Sustainability Saudi and French companies link up for green projects Saudi Arabia and France have signed commercial agreements to push the development of renewables and green fuel production in the kingdom. The agreements were signed at the Saudi-French Investment Forum, attended by French president Emmanuel Macron in Riyadh. Saudi Aramco, Saudi Investment Recycling Company (SIRC), a subsidiary of the Public Investment Fund (PIF), and France’s […] December 4, 2024
Opinion Cop28 Saudi Arabia goes on the offensive on climate change Over the next 10 days in Riyadh, the kingdom will have the chance to demonstrate its commitment December 3, 2024
Renewable Energy Acwa Power plans to invest $50bn in China by 2030 Saudi energy company Acwa Power plans to invest up to $50 billion in renewable energy projects in China, a senior executive said on Tuesday. Lyu Yunhe, Acwa Power’s head of China operations, said they aim to work with Chinese state-owned companies to acquire clean power assets with a value of up to 20GW and an additional 1 […] December 3, 2024
Renewable Energy Turkey aims to invest $100bn in renewable energy by 2035 Turkey is committing to a $100 billion investment in renewable energy by 2035, in a bid to become a carbon-neutral economy within the next three decades, energy minister Alparslan Bayraktar said. The country has a roadmap to expand wind and solar energy capacity from 31,000 megawatts (MW) to 120,000MW by 2035, Hürriyet Daily newspaper reported, citing […] December 2, 2024
Renewable Energy Masdar takes majority stake in Greek clean energy player Abu Dhabi’s Masdar has acquired a majority stake in Greek clean energy company Terna Energy to propel its European expansion. The UAE renewables major purchased a 70 percent stake in the Greek company from Gek Terna and other shareholders at €20 per share, valuing Terna Energy at €3.2 billion ($3.4 billion). Following the transaction’s closing, Masdar will […] November 29, 2024
Finance IHC stands by Adani investments despite US indictment Abu Dhabi’s International Holding Company (IHC) is standing firm on its outlook for investments in the Adani Group despite an indictment against its billionaire owner Gautam Adani and seven others in the US. The conglomerate, led by its chair and the UAE’s national security adviser Sheikh Tahnoon bin Zayed Al Nahyan, has been one of […] November 28, 2024
Renewable Energy Adnoc’s Abu Dhabi CO2 storage site gets go-ahead The UAE has certified the feasibility of Abu Dhabi National Oil Corporation’s (Adnoc) West Aquifier CO2 storage site in Ruwais industrial site. The issuance of the Certificate of Feasibility for the West Aquifer project was issued by Det Norske Veritas (DNV), a global accredited registrar and classification organisation. The DNV said it is the first […] November 27, 2024
EXCLUSIVE Infrastructure Riyadh Metro aims to break Saudi capital’s car gridlock World's longest driverless system City's traffic problems growing Just 1% use public transport The first phase of Saudi Arabia’s $22.5 billion Riyadh Metro is opening on December 1, marking a significant step toward transforming public ... Register now: It’s easy and free This content is available for registered members only. Register for your free account […] November 27, 2024
Renewable Energy Poland’s Hynfra to build green ammonia plant in Egypt Egypt’s General Authority for Investment and Free Zones is linking up with Polish energy company Hynfra to build a green ammonia plant. The facility will produce ammonia for export from Egypt to the European Union, the GAFI and Hynfra said in a joint statement. It will require an investment of $1.6 billion in its first […] November 26, 2024
Analysis Renewable Energy Trump’s return may alter the future of renewable energy Adnoc’s acquisition in September of a 35 percent stake in ExxonMobil’s low-carbon hydrogen facility in Baytown, Texas, might have been a sign of things to come. The deal between the Abu Dhabi-owned oil company and the US energy major came as interest in clean hydrogen was waning in the US while rising in the Gulf. Former […] November 26, 2024
Opinion Sustainability Baku’s Cop29 makes the best of a bad hand The 'finance Cop' has delivered the biggest ever financial commitment of any UN climate summit November 25, 2024
