The European Bank for Reconstruction and Development (EBRD), which already has a facility for green private-to-private projects, has released a new tranche of financing worth US$ 5.5 million to TAQA PV for Solar Energy, TAQA Arabia’s subsidiary for renewable energy, to support the growth of renewable energy in Egypt. The new investment will be used to finance the development and operation of a 7 MWp solar photovoltaic (PV) plant in El Minya, Egypt. It will be made up of a US$4.95 million loan from the EBRD and a US$550,000 concessional loan from the Global Environment Facility (GEF). Under a 25-year…
Author: Saur News Bureau
There couldn’t have been a better occasion and a symbol for Masdar than to offer green energy coming from renewable sources for COP-27 under UNFCCC. A joint venture between UAE’s flagship RE company and Egypt’s Infinity called – Infinity Power Holding – announced that the solar PV plant it has developed in Sharm El-Sheikh is now fully operational – ready to provide clean, renewable energy to COP27 that is taking place in the Egyptian city. The 6- MWp plant – which can generate as much as 11,723 megawatt-hours (MWh) of energy per year, enough to power more than 5,000 homes…
Renewable energy in the Middle Eastern region continues to reach new frontiers and heights. In a key development, Oman Power and Water Procurement Co. (OPWP) has come up with a tender to select the independent power producers (IIPs) for the development of a 500 megawatt (MW) solar energy park. The project has been named ‘Ibri III Solar IPP Project.’ OPWP, a member of Nama Group, has sought proposals from interested bidders to provide technical consultancy for the development of the project and to advise on the competitive tendering of the solar project. According to the tender document, The Ibri III…
A new study by the International Monetary Fund (IMF) has revealed that renewable energy expansion in the Middle East and Central Asian regions will require an investment that would equal one-fifth of their current GDP of the countries that fall in the regions. The IMF study has been conducted by Middle East and Central Asia Department director Jihad Azour along with economists Gareth Anderson and Ling Zhu. The study finds that in case the 32 countries in the two regions want to meet their emission reduction objectives, they will have to spend $884 billion on developing renewable energy plants till 2030. IMF…
ACWA Power has said that it has signed an agreement to develop a 1.1GW wind project in Egypt. The official statement mentions that the wind project will come up with an investment value of $1.5 billion. The signing ceremony of the agreement took place at the headquarters of the Egyptian General Authority for Investment and Free Zones, Cairo. According to the agreement, a ACWA Power-led consortium, comprising Hassan Allam Holding, will work together during the development phase to complete the site studies and secure the financing of this facility. Located in the Gulf of Suez and Gabal el Zeit area,…
The power generation capacity is divided into two industrial locations having 417 MW plant and 458 MW plant and together they would cover an area of about 10 sq km. The project will fetch an investment of QR 2.3 billion. State-owned petroleum company QatarEnergy has awarded an Engineering, Procurement and Construction (EPC) contract for the industrial cities solar power project (IC Solar) to South Korean construction and engineering giant Samsung C&T. Under the contract, Samsung C & T will set up two photovoltaic (PV) solar power plants with a combined capacity of 875 MW. The plants will be established in…
The solar power project has been operational since June and it has a green energy generation capacity of 800 MW. It will help supply Qatar’s 10 per cent of power needs and avoid 26 million tons of carbon dioxide emission. Qatar’s first solar power plant has been inaugurated by Amir Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar. The next FIFA football World Cup will be organised in the Arab country. The organisers of the World Cup have informed that the newly inaugurated solar power project will supply clean energy for the football-match stadiums. Saad Sherida al-Kaabi, the…
Asia Brewery Inc. (ABI), a diversified beverage company based in the Philippines, has given TotalEnergies ENEOS a contract for a 13.8 MWp solar photovoltaic (PV) system power plant on one of its manufacturing plants in the country. About 24% of the facility will be powered by renewable energy thanks to this technique. One of the biggest rooftop solar installations in the Philippines on a single site was constructed using the no-CAPEX business model. The PV system will produce around 20,000 megawatt-hours (MWh) of renewable energy annually with over 24,000 solar panels installed, resulting in significant cost savings for ABI and…
Global clean and renewable energy player Mainstream Renewable Power has announces the signing of a joint venture agreement with Aboitiz Power Corporation via its subsidiary Aboitiz Renewables to initially deliver the 90 MW Libmanan onshore wind project that is located in the Camarines Sur Province of Philippines. Mainstream Renewable Power is a global renewable energy company majority-owned by Aker Horizons. Aboitiz Renewables is one of the Philippines’ leading providers of renewable energy. As per the official statement of Mainstream, the joint venture, which harnesses the combination of Mainstream’s global renewables development expertise and AboitizPower’s local expertise and business network, will…
Singapore’s WEnergy Global, jointly with Maharlika Clean Power Holdings and Clean Grid Partners, collectively referred to as the Maharlika Consortium, through their Special Purpose Vehicle, Archipelago Renewables Corporation, has signed a Qualified Third Party (QTP) Service Contract to energize over 7,100 households and 300 small local businesses through 16 microgrids spread over 14 barangays in seven municipalities across the service area of the Palawan Electric Cooperative (PALECO) in Palawan, Philippines. The consortium emerged as the winner of the recently concluded QTP tender of PALECO to support its mandate for total rural electrification in the province, meeting the stringent eligibility and…