A new report from Guidehouse Insights has held that Asia Pacific and Middle East & Africa currently lead the energy access microgrids market and are expected to continue leading the energy access across microgrids market through 2031. Revenue from microgrid investments in Asia Pacific will likely reach $7.7 billion by 2031, and microgrid revenue in Middle East & Africa is expected to reach $8.9 billion by 2031. The report provides global analyses for annual deployments of energy access microgrid projects in terms of power capacity and project deployment spending. These analyses cover the 10-year period from 2022-2031 and are segmented…
Author: Saur News Bureau
UAE flagship RE developer Masdar has signed an MoU with Jordan’s Ministry of Energy and Mineral Resources to explore collaboration in renewable energy projects with a total capacity of up to 2-GW. The MoU was signed by Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, and Dr Saleh Al-Kharabsheh, the Jordanian Minister of Energy and Mineral Resources, on the sidelines of COP27. Dr Sultan Al Jaber, Masdar, Chairman, said, “The projects being explored through this memorandum would support Jordan’s ambitious renewable energy goals and help to ensure energy security for the nation. As…
With an US$80 million loan to Egypt Green to build the nation’s first green hydrogen facility, the European Bank for Reconstruction and Development (EBRD) is assisting in the decarbonization and Paris alignment of Egypt’s economy. Egypt Green is an environmental startup in Egypt that claims to have reduced reduced 2.5 tonnes of carbon emission in the country so far. Orascom Construction, one of the largest engineering and construction groups in the Middle East and North Africa, Fertiglobe, one of the largest seaborne exporters of combined urea and ammonia, Scatec ASA, a Norwegian integrated independent power producer, and the Sovereign Fund…
The European Bank for Reconstruction and Development (EBRD) has announced that its increasing its equity stake in Infinity, Egypt’s renewable energy developer, through an additional $41.5 million commitment. The EBRD is already a shareholder in the company, having invested $60 million in 2020. EBRD said that $41.5 million will support Infinity’s plans to expand within Egypt and beyond, targeting the company’s pipeline of development and acquisition projects. A portion of the Bank’s proceeds will go towards acquiring African renewable energy platform, Lekela Power, through its subsidiary, Infinity Power Holding, the joint venture established with Masdar. EBRD held that the Lekela acquisition…
Israel, Jordan and the UAE have entered into an agreement on a pact initiated by the UAE a year ago. The MoU is about a project called Project Prosperity. Project Prosperity Project Prosperity entails two components, namely, Prosperity Green and Prosperity Blue. Prosperity Green is for a 600 MW solar photovoltaic plant along with electric storage. Under the project, light will be transformed into electricity. The project will be established in Jordan and will help generate clean energy for export to Israel. Prosperity Blue, on the other hand, is aimed at a sustainable water desalination plant to come up in…
ACWA Power, a utility developer in Saudi Arabia, has revealed that it will soon close financing for a multi-billion dollar green hydrogen plant in the Neom city of the desert country. This hydrogen project, slated to be among the biggest in the world, will near completion soon. Paddy Padmanathan, Chief Executive Officer of ACWA, stated in an interview that work on the $5 billion plant in the northwest of the kingdom has begun and is “very much on track” to be completed as planned in 2026. The largest renewable energy company in Saudi Arabia is a part of the consortium…
In a key development to bolster renewables, three new partners have officially joined the Energy Transition Accelerator Financing Platform (ETAF), IRENA’s global climate finance platform aimed at mobilising capital to scale up renewable project funding in developing countries by 2030. Cooperation agreements with the Asian Infrastructure Investment Bank (AIIB), Masdar and Swiss Re were signed at COP27. AIIB intends to deploy $300 million as part of the relationship. Masdar intends to contribute a potential investment of up to $200 million in the program. Swiss Re can help de-risk these critical investments, with insurance solutions and risk insights. Joining the founding…
The Saudi Water and Electricity Regulatory Authority (SEWA) has come up with a regulatory framework for renewable energy systems for self-consumption. Chaired by Prince Abdulaziz bin Salman bin Abdulaziz, Saudi Arabia’s Minister of Energy and Chairman of the Board of Directors of the Water and Electricity Regulatory Authority, the Board has approved the regulatory framework for renewable energy systems for self-consumption. The authority said that the new framework is in reflection of the energy system’s efforts to develop regulations that contribute to achieving the goals of the Kingdom’s Vision 2030 in the use of renewable energy. As per reports, this…
Uzbekistan’s nascent renewable energy that seems to be gaining momentum, is being driven by Gulf energy companies. Energy firms based in Saudi Arabia and UAE are picking up the first slew of solar projects to be established in Uzbekistan. Central Asia’s Clean Energy Goals The Central Asian Government has set out on a mission to augment its renewable energy industry. To achieve this target, it is looking at establishing 5 GW of solar power and 3 GW of wind power by year 2030. FIIs such as the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD) and…
Egypt is looking to green its energy and transport systems that currently rely on fossil fuels. To make this possible, Egypt has signed a slew of pacts. A major one among these many agreements includes a $10 billion investment deal that will look at replacing “inefficient thermal power plants” with renewable sources such as wind or solar. Financial institutions like the European Bank for Reconstruction and Development, the African Development Bank, HSBC and CitiBank will be investing in this initiative. Egypt & Norway Join Forces For Green Hydrogen Egyptian President Abdel Fattah el-Sissi and the Norwegian Prime Minister Jonas Gahr…