Abu Dhabi National Energy Company PJSC (TAQA) has signed a memorandum of understanding (MoU) to explore the possibility of becoming one of the shareholders in a project to develop a 900km high-voltage direct current (HVDC) electricity interconnection between Greece and Cyprus. As per the MoU, TAQA will explore joining Greece’s transmission system operator, Independent Power Transmission Operation of Greece (IPTO) and the Cyprus Government as shareholders in a project whose construction is expected to cost approximately 1.9 billion euro (around AED 7.5 billion). “The Project will terminate Cyprus’ energy isolation, increase energy security in the Eastern Mediterranean and encourage the development…
Author: Rashida
Amman Chamber of Commerce (ACC) and the Jordanian Modern Co. (JMC) for Energy have signed an agreement for generating electrical power through photovoltaic energy. The agreement signed by ACC Director General Hisham Dweik and Chairman of Board of Directors at JMC for Energy Ahmad Salem, aims to provide 100 per cent of the ACC’s electricity needs. The agreement aims to design, supply, install, operate, inspect and maintain a photovoltaic system to generate electrical energy, according to a statement by ACC. The Chamber said, “The photovoltaic system generates renewable energy through a grid built on a land it owns, adding that…
Hyundai Motor Co. and Mubadala Investment Co., the United Arab Emirates sovereign wealth fund, have joined hands to promote projects in hydrogen energy, green aluminum production, eco-friendly mobility solutions, and advanced air mobility. The agreement was signed recently in Abu Dhabi’s Mubadala Tower, by Chang Jae-hoon, President and co-CEO of Hyundai Motor, and Waleed Al Mokarrab Al Muhairi, the Deputy Group CEO of the Investment Committee at Mubadala Development Co. This is in line with Mubadala’s green portfolio expansion, comparable to the similar efforts of other major UAE funds like the Abu Dhabi Investment Authority and Investment Corporation of Dubai. With…
Oman and Singapore have plans to collaborate to encourage private sector investments across various industries, with a particular focus on clean energy and green hydrogen sectors. Salim bin Nasser al Aufi, the Minister of Energy and Minerals, disclosed that after the visit of Sultan Haitham bin Tarik’s state visit to the Republic of Singapore, both the nations have plans to work together for Singapore’s demand for clean energy and Oman’s ambitious plans to produce green hydrogen for global carbon emissions reduction. It may be noted that Oman’s ambitious target to produce 1mn tonnes of green hydrogen annually by 2030 and 8.5mn…
India based firm, Hynetic Electronics, a manufacturer of hardware and software solutions provider for IoT applications has secured the order to deploy Street Lighting POC in the Kingdom of Saudi Arabia. With this, the firm will mark its foray into the country. In its statement the firm said, “With its recent street lighting POC deployment in Saudi Arabia, the company has embedded transformative solutions in the smart lighting space to achieve optimized energy efficiency and future-proof solutions.” Commenting on this, Shashank Donthi, Director of Global Business Development of Hynetic Electronics said, “Increased CO2 emissions from lighting have pushed countries to deploy efficient lighting solutions embedded…
Oman Arab Bank (OAB) has inked an agreement with the First Carbon Investments (FCI) in order to accelerate the deployment of new clean technologies in MENA. As per the MoU, OAB will explore financing projects identified by FCI to advance the purchase of carbon credits that help accelerate the viability of new green fuels such as hydrogen, ammonia and biofuels. Sulaiman Al Harthi, CEO of OAB, said, “This partnership marks a significant milestone in our efforts in promoting the shift towards sustainable energy systems. We look forward to collaborating together to develop and finance projects that will have a tangible and…
Saudi Basic Industries Corporation (SABIC) has joined hands with Dubai-based AstroLabs as well as strategic partners to launch the Mega Green Accelerator with the view to endorse startups in the MENA region in climate-related fields. With this it will focus on circular economy solutions, clean energy transition, and climate mitigation technologies. The partners are committed to provide seed funding and mentorship to the participating entrepreneurs by giving access to part of the most prominent business leaders in MENA. “The initiative aims to nurture the next generation of innovators as they develop solutions to overcome regional and global sustainability challenges,” said…
ACWA Power is expecting to close deals on 5-8 projects in China next year. This was disclosed by its Chief Executive, while revealing the company’s 2030 strategy at the Capital Markets Day virtual event. Marco Arcelli, CEO, ACWA Power, said, “We see a very good pipeline of opportunities in 2024-2025 (in China) and hope that we would be announcing the first deal shortly. We have short listed five to eight projects that could come to conclusion next year”. He said, “Due diligence is underway on identified solar/wind projects worth 2-4 gigawatts (GW), green hydrogen projects for approximately 0.3 MTPA (metric…
Bank ABC, Mena’s international banking powerhouse headquartered in the Kingdom of Bahrain, has signed a financing agreement with Yellow Door Energy, a sustainable energy partner for businesses in the Middle East, Africa and beyond. The pact was signed at the Bank ABC branch at the Dubai International Financial Centre (DIFC). Aligning with COP28 UAE’s Climate Finance objectives, the facility will refinance 25 solar PV assets, totaling over 42 megawatts, located on Majid Al Futtaim shopping malls across the UAE, Bahrain, and Oman. “The multi-million-dollar non-recourse long-term financing provides much needed climate finance to support renewable energy in the GCC and…
Leminar Global, a HVAC & plumbing solutions provider in the GCC, has signed a distributor agreement with Calpak, a solar thermal water heater manufacturer based in Athens, Greece. This collaboration will provide comprehensive and sustainable water heating solutions to the Middle East market, emphasising the shared dedication of both entities towards technological advancement and a greener future. Calpak, a subsidiary of British Petroleum (BP), has emerged among Europe’s key players in introducing solar energy for domestic hot water. It is a producer of top-tier solar thermal collectors and hot water tanks. As per the pact, Leminar will represent Calpak’s flagship products,…