Integrated Energy and Chemicals leader Aramco signed a five-year Cooperation Framework Agreement with China National Building Material Group Co., Ltd. (CNBM), one of the world’s largest producers of building materials, to explore new opportunities in advanced materials and industrial development. Companies have identified a number of areas where they can cooperate and even set up a joint production facility in the Kingdom of Saudi Arabia to manufacture wind turbine blades, hydrogen storage tanks, building materials with lower carbon content, and energy storage solutions. Wail Al Jaafari, EVP of Technical Services at Aramco, said, “We look forward to expanding our efforts…
Author: Lakshita Kapoor
The UAE’s leading clean energy company, Masdar, announced that it plans to buy Saeta Yield from Brookfield Renewable and its partners for an enterprise value of about $1.4 billion (€1.2 billion). Saeta is an independent developer, owner, and operator of renewable power assets. The deal includes a 745-megawatt (MW) portfolio, including 538MW of wind assets: 538 MW of this in Spain, 144MW in Portugal, and 63MW of solar PV assets in Spain. It also includes a 1.6-gigawatt (GW) development pipeline. Brookfield will retain separately a 350MW portfolio of concentrated solar power assets. This is one of Spain’s biggest renewable deals,…
Azerbaijan government in an agreement with Acwa Power Azerbaijan Renewable Energy LLC and the International Bank of Azerbaijan have approved the direct investment agreement to build a 240-megawatt wind power facility.The decree signed last week permitted the agreement finalized on 26 July 2024 as a pilot project. It is one of Azerbaijan’s renewable energy capacity improvements as per national adaptation strategy: renewable energy technologies will be 30% in 2030.Expected cost for the setting up the plant is USD 300 million which will be constructed in the Khizin district, near the capital city of Baku. The plant will hold 3.7% grid…
Sharjah Road and Transport Authority (SRTA) has launched the first phase of electric buses to be used in the favour of the Climate Neutrality 2050 initiative. “The ten electric buses will be running on three intercity lines to promote green public transportation toward achieving environmental sustainability”, SRTA said. It follows Abu Dhabi’s September 12 launch of green buses. The green buses in Abu Dhabi operate on both electricity and hydrogen. This was discussed by Anan Alamri, head of section at ITC’s Alternative Sustainable Mobility, Public Transport Affairs Sector, during ‘The Journey to Net Zero Forum’. Abu Dhabi buses run on…
According to a report by Energy Industry Council (EIC), the Middle East is set to benefit from an investment of $75.63 billion in renewable energy project. The investment covers 116 renewable energy projects that are expected to come into operation between 2025 and 2030, according to EIC DataStream. They range from solar power, onshore wind, hydrogen production, carbon capture, utilization and storage (CCUS), geothermal energy, to energy storage systems. While more investment in renewable energy is envisaged, the International Energy Agency sees that only 20% of total investments in the Middle East will be toward renewable energy. More emphasis on…
EDF Renewables, Korea Western Power (KOWEPO) and Abu Dhabi Future Energy Company PJSC – Masdar have secured a successful financial close of the Al Ajban Solar Photovoltaic (PV) Independent Power Producer (IPP) project. This is a 1.5 GW project in the Emirate of Abu Dhabi. Masdar owns 60% of share, while EDF Renewables and KOWEPO have 20% share. The partnership concluded a 30-year Power Purchase Agreement (PPA) with EWEC, which is the Emirates Water and Electricity Company. The agreement designates financing, construction, and operation of the plant. Bank commitments from BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle…
Abu Dhabi’s Integrated Transport Centre (Abu Dhabi Mobility) has launched a new Green Bus service, marking an advancement in its Green Bus Programme. Starting September 12, these buses will run on Route 65, connecting Marina Mall with Shams Boutik on Al Reem Island. The Green Bus service features buses powered by clean hydrogen and electric energy. This initiative is part of Abu Dhabi Mobility’s broader goal to convert Abu Dhabi Island into a green public transport zone by 2030. The Green Bus Programme is a comprehensive effort to enhance public transport by integrating sustainable technologies. It aims to evaluate and…
Egypt is set to become a key player in solar energy manufacturing with a new 8GW solar production hub. The project stood at a value of $150 Million which, will be constructed in the Suez Special Economic Zone covering a staggering area of 78,000 square meters. It will develop in two phases. Phase one featuring a 2GW solar cell production line will be completed by September 2025. Once fully operational, the facility is expected to generate annual sales of more than $190 million. Derek Liu, Chairman of EliTe Solar, emphasized the importance of this project, stating, “This venture will position…
Aramco, a major global energy, and chemicals company, has announced new agreements with Chinese firms. This news comes as Chinese Premier Li Qiang visits Saudi Arabia. The agreements strengthen Aramco’s role in supporting China’s long-term energy needs and economic development. They also aim to boost cooperation in modern technology. One key agreement is with Rongsheng Petrochemical Co. Ltd. It involves a Development Framework Agreement. This agreement could lead to the expansion of the Saudi Aramco Jubail Refinery Company (SASREF). Earlier in April, Aramco and Rongsheng agreed to form a joint venture for SASREF and make significant investments in both Saudi…
At the India-UAE Business Forum held in Mumbai, UAE Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan emphasized the crucial role of renewable energy in the future of economic collaboration between the two nations. Organized by the UAE Ministry of Economy and the UAE Embassy in India, in partnership with India’s Ministry of Commerce and Industry, the forum spotlighted key sectors including renewable energy. The UAE has long been a leader in renewable energy investments, particularly through its initiatives like the Masdar City project and substantial investments in solar and wind power. Sheikh Khaled highlighted these efforts as…