The Emirates Development Bank (EDB) has agreed to provide AED 100 million ($27 million) in financing to Yellow Door Energy (YDE), a sustainable energy company in the Middle East and Africa. This financing will support the development and operation of over 60 solar photovoltaic (PV) plants across the United Arab Emirates. With this financial support, YDE plans to expand its solar PV systems, allowing it to offer solar power leases through Power Purchase Agreements (PPAs) to commercial and industrial enterprises in the UAE. These agreements will enable companies to access solar energy without needing to invest in the solar infrastructure…
Author: Lakshita Kapoor
German energy company 2G Energy is in talks with five Egyptian companies to develop green hydrogen, biogas, and combined heat and power (CHP) systems. Egypt is growing its renewable energy market, making it a promising location for 2G Energy. The company, which operates globally, often adapts its business approach depending on market needs. In Egypt, 2G is open to different options, including direct equipment sales or partnerships with local companies. While specific investment figures were not disclosed, the company indicated that it sees Egypt’s private sector as an essential partner, especially as the country moves toward hydrogen production. Among the…
ACWA Power announced that its 600-megawatt (MW) Al Shuaibah 1 solar photovoltaic (PV) power plant in Saudi Arabia has officially begun commercial operations. This follows the issuance of a commercial operation certificate from the Saudi Power Procurement Company (SPPC), which confirms that the plant is fully operational and can supply power to the grid. The financial impact of Al Shuaibah 1’s operations is expected to show up in ACWA Power’s fourth-quarter 2024 financial results, as noted in the company’s statement to the Saudi stock exchange. Al Shuaibah 1 is part of a larger project that includes Al Shuaibah 2, forming…
Abu Dhabi Future Energy Company PJSC (Masdar) and Albania’s state-owned energy corporation, Korporata Elektroenergjitike Shqiptare (KESH), have signed an agreement to jointly develop renewable energy projects in Albania. This agreement, known as a joint venture term sheet, focuses on creating gigawatt-scale renewable energy projects, including solar, wind, and battery storage technologies. The agreement was signed during COP29 in Baku, Azerbaijan, and was witnessed by key officials from the United Arab Emirates and Albania. Mohamed Jameel Al Ramahi, CEO of Masdar, and Erald Elezi, CEO of KESH, signed the agreement on behalf of the two companies. The partnership aims to use…
A new report from NYU Abu Dhabi’s Transition Investment Lab (TIL) reveals a growing financial gap in the Middle East, Africa, and Southern Asia (MEASA) region needed to achieve the UN’s Sustainable Development Goals (SDGs) by 2030. The annual funding shortfall has increased to nearly USD 5 trillion, up from USD 4.3 trillion last year. The report identifies intersecting economic, environmental, and geopolitical challenges as key reasons for this gap, referring to these combined issues as a “polycrisis.” The report, titled The Great Reallocation: Mobilizing Capital for Transition Investment, was released during the Transition Investment Workshop at NYUAD. It highlights…
Axian Energy, part of Madagascar-based Axian Group, announced it has secured €84 million in financing for a solar and battery project in Senegal. The project, called the Kolda project, will be located in the southern Casamance region of Senegal. This project is planned to be the largest solar photovoltaic (PV) and battery energy storage system (BESS) in West Africa. It will feature two solar PV plants with a combined 60-megawatt (MW) capacity and a battery system capable of storing 72 megawatt-hours (MWh) of energy. The Kolda project is valued at over €105 million and is expected to be completed by…
Masdar, Abu Dhabi’s clean energy company, and its partners have signed an investment agreement for a 1-gigawatt (GW) wind farm project in Kazakhstan. This agreement was signed at the COP29 conference in Baku. The project is the first of its kind for Masdar in Kazakhstan, which is the largest economy in Central Asia. The wind farm will be located in the Jambyl region of Kazakhstan. It will include a 600-megawatt-hour (MWh) Battery Energy Storage System (BESS) to help store energy. The wind project is being developed with the collaboration of W Solar, Qazaq Green Power, and the Kazakhstan Investment Development…
The Industrial Transition Accelerator (ITA) has announced partnerships with the UAE and Bahrain to support industrial decarbonization across the Middle East and North Africa (MENA) region, by adopting renewable energy methods. This partnership follows ITA’s initial success in Brazil, where it worked with the government to support sustainable industrial growth. The MENA region’s industrial sector contributes around 40% to its GDP, which is above the global average of 26%. With abundant resources in both conventional and renewable energy, MENA is positioned to lead in integrating renewable energy sources into heavy industries. Through these partnerships, ITA aims to support investments in…
Teraco, a company that runs data centers in South Africa, has started building a solar power plant to produce clean energy for its facilities. The 120-megawatt (MW) solar plant is located in the Free State province and aims to start supplying power by late 2026. Teraco’s solar plant is the first of its kind as a data center operator which has decided to build and own a solar plant for its energy needs. This plant will provide renewable energy to power the data centers. Teraco has partnered with companies JUWI and Subsolar to complete the solar project. JUWI will take…
The Electricity and Water Authority (EWA) of Bahrain has released a tender for a new solar power project. This project, set to be built at the University of Bahrain (UOB) campus, will have a capacity of 44 megawatt-peak (MWp). The solar photovoltaic (PV) plant is expected to generate about 75 gigawatt-hours (GWh) of electricity each year. This will contribute to Bahrain’s target of reducing greenhouse gas emissions by 30% by 2035 and reaching net-zero emissions by 2060. The project will be developed across open land and car parks within the UOB campus. The solar installation will include both ground-mounted and…