Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, recently announced it has successfully raised USD1 billion through its second green bond issuance, under its Green Finance Framework. The announcement comes one year after the company’s first successful issuance of USD750 million on the International Securities Market of the London Stock Exchange.The issuance comprises dual tranches of US$500 million each, with tenors of 5 and 10 years and coupons of 4.875% and 5.25% respectively. There was strong appetite from regional and international investors with the order book peaking at US$4.6 billion, an oversubscription of 4.6x. Allocation…
Author: Chitrika
JinkoSolar Holding Co., Ltd. subsidiary, JinkoSolar Middle East DMCC (Jinko Middle East), entered into a shareholders agreement with Renewable Energy Localization Company (RELC), a wholly-owned subsidiary of Public Investment Fund (PIF). The national champion in the manufacturing of renewable and green energy technologies, Vision Industries Company (VI), a limited liability company incorporated in Saudi Arabia is a leading investor and developer of green energy industrial projects and local supply chains. Under the Agreement, Jinko Middle East, RELC, and VI agree to form a joint venture in Saudi Arabia with Jinko Middle East, RELC, and VI holding 40%, 40%, and 20%…
The Saudi Public Investment Fund (PIF) and China’s second-largest wind turbine manufacturer are close to a deal to develop a new plant in the Kingdom to help boost renewable power production by building a wind turbine manufacturing plant in Saudi Arabia as part of the country’s efforts to localize supply chains.The Saudi sovereign wealth fund and Vision Industries, a privately owned renewable-energy manufacturing company, could sign an agreement with Envision Energy Co., as soon as this week, Bloomberg said on Monday, quoting people familiar with the matter.The deal would involve the PIF, which controls nearly $1 trillion of assets, and…
Egypt’s Prime Minister Mostafa Mabdouli convened a meeting, on Sunday, to discuss collaborative efforts in the field of new and renewable energy between Egypt and the United Arab Emirates, focusing on the localization of related industries.Madbouli emphasized that the meeting reflects the ongoing commitment of both sides to jointly address matters concerning new and renewable energy, as well as to promote the localization of various industries.The meeting was attended by Sultan Al Jaber, Minister of Industry and Advanced Technology of the UAE; Lt. General Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport; Engineer Mahmoud…
First Abu Dhabi Bank (FAB), the UAE’s largest bank and a regional banking powerhouse, is the most sustainable company in the Middle East and Africa and among the World’s 500 Most Sustainable Companies, according to global media leader TIME magazine and Statista.FAB is the highest-ranked company from the Middle East and Africa to be included in TIME magazine’s inaugural World’s 500 Most Sustainable Companies list, and the only one from the GCC and Africa.The 2024 ranking evaluated more than 5,000 companies from over 30 countries using key performance indicators related to sustainability including compliance with international reporting standards, emissions, and…
UN Deputy Secretary-General Amina Mohammed met the delegation, led by Abdulla Nasser Lootah, Deputy Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange and chairman of the National Committee on Sustainable Development Goals (SDG), at the UN’s headquarters in New York.Discussions centered on opportunities for knowledge exchange, international cooperation, and partnerships that embody SDG17, partnerships for the goals. In the meeting, the UAE delegation presented some of the country’s initiatives designed to support inclusive development to benefit individuals, society, and the planet, while preserving resources for future generations.As well as Lootah, the delegation included Rashid Mubarak Al Mansouri, Acting Secretary-General…
Spanish energy utility Iberdrola has signed a power purchase agreement with fast food chain Burger King to supply power from part of a 553MW solar PV plant. The new agreement will allow Iberdrola to supply Burger King with a total of 1,500 GWh of power annually. Iberdrola will allocate 75MW of the solar PV plant’s capacity to meet Burger King’s demand from over 750 restaurants. “Renewables have proven their ability to supply energy at affordable and stable prices, and long-term PPAs have become a useful tool for managing the electricity supply of large consumers who are committed to green and…
Tabreed, the world’s leading district cooling company, has wrapped its sponsorship and participation at the third edition of the Asia Urban Energy Assembly in Bangkok, Thailand. Strategically an extremely promising market for sustainable cooling, Tabreed is seeking new opportunities across Southeast Asia, where the effects of global temperature rises are posing ever greater risks to society.Directly addressing, and engaging with, developers, architects, planners, engineers, consultants and government officials, members of Tabreed’s senior management made a clear and compelling case for district cooling to be considered an essential part of sustainable infrastructure. As new smart cities are being planned, responsible governments…
The Export-Import Bank of Korea (Korea Eximbank) recently extended $150 million project financing for a major solar power project in the United Arab Emirates (UAE), won by the Korea Western Power Co. This ambitious venture, located in the UAE’s desert region, involves the construction and operation of a 1,500-megawatt solar power plant with a total project cost exceeding $900 million. The Ajban solar power project stands as the largest of its kind ever secured by a South Korean company, both in terms of capacity and investment. Korea Western Power, in a consortium with EDF Renewables, a subsidiary of the French…
Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), has emphasized that DEWA works in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai a global hub for the green economy.Al Tayer highlighted that DEWA developed the Independent Power and Water Producer (IPWP) model by utilising the best international experiences and practices. This model has been designed to align with the requirements of Dubai and its legislative and technical environment. DEWA’s adoption of the Independent Producer model has…