The Sovereign Fund of Egypt (TSFE) has disclosed that it is in a process to sell the Gabal El-Zeit wind farm to Actis, a British direct investment company for $350m. As per the reports, the deal is expected to be finalised in early November after Actis completed the due diligence process and obtained the approval of the New and Renewable Energy Authority. Further, the agreed value of the deal was higher than the initial offer of $300m that Actis made in April, when the station was put up for sale by the sovereign fund. The station has a capacity of 580…
Author: Saur News Bureau
Middle East and North Africa region has successfully made progression in renewable sector with 50 percent surge in its renewable energy capacity since 2022. This was disclosed by a report released by the Global Energy Monitor. Further it is reported that the region is anticipated to witness another 50 percent increase by 2024. In terms of economic dependence, the report reveals that Iraq, Kuwait, Libya, Oman, Qatar, and Saudi Arabia derive over a quarter of their GDP from oil and gas extraction. The report further says that since many of these nations have not embraced renewable energy to the same…
Saudi’s ACWA Power has inked deals with two Chinese firms to promote collaboration in areas such as green hydrogen and ammonia, global renewable energies, and integrated smart energies. In the past, the energy company has partnered successfully with Chinese companies in installing the largest wind turbine in Central Asia among other projects The deal was signed with state-owned China Southern Power Grid International Company and clean energy integrated solution provider MingYang Smart Energy Group. The deal was signed during the China (Guangdong) – Saudi Arabia Economic and Trade Cooperation Conference, in Riyadh recently. Mohammad Abunayyan, Chairman of ACWA Power, said,…
Iran has plans to buy 1.5 gigawatts (GW) of solar power from several domestic suppliers as part of a new contract. This was disclosed by the Iranian Energy Ministry’s renewables department, known as SATBA, recently. As per SATBA, the contract with 10 domestic suppliers of solar electricity is the largest of its kind ever signed in the country. SATBA’s Chief Mahmoud Kamani said, “ The contract is a milestone in Iran’s efforts to rely more on renewables to make its power grid more resilient during peak demand days. Commenting on an oil refinery in the central city of Isfahan as…
According to a recent report published by the Energy Institute Statistical Review of World Energy, the UAE ranks amongst the world leaders in solar energy use. With three of the planet’s largest solar sites, the UAE is the 6th highest per capita consumer of solar energy in the world, behind only Australia, The Netherlands, Japan, Israel and Chile. The report disclosed that the country has developed solar mega projects, including Shams, Noor Abu Dhabi and Al Dhafra in Abu Dhabi, as well as the largest single-site project in the world at Mohammed bin Rashid Al Maktoum Solar Park in Dubai.…
Saudi Arabian state-owned developer Red Sea Global (RSG) has entered into a 25-year concession agreement with French utility EDF and the UAE’s renewables firm Masdar to build a multi-utilities facility that will power the Amaala tourist project in Saudi Arabia. In a joint statement, the firms said that the facility will have an off-grid renewable energy system, which will generate electricity from solar photovoltaic (PV) technology. It will also include a 700 megawatt-hour (MWh) battery storage system that will supply reliable, 24/7 power to the project a, a desalination plant,nd a wastewater treatment plant. “Everything in the facility will be…
India and Saudi Arabia signed a Memorandum of Understanding (MoU) on cooperation in energy sector for a stronger partnership between India and Saudi Arabia. As per official press release from the Ministry of New and Renewable Energy, the MoU was signed by Union Minister for New Renewable Energy and Power R. K. Singh (India) and Abdulaziz bin Salman Al-Saud (Saudi Arabia). As per the deal, the MoU between India and Saudi Arabia will cooperate in renewable energy, energy efficiency, hydrogen, electricity and grid interconnection between the two countries, petroleum, natural gas, strategic petroleum reserves and energy security. The deal would…
Saudi Arabia based Desert Technologies (DT), a solar PV and smart infrastructure holding company has signed a long term partnership with the multinational giant Essar Group. Both the parties signed a Memorandum of Understanding (MOU) during G20 summit at Delhi, recently, to develop renewable energy solutions for Essar Group’s Green Steel Arabia (GSA) project in the Kingdom of Saudi Arabia (KSA). Also, there are plans for potential future projects which will put Saudi Arabia on the map, as a pioneering country in Green Steel production and green energy generation. Through this partnership, DT and Essar will develop solutions for renewable…
Israel will be allocate more than 2,000 additional megawatts in the national electricity grid to connect renewable energy facilities, mainly solar ones. This was disclosed by the country’s Ministry of Energy and Infrastructure in a statement, recently. With this, the state-owned Israel Electric Corporation will be able to connect many high-scale renewable energy facilities, mainly in the north and south of Israel, enabling the promotion of renewable energy production nationwide. As per the statement, residents all over the country will soon be able to join the renewable energy revolution, earn profits from solar facility installations in their properties, and take…
Emirates Development Bank (EDB) has come up with the Solar Energy Finance Programme to support MSMEs in diverse sectors in the UAE. The program assigns AED100 million to encourage green energy solutions with a premium on solar energy initiatives. The Solar Energy Finance Programme will enable the transition to cleaner energy sources by addressing cost barriers that may have hindered the adoption of sustainable practices. The program offers medium as well as long-term loans along with working capital. Solar projects will also get direct support. The scheme includes technology providers, equipment suppliers, energy consumers across various sectors, and other related…