Dubai Electricity and Water Authority (DEWA) has announced a tender for advisory services for a 1,600 megawatt (MW) solar photovoltaic (PV) power plant. The project will feature a 1,000 MW Battery Energy Storage System (BESS) with six hours of energy storage. The tender opened on November 14, 2024, and the deadline for submissions is December 17, 2024. DEWA has been involved in several renewable energy projects to support Dubai’s clean energy transition. One of these is the 250 MW pumped-storage hydroelectric plant in Hatta, which will use water stored in an upper reservoir to generate electricity during periods of high…
Author: Lakshita Kapoor
Masdar and SOCAR Green have reached financial close for the 445MW Bilasuvar and 315MW Neftchala solar projects in Azerbaijan. These projects, with a combined capacity of 760 megawatts (MW), are expected to contribute to Azerbaijan’s renewable energy goals. The European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure and Investment Bank (AIIB) are providing financing for the projects. The total cost of the projects is estimated to exceed $600 million. The financing agreements were signed during COP29 in Baku. Representatives from Masdar, SOCAR Green, EBRD, ADB, and AIIB participated in the signing. Construction…
Masdar, SOCAR Green, and ACWA Power have signed an agreement to develop 3.5 gigawatts (GW) of offshore wind energy in the Caspian Sea. These will be the first offshore wind farms in Azerbaijan. The planned 3.5 GW capacity has the potential to provide electricity for millions of homes. Offshore wind energy uses large turbines installed in ocean or sea waters to generate electricity from wind. This type of energy generation is known for its high efficiency due to stronger and more consistent winds at sea compared to land-based wind farms. This project is part of Azerbaijan’s strategy to expand its…
ACWA Power announced that it has achieved financial close for senior debt facilities totaling $238 million to fund a renewable energy project in Azerbaijan. The financing for this 240-megawatt (MW) wind farm, called Absheron-Khizi, was secured with support from the European Bank for Reconstruction and Development (EBRD) and the OPEC Fund for International Development (OPEC Fund). This funding will support the construction and operation of the Absheron-Khizi wind farm, which is set to be the first independent, international investment-based wind power project in Azerbaijan. In addition to the senior debt facilities, ACWA Power secured a $120 million equity bridge financing…
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…
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…