International Finance Corporation (IFC), a member of the World Bank Group, has made an investment in Jordan’s first green bond. This investment is aimed at boosting green projects. A leading private sector bank Jordan Kuwait Bank (JKB) has issued investment up to $50 million in the five-year bond. The investment done by IFC comprises up to $36 million other blended finance co-investment of up to $10 million from the Canada-IFC Blended climate finance Program and the rest $4 million from the Dutch-funded MENA Private Sector Development Facility, both being implemented by IFC. Compliant with International Capital Market Association’s green bond…
Author: Saur News Bureau
A supplier of solar PV and energy storage solutions, SOFAR, presented its product portfolio from residential, C&I to utility at Solar Pakistan, an expo that displayed solar innovations and showcased solar projects in Paksitan. The firm claims that it is dedicated to furthering its commitment to renewable energy and fueling the national transition to a low-carbon economy. The firm showcased its brand-new 100-125KTL-G4 inverters among local customers. The firm claims that the inverters are tailored for the growing C&I installations in Pakistan. The inverter features ultra-high current with 40A*10MPPTs, compatible with high-power modules and different roof designs. SOFAR says that…
UAE’s water and power supply utility Emirates Water and Electricity Company (EWEC) has released its latest Statement of Future Capacity Requirements 2023-2029: Summary Report outlining the water and electricity generation for the future of Abu Dhabi. The Statement or Report has special focus on the expansion of renewable energy for a greener and sustainable future of Abu Dhabi. It recommends EWEC to raise the total solar power production capacity by over 600% to 7.3 GW between 2023 and 2030. This solar target is in addition to the construction of 300 MW of Battery based Energy Storage Systems (BESS). With regards…
Al Habtoor Group, a UAE based conglomerate firm has announced a strategic partnership with SirajPower, the region’s distributed solar energy provider, to deliver large-scale solar installations across eight projects of the Al-Habtoor group in the UAE. SirajPower has recently installed a 2.8MWp solar project for Habtoor Motors, and will also be providing its fully integrated solar solutions to seven additional projects under the Group. The combined capacity of these eight projects will exceed 5.7MWp and expected to produce 9,500MWh of clean energy annually. This will enable Al Habtoor Group to expand more sustainably while conserving energy and leaving a smaller…
ACWA Power, a Saudi-based developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, has signed financing deals for a total investment of $8.5 billion for the NEOM Green Hydrogen Project (NGHP). As per the official statement, the investment funded by a combination of long-term debt and equity was agreed upon with NEOM Green Hydrogen Company (NGHC). NGHC is a joint venture between ACWA Power, Air Products and NEOM Company, with ACWA Power holding a 33.3% equity stake. The total financing is estimated at $5.852 billion as a senior debt and $475 million of mezzanine debt…
Saudi Arabia renewable major ACWA Power has signed a partnership agreement with the Kazakhstan’s Ministry of Energy and its sovereign wealth fund Samruk-Kazyna to lead and develop a 1GW wind energy and battery storage project within the Central Asian country. ACWA Power said that the wind plus storage project marks its entry into Kazakhstan. The project will attract an initial investment of $1.5 billion to support national climate action, renewables integration, and sustainable development. ACWA Power said that the project is intended to successfully decarbonise fossil fuel-based power generation following its scheduled completion in 2027. The partnership was formalised with…
The Public Establishment for Industrial Estates in Oman or ‘Madayn’ has inked a contract with renewable energy company Wadi Solar under which allocation of land will be made for the development of a 100 MW capacity solar photovoltaic project. The land allocation will be made in the Suhar Industrial City. The contract for the solar project was signed on the sidelines of 30th anniversary celebrations of Suhar Industrial City that lies in Suhar which is the capital and largest city of the Al Batinah North Governorate. The project will be established as part of a larger strategy of Madayn under…
Giving new heights to the green power generation in the Arabic country of Jordan, the Baynouna Solar Energy Company (BSCE) has announced the formal inauguration of the 200- MW Baynouna Solar Park – the largest clean energy project in Jordan. BSCE is a joint venture between the UAE’s renewable energy company Masdar and Finnish investment and asset management group Taaleri. The inauguration was held in the presence of Jordan PM, Bisher Al-Khasawneh and Masdar Chairman and UAE Minister Dr Sultan Ahmed Al Jaber among other key dignitaries. Al Jaber, said, “Along with our other project here – the Tafila Wind…
Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside oil and gas, welcomed Mohamed Ibrahim Al Hammadi, Managing Director and Chief Executive Officer of Emirates Nuclear Energy Corporation (ENEC), to the company’s Al Taweelah site in Abu Dhabi. Chief Executive Officer, EGA, Abdulnasser Bin Kalban and a team of executives welcomed Mohamed Ibrahim Al Hammadi and his delegation. The discussions were held on how the two companies will each contribute to the UAE’s clean energy future. Emirates Global Aluminium (EGA) has a strategic initiative with TAQA, Dubal Holding and EWEC to divest its natural gas-fired power plants…
The world’s largest solar-powered data centre, also recognised by the Guinness World Records, was recently inaugurated in Dubai. The facility is located at the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, on Thursday(16feb) inaugurated the green data centre of Data Hub Integrated Solutions LLC (Moro Hub), a subsidiary of Digital Dewa. The agreement was signed between Moro Hub and its key technology partners and customers including Dell Technologies, Microsoft, Huawei, VMWare, Emirates…