Renewable Energy Cop28 action plan unveiled by Al Jaber With the world in the grip of extreme weather events, Cop28 president-designate Sultan Al Jaber has announced a four-pillar climate action plan ahead of the forthcoming summit. The UAE’s climate envoy went on to issue a rallying cry to delegates to build the “energy system of the future”. “We need everyone to play their part […] July 18, 2023
Renewable Energy Financing agreed for $2.2bn Saudi solar project Financing agreements worth $2.2 billion have been finalised and signed to build one of the world’s largest single site solar power projects in Saudi Arabia. ACWA Power Co announced the deal for Al Shuaibah 1 and Al Shuaibah 2 PV projects in Mecca province, saying they will be funded by a combination of long-term debt […] July 17, 2023
Analysis Renewable Energy ‘A long way to go’ to reduce the Gulf’s carbon emissions As some of the world’s largest emitters of carbon dioxide, big exporters of hydrocarbons and beneficiaries of high per capita incomes, the spotlight is on the Gulf states’ efforts to reduce their carbon emissions. Expectations are high – and likely to become higher – as the UAE prepares to host Cop28 in November. “There is […] July 17, 2023
Opinion Energy UAE roadmap for Cop28: high energy, low impact There are constraints imposed by life in a maritime desert, however July 14, 2023
Energy PIF and Engie to collaborate on green hydrogen French utilities firm Engie and Saudi Arabia’s Public Investment Fund have signed an initial agreement to develop green hydrogen projects in the kingdom, building on Gulf ambitions to become a world leader in the fast-growing renewable energy segment. Under the memorandum of understanding signed this week, Engie and PIF will explore opportunities to jointly develop […] July 13, 2023
Energy Abu Dhabi receives 4 bids to build 1,500MW solar plant State-owned Emirates Water and Electricity Company (Ewec) has received four bids to develop the 1,500MW Al Ajban solar photovoltaic (PV) independent power project. The bids were submitted by Saudi-listed Acwa Power, France’s EDF Renewables, Japan’s Marubeni Corporation and a Japanese consortium of Jinko Power and JERA, the state-run Wam news agency reported. Al Ajban Solar […] July 11, 2023
Oil & Gas Iraq signs $27bn deal with TotalEnergies Iraq has signed a $27 billion deal with French major TotalEnergies to increase oil production and build renewable energy facilities. The long-delayed agreement represents the biggest single foreign investment in Iraq, Opec’s second largest crude producer. “I hope that this will be a strong signal to other investors to come to Iraq,” said TotalEnergies chairman […] July 10, 2023
Renewable Energy Red Sea ready to power hotels on renewable energy Saudi developer Red Sea Global has completed the installation of 750,000 solar panels and five solar stations to supply renewable energy for the first phase of the Red Sea mega-project. The first phase will house 16 hotels, retail, and entertainment venues, state-run Saudi Press Agency reported. Red Sea Global CEO John Pagano said that the […] July 9, 2023
Energy Masdar and Spain’s Iberdrola to develop $1.5bn wind farm Spanish utility Iberdrola has signed an exclusive deal with Abu Dhabi’s Masdar to develop a 476 megawatt offshore wind farm in German waters in the Baltic Sea, Expansion newspaper reported on Wednesday, citing unidentified market sources. The Baltic Eagle wind farm being built off Germany’s northeastern coast will have 50 wind turbines and is part […] July 6, 2023
Renewable Energy UAE pledges $54bn for renewable energy The UAE has vowed to treble its renewable energy investment over the next seven years, investing up to AED200 billion ($54 billion) as climate experts warn the world is losing the race to reduce global warming. The Emirati cabinet – chaired by Sheikh Mohammed bin Rashid Al Maktoum, the UAE prime minister and ruler of […] July 4, 2023
Energy Total secures funds for $100m solar project in Saudi Arabia 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. The French oil major won […] June 30, 2023
Energy Oman signs two green hydrogen deals worth $10bn Hydrom, a subsidiary of state-owned Energy Development Oman, has signed agreements worth $10 billion to develop two new green hydrogen production projects. The deals were signed with the Posco-Engie and Hyport Duqm consortiums, state news agency Oman News Agency reported. The projects, located in the Al Wusta governorate, are expected to have a total production […] June 22, 2023
