Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and Ruler of Dubai, approved the start of what will become the world’s largest Concentrated Solar Power (CSP) project. This significant investment is set to provide clean energy to around 270,000 homes. The 700 megawatt (MW) fourth phase of the Mohammed Bin Rashid Solar Park marks a key step in the park’s development. This phase is part of a broader plan to establish the largest single-site solar energy project globally, aiming for a total production capacity of 1,000 MW by 2020 and 5,000 MW by 2030.…
Author: Lakshita Kapoor
Masdar, the renewable energy arm of the United Arab Emirates, is intensifying its focus on Europe’s green energy sector. Following a recent deal with Spain’s Endesa, Masdar is exploring both minority investments and full ownership opportunities to bolster its presence in the region. Last Thursday, Masdar announced it would invest 817 million euros ($887 million) to acquire a 49.99% stake in Endesa’s 48 solar plants in Spain. These plants have a combined capacity of 2 gigawatts. This move marks a significant step in Masdar’s strategy to increase its European footprint, aiming to help meet the continent’s ambitious green energy targets.…
Emirates Water and Electricity Company (EWEC) has announced a new initiative to enhance Abu Dhabi’s power grid by developing a 400-megawatt (MW) Battery Energy Storage System (BESS). The Request for Proposals (RFP) issued by EWEC seeks developers for this ambitious project, which will provide up to 800 megawatt-hours (MWh) of storage capacity. The BESS project is a key part of EWEC’s strategy to improve network stability and manage peak electricity demand while integrating more renewable energy sources. This development will support EWEC’s goal to increase solar photovoltaic (PV) capacity to 7.5 gigawatts (GW) by 2030 and reduce carbon dioxide intensity…
Abu Dhabi Future Energy Company PJSC – Masdar, a leading clean energy firm from the UAE, has struck a major deal to acquire a significant stake in Spain’s renewable energy sector. The agreement will see Masdar invest €817 million for a 49.99% share in a portfolio of renewable energy assets managed by Endesa S.A., a subsidiary of the Italian energy company Enel. The deal, pending regulatory approvals, involves an enterprise value of €1.7 billion, marking it as one of Spain’s largest renewable energy transactions. The acquisition encompasses 48 operational solar plants with a total capacity of 2 gigawatts (GW). As…
In a move aimed at advancing renewable energy in the Middle East, Envision Energy has joined forces with Saudi Arabia’s Public Investment Fund (PIF) and Vision Industries to enhance the region’s wind power capabilities. This strategic partnership marks a significant step towards Saudi Arabia’s goal of reducing its reliance on oil and embracing sustainable energy solutions. The joint venture, led by Envision Energy with substantial contributions from PIF and Vision Industries, focuses on manufacturing and assembling key components of wind turbines such as blades, nacelles, and hubs. This initiative is pivotal in supporting Saudi Arabia’s ambitious Vision 2030 plan, which…
Masdar, the UAE’s renowned clean energy firm, has announced the successful completion of its second green bond issuance, raising a substantial USD1 billion. This milestone follows Masdar’s initial issuance of USD750 million just a year ago on the London Stock Exchange’s International Securities Market. The newly raised funds are divided into two tranches of US$500 million each, with maturities set at 5 and 10 years and coupon rates of 4.875% and 5.25% respectively. This issuance saw overwhelming interest from investors worldwide, with the orderbook reaching a peak of US$4.6 billion, marking a remarkable oversubscription of 4.6 times. International investors claimed…
In a move towards sustainable development for the Middle East’s energy sector, renewable sources such as wind and solar are projected to overtake coal-fired power generation by the year 2025. This shift marks a significant milestone in the region’s efforts to diversify its energy mix and reduce dependency on fossil fuels. Recent analysis by the International Energy Agency (IEA) indicates that while global gas-fired electricity generation is expected to grow modestly, driven by shifts from oil to gas-based power generation in the Middle East and rising LNG imports in Asia, the focus in the Middle East is increasingly turning towards…
Saudi Arabia is stepping up its global mining efforts with upcoming visits to Brazil and Chile by Minister of Industry and Mineral Resources Bandar Alkhorayaf. According to a statement from the Saudi government, the visits aim to strengthen partnerships and explore opportunities in key sectors like mining and lithium production. In Brazil, Minister Alkhorayaf’s agenda includes discussions on mining, food processing, and aviation. He is set to meet with prominent entities such as Minerva Foods, JBS, BRF SA, as well as the Brazilian Mining Association (IBRAM) and mining giant Vale. These talks underscore Saudi Arabia’s interest in diversifying its economic…
Maale Gilboa, located on a remote hilltop in northern Israel, has become a leader in Israel’s efforts to enhance its electricity grid’s resilience through renewable energy and advanced energy storage solutions. Dovi Miller, a founding member of the kibbutz in the 1960s and now overseeing its energy operations, described their mission to create Israel’s first “energy island” — a micro-grid capable of operating independently from the national power network. This setup allows them to sustain electricity supply even if the main grid fails during emergencies. The kibbutz’s adoption of renewable energy technologies such as wind turbines, solar panels, and a…
Saudi Arabia’s Ministry of Energy, in collaboration with the Public Investment Fund, participated on Tuesday in the signing of three new agreements to boost the localization of renewable energy industries in the Kingdom.The agreements are the result of the ongoing cooperation between the Ministry and PIF to localize renewable energy components and achieve the goals of Saudi Vision 2030.The agreements cover the fields of wind turbines, solar cells and panels, and solar wafers and ingots.An agreement was signed with Envision Energy and Vision Industries Company to localize the production of wind turbines and their components in the Kingdom, aiming to…