi and UAE capitals The Trump Organization intends to build Trump Towers in Riyadh and Abu Dhabi, marking its expansion across the Gulf region. The projects will be developed in partnership with Dar Global, the global development arm of Saudi-listed Dar Al Arkan, Eric Trump, the US president-elect’s son, told Reuters. The Abu Dhabi project is scheduled for launch next year, he said. Ziad El […] 4 hours ago
Transport PIF acquires 15% stake in London’s Heathrow airport Saudi Arabia’s Public Investment Fund (PIF) has acquired a 15 percent stake in FGP TopCo, the holding company of Heathrow Airport Holdings. The stake was purchased from Spanish infrastructure giant Ferrovial and other FGP TopCo shareholders. Simultaneously, Ardian, a Paris-headquartered private equity fund, has acquired 22.6 percent of FGP TopCo from the same shareholders through a […] 3 hours ago