Renewable Energy Gulf is worst performer for investment in renewables The Middle East is the worst-performing region for investment in renewable electricity sources, new research has found. Africa and the Middle East combined represented just 1.6 percent of worldwide investment last year, according to the Renewables 2023 Global Status Report. China accounted for 55 percent of total investment, followed by Europe at 11 percent and […] June 21, 2023
Energy Oman ready to be global hydrogen player Oman will need cumulative investment of around $33 billion if it wants to scale up production of renewable hydrogen to 1 million tonnes by 2030. The sultanate is on track to become the sixth-largest exporter of hydrogen globally and the largest in the Middle East by 2030, according to analysis by the Paris-based International Energy […] June 19, 2023
Renewable Energy Acwa Power agrees $1.5bn Kazakh wind project Saudi renewable energy firm Acwa Power has signed an agreement with the Kazakhstan energy ministry and Samruk-Kazyna, the Central Asian nation’s sovereign wealth fund, for a one-gigawatt wind energy and battery storage project. Boasting an investment tag of $1.5 billion, the project, the Saudi-listed company’s first in Kazakhstan, is the largest investment by the kingdom in […] June 14, 2023
Renewable Energy Masdar to develop wind farm in Kazakhstan Renewable energy giant Masdar has signed a deal to develop a wind farm in Kazakhstan. The facility will have a capacity of up to 1 gigawatt as well as a battery energy storage system. The agreement was signed on the sidelines of the Astana International Forum and supports the country’s goal of achieving half its […] June 12, 2023
Renewable Energy Denmark’s Orsted to invest $68bn in renewables by 2030 Renewable energy group Orsted will invest 475 billion Danish crowns ($68.3 billion) by 2030 to achieve its goal of 50 gigawatts (GW) of installed power capacity at the end of the decade. The Danish company said the plans were fully self-funded and that it expected to outperform goals set in 2021 for earnings before interest, […] June 8, 2023
Renewable Energy UAE-led consortium to build $10bn wind farm in Egypt A consortium led by Masdar has signed an agreement to secure land in Egypt to build a $10 billion 10gw capacity wind farm. Infinity Power, a joint venture between the UAE’s Masdar and Egyptian renewables business Infinity, and Hassan Allam Utilities, a Cairo-based developer and investor, signed the deal with Egypt’s New and Renewable Energy […] June 7, 2023
Renewable Energy Oman signs 3 green hydrogen projects worth over $20bn Hydrogen Oman SPC (Hydrom), a subsidiary of Energy Development Oman, has signed three deals to develop green hydrogen projects with investments worth over $20 billion. The three projects were signed with the consortia of Amnah, Green Energy Oman and BP Oman. They are expected to yield a total production capacity of half a million tonnes […] June 2, 2023
Energy Taqa and Adnoc pair up on $2.4bn seawater project Adnoc and Taqa, two of the UAE’s largest energy companies, have announced a $2.4 billion project to treat seawater and deliver sustainable water supplies to onshore operations. Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company, better known as Taqa, will jointly hold a 51 percent majority stake (25.5 percent each) in […] May 24, 2023
Energy PIF energy company unveils $3.3bn solar projects A subsidiary of Saudi Arabia’s sovereign wealth fund is to develop three huge solar energy projects that aim to power about 750,000 homes in the kingdom. The Public Investment Fund (PIF)’s Water and Electricity Holding Company, known as Badeel, is working on the developments with ACWA Power. The state-owned Saudi Power Procurement Company has signed […] May 22, 2023
Energy Masdar set to build over 2gw solar projects in Uzbekistan Abu Dhabi Future Energy Company (Masdar) has signed an agreement with Uzbekistan’s energy ministry and ministry of investments, industry and trade to develop new renewable energy projects. The company will develop over two gigawatts (gw) of solar and wind projects and 500 megawatts (mw) hours of battery energy storage at multiple sites across the central […] May 21, 2023
