According to a report by Energy Industry Council (EIC), the Middle East is set to benefit from an investment of $75.63 billion in renewable energy project. The investment covers 116 renewable energy projects that are expected to come into operation between 2025 and 2030, according to EIC DataStream. They range from solar power, onshore wind, hydrogen production, carbon capture, utilization and storage (CCUS), geothermal energy, to energy storage systems. While more investment in renewable energy is envisaged, the International Energy Agency sees that only 20% of total investments in the Middle East will be toward renewable energy. More emphasis on…
Author: Lakshita Kapoor
EDF Renewables, Korea Western Power (KOWEPO) and Abu Dhabi Future Energy Company PJSC – Masdar have secured a successful financial close of the Al Ajban Solar Photovoltaic (PV) Independent Power Producer (IPP) project. This is a 1.5 GW project in the Emirate of Abu Dhabi. Masdar owns 60% of share, while EDF Renewables and KOWEPO have 20% share. The partnership concluded a 30-year Power Purchase Agreement (PPA) with EWEC, which is the Emirates Water and Electricity Company. The agreement designates financing, construction, and operation of the plant. Bank commitments from BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle…
Abu Dhabi’s Integrated Transport Centre (Abu Dhabi Mobility) has launched a new Green Bus service, marking an advancement in its Green Bus Programme. Starting September 12, these buses will run on Route 65, connecting Marina Mall with Shams Boutik on Al Reem Island. The Green Bus service features buses powered by clean hydrogen and electric energy. This initiative is part of Abu Dhabi Mobility’s broader goal to convert Abu Dhabi Island into a green public transport zone by 2030. The Green Bus Programme is a comprehensive effort to enhance public transport by integrating sustainable technologies. It aims to evaluate and…
Egypt is set to become a key player in solar energy manufacturing with a new 8GW solar production hub. The project stood at a value of $150 Million which, will be constructed in the Suez Special Economic Zone covering a staggering area of 78,000 square meters. It will develop in two phases. Phase one featuring a 2GW solar cell production line will be completed by September 2025. Once fully operational, the facility is expected to generate annual sales of more than $190 million. Derek Liu, Chairman of EliTe Solar, emphasized the importance of this project, stating, “This venture will position…
Aramco, a major global energy, and chemicals company, has announced new agreements with Chinese firms. This news comes as Chinese Premier Li Qiang visits Saudi Arabia. The agreements strengthen Aramco’s role in supporting China’s long-term energy needs and economic development. They also aim to boost cooperation in modern technology. One key agreement is with Rongsheng Petrochemical Co. Ltd. It involves a Development Framework Agreement. This agreement could lead to the expansion of the Saudi Aramco Jubail Refinery Company (SASREF). Earlier in April, Aramco and Rongsheng agreed to form a joint venture for SASREF and make significant investments in both Saudi…
At the India-UAE Business Forum held in Mumbai, UAE Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan emphasized the crucial role of renewable energy in the future of economic collaboration between the two nations. Organized by the UAE Ministry of Economy and the UAE Embassy in India, in partnership with India’s Ministry of Commerce and Industry, the forum spotlighted key sectors including renewable energy. The UAE has long been a leader in renewable energy investments, particularly through its initiatives like the Masdar City project and substantial investments in solar and wind power. Sheikh Khaled highlighted these efforts as…
First Abu Dhabi Bank (FAB), the largest bank in the UAE (United Arab Emirates), has now announced a financial commitment towards sustainability. FAB plans to invest, lend, and facilitate over Dh500 billion ($135 billion) in sustainable and transition financing by 2030. This new pledge marks an 80% increase from the bank’s previous financing of Dh275.4 billion made in 2021, making it the largest sustainable finance commitment from any MENA bank to date. This target is a part of the UAE’s broader pledge of Dh1 trillion towards sustainable finance, announced by the UAE Banks Federation. FAB’s new commitment will focus on…
Saudi Arabia views Italy as a valuable ally in its efforts to deliver green energy and fuels, including renewable hydrogen, to Europe. Minister Khalid al-Falih expressed this sentiment at a business conference in Milan on Thursday. This partnership is part of Saudi Arabia’s broader strategy to expand its low-carbon energy production and reduce reliance on traditional oil and gas. Saudi Arabia is focusing on developing both blue and green hydrogen. Green hydrogen is made through the electrolysis of water using renewable energy. Blue hydrogen is produced from natural gas with the carbon dioxide emissions captured and stored underground or underwater.…
Middle East based renewable energy company, AMEA Power today said that it has completed around 71% of its proposed wind energy project in Ras Al Ghareb in Egypt. The company said, “Our 500MW Amunet Wind Project located in Ras Al Ghareb, Egypt 🇪🇬 is progressing well. To date, we have achieved 71% overall progress, completed 58% of the substation construction, and installed 55% of the wind turbines. Furthermore, all 77 wind turbine foundations have been concreted, paving the way for a sustainable future.” The company said that its 500MW Amunet Wind Project stands as a testament to its commitment towards…
Abu Dhabi is set to introduce electric and hydrogen-powered buses next month, marking a significant step in its green transportation initiative. This move is part of the city’s goal to make 20 percent of its public transport environmentally friendly by 2030 and achieve 100 percent by 2050. Anan Alamri from the Integrated Transport Centre (ITC) announced the new buses during “The Journey to Net Zero Forum” organized by Khaleej Times. She mentioned that these zero-emission buses would operate solely within Abu Dhabi. While the exact number of buses and routes are not yet disclosed, Alamri confirmed that the fare for…