Renewable Energy UAE companies sign renewable energy deals in Egypt Companies from the UAE signed a series of memoranda of understanding in Egypt last week to develop and support green energy projects in the country. The non-binding agreements are the latest in a string of planned Gulf energy investments in Egypt. UAE renewable energy company Masdar signed an agreement to develop a floating photovoltaic solar […] November 25, 2024
Renewable Energy Masdar and Silk Road Fund to co-invest in renewables The UAE and China have announced an initiative at Cop29 in Baku to co-invest nearly $3 billion in renewables in developing countries and the global south. Under a memorandum of understanding signed between Silk Road Fund (SRF) of China and UAE’s renewable energy company Masdar, SRF is set to pour up to CNY20 billion ($2.8 […] November 22, 2024
Opinion Energy US ‘energy dominance’ will trigger global shifts Dominance implies subordination. But who will dominate whom? November 22, 2024
Renewable Energy Masdar-led consortium to build Saudi solar plant Masdar, the UAE clean energy company, has won a contract with Chinese and South Korean partners to develop a 2GW solar project in Saudi Arabia. The company, along with its partners GD Power of China and the Korea Electric Power Corporation, will build the plant at Al Sadawi, about 500km north of Riyadh in the […] November 20, 2024
Exclusive Renewable Energy Neom Green Hydrogen will hit all markets, says chief Saudi Arabia’s Neom green hydrogen project is 60 percent complete and on track for full-time operation by the end of 2026, a senior official told AGBI. “We’re progressing well on all fronts, including the solar and wind farms, and we have received all the major equipment,” said Wesam Alghamdi, CEO of Neom Green Hydrogen Company […] November 19, 2024
Renewable Energy Masdar secures funding for Azerbaijan solar projects Abu Dhabi Future Energy Company (Masdar) and Socar Green, a wholly-owned subsidiary of the State Oil Company of the Republic of Azerbaijan (Socar), have achieved financial closure for two $600 million large-scale solar projects in Azerbaijan. The projects, comprising the 445 megawatt (MW) Bilasuvar and 315MW Neftchala solar plants, are being funded by the European […] November 18, 2024
Renewable Energy Acwa Power to build energy storage systems in Uzbekistan The Saudi renewable power company Acwa Power has agreed with Uzbekistan’s energy ministry to develop up to two gigawatt hours (GWh) of standalone battery energy storage systems capacity (BESS) avross the Central Asian country. The deal comes after a memorandum of understanding signed during the Tashkent Investment Forum in Uzbekistan in May 2024. Under the agreement, […] November 18, 2024
Energy Acwa Power secures $238m for Azerbaijan wind farm Saudi renewable energy major Acwa Power has secured $238 million in funding to support a wind energy project in Azerbaijan. The funding for the Absheron-Khizi 240-megawatt (MW) wind farm comes from the European Bank for Reconstruction and Development (EBRD) and the Opec Fund for International Development. In December 2023, the company obtained a Shariah-compliant equity bridge […] November 14, 2024
Video length: 04:21 VIDEO Renewable Energy Why Gulf governments keep investing in EVs Oil-based economies need a Plan B – something they can turn to when crude markets are troubled. Gulf governments are using electric vehicles as that hedge, according to Kevin Chalhoub, CEO of EV Lab. “When oil won’t go well, probably electric cars will go well,” he says. “It’s a very exciting strategy. The Middle East […] November 13, 2024
Renewable Energy Masdar signs agreement for Kazakhstan windfarm A $1.4 billion investment for the development of a 1GW windfarm in Kazakhstan has been signed between the Abu Dhabi Future Energy Company (Masdar) and Kazakhstan’s Ministry of Energy. The agreement, signed at Cop29, the 2024 United Nations Climate Change Conference, currently taking place in Baku, Azerbaijan, builds on commitments already made between the UAE […] November 12, 2024
Analysis Banking & Finance AI is sucking up VC funding, claim green startups Green startups in the region have appealed for VCs to invest more in clean tech and renewable energy hardware, rather than just looking for quick returns in artificial intelligence projects. The venture capital market across the Middle East and North Africa raised $1.3 billion from January to September 2024, with Saudi Arabia securing 39 percent […] November 12, 2024