Renewable Energy Masdar buys stake in Spanish utilities company Endesa The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […] July 26, 2024
Analysis Renewable Energy Kuwait playing catch-up with ambitious green energy plans Kuwait, Opec’s fifth-largest oil producer but long a laggard in the energy transition, is taking steps to catch up with its neighbouring Gulf states and ease reliance on falling oil revenues. State-owned Kuwait Oil Company last week mandated KBR, the US oilfield services company, to develop a master plan to produce 17 gigawatts (GW) of […] July 26, 2024
Renewable Energy Abu Dhabi seeks developers for greenfield power storage project State-owned Emirates Water and Electricity Company has requested proposals from 27 qualified companies and consortiums to develop a greenfield 400-megawatt battery energy storage system project in Abu Dhabi. The request for proposals is being issued to bidders who passed the qualification process following the expression of interest in April 2024. A total of 93 companies […] July 26, 2024
Analysis Energy Middle East needs stronger policies to expand carbon capture A lack of firm policy, regulatory frameworks and funding is limiting carbon capture capacity development in the Middle East and Africa, according to an industry expert. Carbon capture, usage and storage (CCUS) involves separating out the carbon dioxide created in industrial processes, then treating it and using in other processes or storing it. Globally CCUS […] July 19, 2024
Finance Masdar taps green debt market to finance expansion Masdar, the UAE’s state-backed clean energy company, has raised $1 billion through its second green bond issuance, made up of dual tranches of $500 million each. The bonds are part of a larger programme to raise up to $3 billion to fund its renewables projects. The bonds, of five and 10 years, met strong appetite […] July 18, 2024
Energy Acwa Power gets Chinese partner for Uzbek green projects The Saudi renewable energy company Acwa Power has divested a 35 percent stake in two subsidiaries to a state-backed power grid contractor in China for SAR596 million ($159 million). Acwa Power signed sale and purchase agreements for the stake in Acwa Power Bash Wind Project Holding and Acwa Power Uzbekistan Wind Project Holding to China […] July 18, 2024
Opinion Renewable Energy Oman is on a steady path to a hydrogen-powered future The sultanate is off to a roaring start – now it needs to stay on course July 17, 2024
Energy Saudi Aramco bolsters blue hydrogen portfolio Saudi Aramco has acquired a 50 percent stake in Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly-owned subsidiary of Air Products Qudra. No financial details were disclosed. The transaction, subject to standard closing conditions, includes options for the oil giant to offtake hydrogen and nitrogen. The remaining 50 percent will be owned by APQ, […] July 17, 2024
Renewable Energy PIF ties up with China to meet renewable energy targets Saudi Arabia’s Public Investment Fund (PIF) is swiftly moving towards localising renewable energy components to achieve its 2030 targets. The Renewable Energy Localization Company (RELC), a unit of the sovereign fund, has signed three joint venture agreements with Chinese companies to support the kingdom’s clean energy needs. RELC works to build partnerships between global manufacturers […] July 17, 2024
Energy World is off track to meet Cop28 renewables goal The world is far from reaching its 2030 renewables target, the International Renewable Energy Agency (Irena) said on Thursday. Countries committed at the Cop28 summit in Dubai last year to treble renewables capacity in order to limit global warming to 1.5C. To stay on course global capacity growth needs to accelerate to a minimum rate […] July 12, 2024
Sustainability Fertiglobe to supply renewable ammonia to Europe Abu Dhabi-listed fertiliser maker Fertiglobe has won the first global bid to supply renewable ammonia to the European Union (EU) as the trade bloc ramps up decarbonisation efforts. The company, a partnership between UAE oil giant Adnoc and Netherlands-based OCI, will supply 19,500 tonnes of renewable ammonia in 2027, with volumes potentially rising to 397,000 tonnes by 2033 […] July 12, 2024
Opinion Renewable Energy Despite EVs, the ICE Age will last longer than expected Transition to electric transport will be slow and evolutionary July 11, 2024
