The Gulf Cooperation Council (GCC) region is gearing up for a monumental shift towards renewable energy, aiming to lead the charge in sustainable development. With ambitious plans set forth by key players, such as the Three Eight Six Group and B.Grimm Power, the landscape of energy in the Middle East is undergoing a profound transformation. Ahmad Al Khayyat, chairman of Three Eight Six Group, expressed the company’s dedication to spearheading renewable energy initiatives in the GCC. Their vision is clear: to develop and operate 100 MW of commercial and industrial (C&I) solar projects by 2025. This commitment signifies a decisive…
Author: Lakshita Kapoor
MIDF Research has expressed optimism about Sunview Group Bhd’s upcoming foray into Uzbekistan, which will see the company not only as an asset owner but also an engineering, procurement, construction, and commissioning (EPCC) contractor. The research firm has reaffirmed its “buy” rating on the renewable energy company, setting a target price of RM0.88. According to MIDF Research, the potential entry into Uzbekistan aligns with a promising landscape for solar EPCC players, buoyed by supportive government policies like the Corporate Green Programme (CGPP), National Energy Transition Roadmap, and Large Scale Solar (LSS) projects, both domestically and internationally. “If all goes according…
Abu Dhabi Future Energy Company PJSC – Masdar, a leading force in clean energy, has teamed up with SOCAR, the State Oil Company of Azerbaijan, to embark on three groundbreaking solar and wind projects in Azerbaijan. These projects, boasting a total capacity of 1 gigawatt (GW), were officially initiated during the opening ceremony of Baku Energy Week, showcasing Masdar’s steadfast commitment to Azerbaijan’s renewable energy ambitions. The ceremony, graced by HE Ilham Aliyev, President of Azerbaijan, and HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, marked a significant milestone in Azerbaijan’s energy landscape.…
A recent summit held in Seoul between the United Arab Emirates (UAE) and South Korea marked a step forward in their bilateral relationship. During the summit, a Comprehensive Economic Partnership Agreement (Cepa) was signed, aiming to enhance supply chains and foster direct investment flows between the two nations. The summit, which took place on May 29, 2024, was initiated by President Yoon Suk Yeol of South Korea, who welcomed UAE President Sheikh Mohamed to the capital. The leaders of both countries expressed their commitment to deepening their Special Strategic Partnership, particularly in key areas such as the economy, investment, energy,…
The Abu Dhabi Fund for Development (ADFD) has emerged as a force in advancing sustainable development across Africa, investing Dh35.3 billion over the past forty years in projects spanning 42 African nations. This substantial investment underscores the UAE’s commitment to fostering economic and social progress on the continent. In 2023, ADFD played a central role in a landmark UAE-led initiative valued at Dh16.5 billion ($4.5 billion), aimed at bolstering Africa’s clean energy infrastructure. Collaborating with the Africa50 fund, established by African governments and the African Development Bank, this initiative harnesses both public and private sector support to bridge Africa’s infrastructure…
Bilateral trade between the Gulf Cooperation Council (GCC) and Africa has been on a steady rise, growing by eight percent annually over the past decade, according to a recent study. The Economist Intelligence Unit (EIU) report highlights a significant surge in trade value in 2021, reaching a record high of $154 billion in 2022. This surpasses trade volumes with major partners like the US and India, and narrows the gap with China and western Europe. The GCC’s investments in Africa have also been substantial, exceeding $100 billion over the past ten years, with a notable focus on sectors like oil…
Saudi Aramco, a huge oil company from Saudi Arabia, is thinking about buying a piece of Repsol’s renewable energy business. Repsol is a Spanish oil company, but they’re shifting gears. Instead of just focusing on oil and gas, they’re also looking at renewable energy sources like wind and solar power. And they need money to make this change happen. Repsol’s renewable energy arm is valued at a whopping 5.9 billion euros. This includes both the value of the business and any debts it owes. Saudi Aramco hasn’t made a formal offer yet, but they’re particularly interested in Repsol’s renewable energy…
Masdar Capital, the investment arm of Abu Dhabi Future Energy Company, is gearing up for its second investment from its DB Masdar Clean Tech Fund-II, managing a substantial $540 million in global assets. This move underscores Masdar’s commitment to driving sustainable development through strategic investments in clean technology. At a recent media briefing, Alex O’Cinneide, Head of Investments at Masdar Capital, revealed the fund’s focus areas, including recycling, energy storage, grid optimization, and waste-to-energy solutions. With an average investment size ranging from $15 million to $40 million, the fund aims to catalyze innovation and scalability in the clean technology sector.…
In a step towards sustainability, Emerge, a collaboration between Masdar and EDF Group, has recently completed two notable solar projects on Yas Island, Abu Dhabi. These projects mark a crucial step in the UAE’s journey towards renewable energy and reducing carbon emissions. The first project, a 1 megawatt peak (MWp) solar car park at Yas Marina Circuit, will generate around 30 percent of the circuit’s total annual energy demand. This is equivalent to powering nearly 200 Abu Dhabi households and offsetting 900 tonnes of CO2 emissions per year. The installation of over 1,800 solar modules across the car park demonstrates…
Marubeni Corporation (hereinafter, “Marubeni”) has been awarded and concluded a Power Purchase Agreement with Saudi Power Procurement Company (hereinafter, “SPPC”) for the Al-Ghat and Waad Al-Shamal Wind IPP Projects in the Kingdom of Saudi Arabia (hereinafter, “Saudi Arabia”), alongside Abdulaziz Alajlan Sons for Commercial & Real Estate Investment Company – Ajlan & Bros (hereinafter, “Ajlan & Bros”). Marubeni and Ajlan & Bros will develop, construct, operate, and maintain the Al-Ghat Onshore Wind IPP Project at a facility with a 600MW capacity to be established in the city of Al-Ghat, Riyadh Province, and the Waad Al-Shamal Onshore Wind IPP Project at…