The UAE announced a plan to invest up to AED 200 billion (approximately USD 54 billion) in sustainable energy over the next six years. Suhail Al Mazrouei, the UAE Minister of Energy and Infrastructure, outlined this strategy during the opening of ADIPEC 2024, an annual event in the energy sector. The minister said this investment is part of the UAE’s strategy to meet increasing energy demands while moving toward net-zero emissions by 2050. The UAE’s commitment to reducing its carbon footprint includes diversifying its energy sources and relying more on clean energy. This includes plans to decrease carbon emissions from…
Author: Lakshita Kapoor
Iraq has initiated several solar and renewable energy projects in 2023 and 2024, one of the upcoming solar projects which Iraq is moving to finalize is a contract with Saudi Arabia’s ACWA Power to build a 1,000-megawatt (MW) solar power plant. The Iraqi News Agency reported that Iraq’s Electricity Minister, Ziad Fadil, met with ACWA Power’s management in Baghdad to discuss the project. During this meeting, the Minister emphasized the need to expedite construction. This planned solar power plant with ACWA Power forms part of Iraq’s broader renewable energy program, which aims to increase electricity production capacity using renewable sources.…
ADNOC, Masdar, and Microsoft have released a joint report titled “Powering Possible: AI and Energy for a Sustainable Future,” examining how artificial intelligence (AI) can support the global energy sector’s transition toward renewable and low-emission sources. The report discusses AI’s potential to improve energy efficiency, reduce greenhouse gas emissions, and drive innovations in renewable energy. The report surveyed over 400 experts in energy, technology, AI, academia, and finance. Participants included UAE Minister of State for AI Omar Al Alama, NVIDIA CEO Jensen Huang, and TotalEnergies CEO Patrick Pouyanné. The survey revealed that 92% of energy sector executives expect AI to…
Red Sea Global (RSG), developer of tourism sites AMAALA and The Red Sea, has announced the financial close of a $1.5 billion agreement for infrastructure development at AMAALA, a resort on Saudi Arabia’s Red Sea coast. The project, supported by a consortium led by EDF Group and Masdar along with Korea East-West Power Co. (EWP) and SUEZ, will provide AMAALA with renewable energy-based infrastructure, enabling off-grid power. The consortium reached the financial close for a 25-year multi-utility concession agreement with Red Sea Global. This contract includes financing, engineering, development, construction, operation, and maintenance of facilities for energy, water, and waste…
The Climate Investment Funds (CIF) has approved an investment to modernize Turkey’s power grid. The goal is to make the grid capable of handling more renewable energy, with a long-term plan to add solar and wind energy. The project involves an initial $70 million investment from CIF, which aims to attract up to $1 billion in total funding. The funding will support a $790 million expansion of Turkey’s transmission infrastructure and add $330 million for technology upgrades. CIF partnered with the European Bank for Reconstruction and Development (EBRD) and the World Bank on this initiative, hoping to leverage 15 times…
The construction of the Segdoud solar photovoltaic (PV) power plant in Tunisia is set to start in the second quarter of 2025. This 130-megawatt (MW) project is located in Redeyef, Gafsa Governorate. It is part of a public-private partnership (PPP) model aimed at increasing renewable energy capacity in the country. French renewable energy company Voltalia will develop and operate the solar power plant. The project is estimated to cost around 350 million Tunisian dinars, which is approximately $114 million. Voltalia was awarded the project in May 2024. The plant will cover an area of 200 hectares and will operate under…
Gotion High-Tech plans to build a gigafactory for electric vehicle (EV) batteries in Morocco. The construction is set to begin in June 2026. The total investment for this project is approximately $1.24 billion. The gigafactory will be powered by a 500-megawatt (MW) wind power plant developed by ACWA Power. This plant will also include a 2,000-megawatt-hour (MWh) energy storage system. ACWA Power and Gotion Power Morocco have entered into a Joint Development Agreement to work on this wind power facility. The total cost of this agreement is about $800 million. This gigafactory will be the first of its kind in…
Emirates Water and Electricity Company (EWEC) has received three proposals for the Khazna Solar Photovoltaic (PV) Independent Power Project (IPP) in Abu Dhabi. The proposals are from ENGIE, a consortium of EDF Renewables and Korea Western Power (KOWEPO), and a consortium of Jinko Power and JERA. This project will have a capacity of 1,500 megawatts (AC). The Khazna Solar PV IPP is EWEC’s fourth utility-scale solar power project. The previous projects are Noor Abu Dhabi, Al Dhafra Solar PV, and Al Ajban Solar PV. When the Khazna Solar PV IPP begins operations in 2027, EWEC’s total solar PV power capacity…
ACWA Power announced four new agreements totaling USD 1.78 billion (SAR 6.69 billion) on the first day of the Future Investment Initiative (FII8) in Riyadh. The agreements cover multiple regions and project types, including financing, renewable energy, energy storage, and research and development. The deals span areas such as the Gulf Cooperation Council (GCC), China, Central Asia, and North Africa. The first agreement is a USD 690 million (SAR 2.588 billion) framework with the National Bank of Kuwait (NBK) to secure general corporate financing. This funding will support ACWA Power’s project pipeline in Saudi Arabia, Kuwait, and other planned markets.…
Saudi Arabia is preparing to announce the winning bid for the Al Sadawi solar photovoltaic (PV) Independent Power Project (IPP) in the Eastern Province, with a decision expected within the next few weeks. This project, which will generate 2 gigawatts (GW) of solar power, is part of Saudi Arabia’s expanding renewable energy goals and is expected to be completed by 2027, according to Energy Minister Abdulaziz bin Salman Al Saud. The Saudi Power Procurement Company (SPPC) previously shortlisted two consortia for the Al Sadawi project. The first consortium, comprising Masdar, Korea Electric Power Corporation, and GD Power Development Company, offered…