ACWA Power has completed a rights issue valued at SAR 7.13 billion ($1.9 billion). The company stated that 96.2% of the new shares were subscribed during the offering period. The remaining shares were placed through a rump offering, which was oversubscribed by 592%. Most of the shares in this stage were allocated to international investors, who accounted for 97% of the demand. The proceeds will support ACWA Power’s plans to expand its energy, water desalination, and green hydrogen projects. According to the company, it aims to grow its assets under management from $7 billion currently to $250 billion by 2030.…
Author: Lakshita Kapoor
Dubai Electricity and Water Authority (DEWA) met with Shell representatives in Dubai. The Shell team was led by Fakher Bader, who oversees operations in Iraq and the UAE. They were joined by Geraldine Wessing and Hessa Abdulla. The main discussion focused on Shell’s new energy scenarios for 2025. These scenarios look at how artificial intelligence may shape the future of energy. They include different paths that energy systems might follow depending on global choices and technology use. DEWA shared updates on one of its biggest energy projects — the Mohammed bin Rashid Al Maktoum Solar Park. This solar park is…
Crédit Agricole Egypt has signed an agreement with Infinity to provide financing options for individuals interested in installing solar energy systems at home. The signing took place in the presence of Jean-Pierre Trinelle, Managing Director of Crédit Agricole Egypt, and Ashraf El Bishry, General Manager of Infinity, along with other senior representatives. Under the agreement, Infinity customers can apply for a solar loan from Crédit Agricole Egypt. The loan offers a repayment period of up to seven years. It is designed to help individuals purchase solar systems for residential use. The financing program is part of both institutions’ efforts to…
Ningbo Deye ESS International Trading Co., Ltd. has received certification as an Authorized Economic Operator (AEO) from China Customs. This status confirms that the company meets customs requirements for trade compliance, internal controls, financial management, and cargo safety. The certification gives Deye access to a set of customs facilitation measures. These include priority in customs processing, fewer inspections, and faster clearance. It also reduces customs-related costs. China Customs has introduced 17 new policies to support AEO-certified companies, adding to the 28 policies already in place. Deye, now recognized under international AEO agreements, will receive customs benefits when trading with countries…
The Public Authority for Housing Welfare (PAHW) has started using solar-powered street lighting in the South Abdullah Al-Mubarak, Kuwait. This is the first time PAHW has applied renewable energy to a lighting system in any of its housing developments. The lighting systems in the suburb are powered by photovoltaic panels. These systems are designed to operate independently from the national grid. Each unit includes a solar panel, a battery for energy storage, and an LED light. The units are placed across various roads and streets within the project site. The authority stated that this project is part of its plan…
Union Coop has signed an agreement with Positive Zero to install solar photovoltaic systems at up to 30 locations. These systems will be placed on rooftops and parking areas of Union Coop stores in Dubai and at the headquarters of Umm Al Quwain Coop. The project is expected to be completed by mid-2026. It will have an installed capacity of 17.3 megawatts. The systems are estimated to produce 29.23 gigawatt-hours of electricity per year. This is enough to supply electricity to about 4,000 homes annually. The project is estimated to reduce 21,650 tons of carbon emissions every year. This reduction…
ACWA Power, a Saudi energy company, signed memoranda of understanding with multiple European firms. These agreements focus on exporting renewable energy and green hydrogen from Saudi Arabia to Europe. The companies involved include TotalEnergies from France, Edison from Italy, and EnBW from Germany. The Saudi energy ministry shared this information on Sunday. In separate deals, ACWA Power also signed with other companies, including Siemens Energy of Germany. These agreements relate to building corridors for energy transmission between Saudi Arabia and Europe. The deals support cooperation between Saudi Arabia and Europe in energy exports, green hydrogen, and infrastructure development. No further…
Masdar has transferred its ownership in the Sharjah Waste-to-Energy plant to Tadweer Group. The project is now operated through a joint venture between Tadweer and BEEAH Group. The transaction was confirmed in an official statement by Masdar. The Sharjah Waste-to-Energy plant was launched in 2022. It converts non-recyclable waste into electricity. The plant has a current power generation capacity of 30 megawatts. According to the statement, there are plans to double this capacity to 60 megawatts. The plant also aims to increase its processing of hard-to-recycle waste and cut emissions. Masdar stated that this move will allow it to focus…
OQ Alternative Energy from Oman has signed an agreement with Kuwait-based Naqaa Sustainable Energy. The agreement covers new wind energy projects in three areas in Oman-Duqm, Mahout, and Sadah. These locations are in the Dhofar and Al Wusta governorates. The planned wind projects are expected to generate up to 1,100 megawatts (MW) of electricity. The turbines for these projects will be made in Oman by Mawarid Turbine, a new factory being built in Duqm. The deal was signed by Saeed bin Mohammed al Masoudi, Chairman of OQ Alternative Energy, and Mustafa bin Mohammed al Hinai, CEO of Naqaa Sustainable Energy.…
AMEA Power has put first large battery energy storage system into operation in Egypt. This battery system can store 300 megawatt-hours (MWh) of electricity. It works with solar energy. The battery storage is linked to a solar power plant. This solar plant is in Aswan Governorate. It can produce 500 megawatts (MW) of power. The solar plant started operating in December 2024. The battery stores extra power from the solar plant. This stored energy can be used when needed. It helps keep the electricity supply stable. The project also fits into Egypt’s 2035 energy plan. The International Finance Corporation (IFC)…