Saudi energy giant ACWA Power Co. has signed financing deals worth SR1.4 billion ($373.1 million) for Tashkent’s Riverside power plant in Uzbekistan, according to a statement on Tadawul. The facility aims to generate 200 MW of solar photovoltaic energy and store 500 MW per hour using batteries, with a total cost of SR2 billion.The financing agreements were signed by ACWA Power Riverside Solar Holding Co., with the project being under the full effective shareholding of the company. The Saudi utility firm explained that the funding was secured on July 1 from a consortium of development finance institutions, funds, and international…
Author: Chitrika
Jebel Ali Free Zone (Jafza) and Eaton, a global intelligent power management company, today signed an agreement to build a new sustainable campus, bringing together Eaton’s Dubai-based commercial, manufacturing, and support functions while providing capacity for growth in the future. The project will extend Eaton’s research, engineering, and manufacturing capacity and aim to significantly boost Dubai’s capabilities in the advanced manufacturing of electrical and electronic components required to deliver safe and efficient power for several industries, including data centers, buildings, and solar energy.The construction of the facility, covering more than 500,000 square feet, will begin in 2025 and is expected…
BP has entered into a Joint Development Agreement (JDA) to join the Masdar, Hassan Allam Utilities, and Infinity Power consortium to explore the potential development of a multi-phase green hydrogen (gH2) project in Egypt.Under the JDA, bp will act as the lead developer and operator of the project on behalf of the consortium. The partners are combining their respective gH2 projects in Egypt and will also explore the potential for a single large-scale, multi-phase project for the development of gH2 and its derivatives, with a focus on exports.The newly formed consortium has signed a Framework Agreement (FWA) with the Egyptian…
Saudi Arabia’s Ministry of Energy initiated a mega survey program to identify sites rich in renewable energy resources in the Kingdom as part of the National Renewable Energy Programme (NREP).State-owned Saudi Press Agency (SPA) reported on Tuesday that Saudi companies have been awarded contracts under the project to install 1,200 stations for measuring solar and wind energy resources across the Kingdom.The report quoted Saudi Minister of Energy Prince AbdulAziz bin Salman bin AbdulAziz Al Saud as saying that the survey will cover more than 850,000 square kilometers (sq. km) excluding populated areas, dunes, and restricted airspaces, and help identify the…
TOKYO-based Mitsui & Co. started construction of an ammonia plant in the United Arab Emirates (UAE) with their Abu Dhabi National Oil Company (ADNOC) unit, as their partner. The move comes as the Japanese trading house steps up its efforts to build global supply chains of greener fuels such as hydrogen and ammonia to help advance energy transition and tackle climate change. Mitsui has also signed a loan agreement with the Japan Bank for International Cooperation (JBIC) to finance the development of the project, it said in a statement. Mitsui’s partners are TA’ZIZ, which is owned by ADNOC, Fertiglobe, and…
Saudi Arabia has a strategy to reach net zero by 2060 and is relying on modern, highly efficient gas-fired power plants in combination with CO2 capture and storage, to significantly reduce its emissions. Siemens Energy is supplying key power plant technologies that will provide almost 4 gigawatts to the Kingdom, and in addition has also entered into a long-term maintenance contract for 25 years for the two power plants, with a total value of US $1.5 billion. Taiba 2 and Qassim 2, two of the world’s largest, modern, and efficient combined-cycle power plants, will be built in the western and…
The World Bank has announced US$700 million in Development Policy Financing (DPF) for the Government of Egypt to support the country’s shift toward more private sector participation, better macroeconomic and fiscal resilience, and a greener growth trajectory.The “Generating Resilience, Opportunities, And Welfare for a Thriving Egypt” DPF is designed to help Egypt address short-term economic challenges while advancing the next generation of structural reforms to level the playing field to unleash private sector growth; build macroeconomic and fiscal resilience; and facilitate Egypt’s green transition, including by scaling up renewable energy and increasing efficiency in the electricity, water and sanitation sectors.Minister…
Startup Nation Central, Ignite the Spark, and the Israel Export Institute have introduced the Israel Energy Tech Landscape Map 2024. This map, launched in Tel Aviv, highlights over 160 leading companies within Israel’s energy tech sector, out of a total of more than 300 firms. The map reveals significant investments in the sector, with $403 million raised over the past year in 54 funding rounds. Eleven of these rounds exceeded $10 million, including the largest at $105 million. Early-stage and growth companies make up 60% of the ecosystem, while 40% are in late-stage or mature phases. Interestingly, 70% of these…
Israeli Ministry of Energy and Infrastructure recently announced a strategic plan for energy transition from traditional fossil fuels to biological, synthetic, and hydrogen fuels by 2050.The plan was undertaken to adapt the country’s economic growth to global climatic requirements and modernization, Xinhua news agency reported, citing a statement issued by the ministry on Sunday.Under the comprehensive plan, Israel will ensure reliable fuel supply to every economic sector, enhance emergency preparedness in fuel supply, and promote the production and broader application of green fuels.These goals would be aligned with the Israeli government’s carbon reduction targets and expected changes in the country’s…
Chinese PV cell maker Hainan Drinda New Energy Technology Co., Ltd. is planning to build a factory for the production of up to 10 GW of TOPcon solar photovoltaic (PV) cells annually in Oman as the Sultanate aims to become a major green hydrogen producer. The solar cell manufacturer has signed a preliminary agreement with the Oman Investment Authority (OIA) for the project which will require about USD 700 million (EUR 653.3m) in investments. The production capacity will be deployed in two phases, each of 5 GW, Hainan Drinda said in a filing to the stock market. Hainan Drinda’s project…