Energy Masdar consortium to build $1bn solar plant in Saudi Arabia By Pramod Kumar November 8, 2023, 5:19 AM Wam The $1bn Al Henakiyah solar plant to be built by Masdar's consortium in Saudi Arabia will be one of the largest in the world Abu Dhabi state clean energy company Masdar has entered into a consortium agreement to develop a solar power plant in the Madinah province of Saudi Arabia. The group, which also includes France’s EDF Renewables and Saudi-based Nesma Company, submitted the most cost-competitive bid of $16.84 per megawatt hour to win the contract, the companies said in a joint statement. The 1,100 MW Al Henakiyah solar power plant is expected to reach a financial close in early 2024 and connect to the grid in 2025. Masdar’s $8bn to add 10GW to Malaysia’s renewable goal Saudi Arabia urging businesses to make solar shift Abu Dhabi opens tender for 1.5 GW solar PV plant The $1 billion project – one of the world’s largest single-site solar plants – will be developed, built, owned and operated by the consortium as part of a 25-year agreement with state-owned Saudi Power Procurement Company. The plant will help to achieve the kingdom’s target of increasing the share of renewables in the country’s energy mix to around 50 percent by 2030. Masdar is active in more than 40 countries with a total electricity generation capacity of more than 20 gigawatt (GW). The company’s growth plan is to reach 100 GW and one million tonnes of green hydrogen by 2030.
Energy Masdar gets contractors on board for $6bn energy project Abu Dhabi Future Energy Company (Masdar) has selected the suppliers and preferred contractors for the $6 billion renewable facility capable of providing energy at scale around the clock in the emirate. Bombay stock exchange-listed Larsen & Toubro and China state-owned PowerChina are the preferred engineering, procurement and construction (EPC) contractors. China-headquartered Jinko Solar and JA […] 12 hours ago
Real Estate ‘Safe’ Sharjah attracts Kuwaiti investors to $950m project The emirate of Sharjah has been praised as “safe and business-friendly” by a Kuwaiti developer who has formed a partnership to develop a AED3.5 billion ($950 million) housing project in its burgeoning local property market. Talal Al-Bahar, vice-chairman and CEO of Kuwait Real Estate Company (Aqarat), said that investors were attracted to Sharjah because of […] 2 days ago
Aviation Riyadh Air delays launch after Boeing setbacks Riyadh Air has been forced to push back its launch date to the third quarter of 2025 after delays to deliveries from Boeing. The new Saudi airline had been scheduled to begin flying early this year. It is a blow to Saudi Arabia’s tourism ambitions to attract 150 million visits a year. Riyadh Air was founded […] 2 days ago
Tech KKR signs a $5bn Gulf data centre deal in Dubai KKR, the American investment giant, and the data centre platform Gulf Data Hub (GDH), based in Dubai, have signed a strategic partnership to invest $5 billion in data centres serving the Gulf. A joint press release on Friday said that funds “affiliated with KKR” will also acquire a stake in GDH, although it did not […] 2 days ago
