Energy Masdar signs $16bn alliance with Spain’s renewables giant By Andy Sambidge December 5, 2023, 1:11 PM Masdar Iberdrola’s executive chairman, Ignacio Galán, left, with Dr Sultan Al Jaber, centre, and Mohamed Jameel Al Ramahi, CEO of Masdar Partnership to explore global projects Germany’s Baltic Eagle is first investment UK and Europe are ‘prime markets’ Green energy companies Iberdrola and Masdar announced a €15 billion ($16.3 billion) partnership agreement on Tuesday to explore joint offshore wind and green hydrogen projects across the world. After a co-investment in Baltic Eagle wind farm in Germany, the two parties will invest in the 1,400MW UK East Anglia 3 offshore wind project. The deal, which will see Masdar take a 49 percent stake, is expected to be signed by the end of the first quarter of 2024. East Anglia 3 is under construction, with full commissioning scheduled by the end of 2026, and the project will power more than 1.3 million homes and create 2,300 jobs in the UK. Under the new agreement, the companies have committed to combine on other projects across the world. Work to identify other opportunities is already underway, and it is anticipated that the total value of joint investments could reach €15 billion. Iberdrola’s executive chairman, Ignacio Galán, described the alliance with Masdar as “innovative”, while Masdar CEO Mohamed Jameel Al Ramahi said the UK and Europe are “prime markets” for the UAE-based renewables company. Europe’s largest utility Headquartered in Spain, Iberdrola is the largest utility in Europe and one of the two largest globally, serving a population of more than 100 million people around the world. Masdar buys 49% stake in German wind farm project Scotland looks to Emirates to help fund energy transition Masdar strikes $14bn UK offshore wind farm deal The company has €150 billion of total assets, 41GW of renewables in operation and 1.2 million kilometres of networks globally. Masdar has developed projects in more than 40 countries and is targeting a renewable energy portfolio capacity of at least 100GW by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year. On Monday, Masdar also announced the acquisition of eight solar and wind projects in Poland alongside Taaleri Energia, a Finnish-based renewable energy developer and fund manager.
Tax Income tax ‘not on the table’ says UAE minister The UAE has no plans to introduce income tax, economy minister Abdulla bin Touq Al Marri has said, dismissing speculation the country was in discussions to end its traditional tax-free status. Speaking at the World Economic Forum in Davos, the minister also criticised the EU for keeping the Gulf nation on its blacklist of countries […] 4 hours ago
Energy Abu Dhabi’s Phoenix Group signs Ethiopian power deal Abu Dhabi-based technology conglomerate Phoenix Group has acquired an 80 megawatt (MW) power purchase agreement (PPA) in Ethiopia. It follows just weeks after the company launched a 50MW cryptocurrency mining facility in North Dakota in the US. A PPA is usually a long-term electricity supply agreement. The deal, secured in partnership with UAE cybersecurity company […] 4 hours ago
Tax Kuwait expects tax income to soar by 79% Kuwait expects its tax income to soar by nearly 79 percent annually when all taxes take effect within an International Monetary Fund-proposed tax reform programme. In a report published on Wednesday, the Arabic language daily Alqabas said taxes are projected to fetch Kuwait around 613 million dinars ($2 billion) in its 2024-2025 budget, which started […] 4 hours ago
Tech Elm buys PIF’s technology unit for $907m Saudi Arabia’s Elm Company has agreed to buy Thiqah Business Service Company, a wholly owned unit of the Public Investment Fund (PIF), for SAR3.4 billion ($906 million). Elm says the buyout will support its growth in the digital services space, localise technology and drive innovation. The completion of the acquisition will be subject to obtaining regulatory […] 3 hours ago