Renewable Energy Masdar-backed UK wind farm clears further hurdle An Abu Dhabi-backed offshore wind farm project in the UK has taken a big step forward after a development consent order application was accepted into examination by UK planning inspectors. The Dogger Bank South wind farm, more than 100km off the northeastern coast of England, is split across two sites, DBS East and DBS West. […] July 11, 2024
Analysis Renewable Energy Austerity threatens Egypt’s green energy progress Sprawling over 37 sq km of desert north of Egyptian city of Aswan, the Benban Solar Park is one of the largest photovoltaic power plants in the world. Made up of 41 individual solar plants, the park’s investors boast it can be seen from space. Launched in 2018 and now at 1.8 gigawatt capacity, in […] July 9, 2024
Sustainability Adnoc secures $3bn to advance decarbonisation plan State-backed oil company Adnoc will use an AED11 billion ($3 billion) green financing facility from Japan Bank for International Cooperation (JBIC) to accelerate its decarbonisation and energy transition initiatives. The deal follows a heads of agreement signed between the two entities in January, the UAE state-run Wam news agency reported. The facility is part of […] July 5, 2024
Renewable Energy BP joins Masdar in Egyptian green hydrogen project BP, the British oil and gas company, has agreed to join a consortium including Masdar, the UAE’s state renewable energy company, and others to develop a multi-phase green hydrogen project in Egypt. The plans come as Reuters reports suggest that BP has frozen new offshore wind projects, as it renews emphasis on oil and gas […] July 2, 2024
Renewable Energy Masdar and Acwa Power vie for Oman solar project The UAE’s Masdar and Saudi Arabia’s Acwa Power have been shortlisted to develop Oman’s 500-megawatt (MW) Ibri III solar project. The plant, launched by Nama Power and Water Procurement Company, will be built at a cost of OR155 million ($401 million). The state-backed company received 12 submissions for qualification from local and international developers, of […] July 1, 2024
Renewable Energy Saudi adds 5,500MW to meet its renewable energy target Saudi Arabia has launched three new mega solar PV projects with a total capacity of 5,500 megawatts (MW). State-owned Saudi Power Procurement Company (SPPC) has signed power purchase agreements for three projects with Acwa Power Company, Water & Electricity Holding Co. (Badeel), a wholly owned unit of Public Investment Fund, and Saudi Aramco Power Company. […] June 27, 2024
EXCLUSIVE Sustainability Adnoc, Emirates Global Aluminium and the outlook for net zero It is a tall order. The UAE is striving to develop its industrial capacity while also decarbonising in a world that needs a 40 percent-plus reduction in emissions by the end of the decade to avoid devastating climate change. Two of the country’s biggest state-owned enterprises – Adnoc and Emirates Global Aluminium (EGA) – are […] June 26, 2024
Mining Saudi’s Almar Water explores lithium venture in Chile Almar Water Solutions, a water infrastructure developer and part of Saudi Arabian company Abdul Latif Jameel Energy, plans to partner with Chile’s state-backed Codelco in the Maricunga lithium mining project. The Spain-based company aims to leverage its technology to extract battery-metal lithium, Reuters reported, quoting CEO Carlos Cosin. Chile is the world’s second-largest lithium producer […] June 26, 2024
Energy Saudi Arabia ‘is and will remain the kingdom of energy’ Saudi Arabia will sustain its status as a global leader in oil and gas while spearheading green energy initiatives, the country’s minister of investment Khalid bin Abdulaziz Al Falih has said. The country “is and will remain the kingdom of energy,” Al Falih, who was previously CEO and president of state oil giant Aramco, told […] June 26, 2024
Renewable Energy 1,200 sites to be surveyed for Saudi solar and wind power drive A survey involving 1,200 sites to find the best places for future solar and wind power projects has been launched in Saudi Arabia, as the kingdom tries to meet its clean energy targets. Energy minister Abdulaziz bin Salman Al Saud, who has signed contracts for Saudi companies to conduct the survey, said it was the […] June 25, 2024
