ACWA Power has signed a Memorandum of Understanding (MoU) with SEFE Securing Energy for Europe to produce and supply green hydrogen to Europe. The MoU was signed by ACWA Power CEO Marco Arcelli and SEFE CEO Egbert Laege. Under the agreement, ACWA Power and SEFE will establish a hydrogen supply network between Saudi Arabia and Germany, with a target of delivering 200,000 tonnes of green hydrogen annually by 2030. ACWA Power will serve as the lead developer, investor, and operator of hydrogen and ammonia production assets. SEFE will act as a co-investor and the primary offtaker, using its position in…
Author: Lakshita Kapoor
ACWA Power has signed two agreements with SACE, an Italian insurance and financial group fully owned by the Italian Ministry of Economy and Finance, to explore renewable energy projects. The agreements focus on business opportunities in Africa and Central Asia. One agreement establishes a credit facility to support ACWA Power’s projects in Central Asia and promote exports from Italian companies. SACE will also provide a $100 million line of credit to ACWA Power. In return, ACWA Power will facilitate business matching opportunities for Italian companies. The agreements were signed by ACWA Power CEO Marco Arcelli and SACE CEO Alessandra Ricci…
Oman’s Ministry of Energy and Minerals has introduced a new policy framework to support renewable energy growth. The policy includes electricity generation, transmission, and energy storage. Investments in energy storage have been limited due to high costs and efficiency concerns. The new framework aims to address these challenges and integrate storage technologies into Oman’s energy system. The policy, called the “Electricity Self-Generation, Direct Sales, and Wheeling Policy,” outlines the role of electricity storage in the country’s energy transition. The policy defines electricity storage as converting electrical energy into another form for temporary storage and later reconversion into electricity. This energy…
TA’ZIZ has awarded an engineering, procurement, and construction (EPC) contract worth $1.7 billion (AED6.2 billion) to SAMSUNG E&A for the construction of a methanol plant in Al Ruwais Industrial City, Al Dhafra region, Abu Dhabi. The plant will have a production capacity of 1.8 million tons per year and will be the first methanol production facility in the UAE. It is expected to be completed by 2028 and will be powered by clean energy from the grid. The project is part of TA’ZIZ’s chemical production plans in the region. TA’ZIZ plans to produce 4.7 million tons per year of chemicals…
Morocco is preparing to invest 27 billion Moroccan dirhams ($2.7 billion) in electricity infrastructure over the next five years. The investment will focus on expanding the electricity network and increasing the share of renewable energy sources, according to Tarik Hammane, Director General of the National Office of Electricity and Drinking Water. By the end of 2024, renewable energy contributed 44.3 percent of Morocco’s total electricity production. The country has developed several renewable energy projects, with a total installed capacity of around 5,400 megawatts (MW). This includes approximately 2,400 MW from wind power, 2,100 MW from hydropower, and 900 MW from…
Penspen has announced that it secured $120 million in new contracts during the second half of 2024, bringing total sales for the year to over $225 million. This marks a 14% increase compared to the same period in 2023. In the Middle East and Africa, Penspen won 26 contracts worth $98 million. These projects include study, front-end engineering design (FEED), detailed design, integrity assessment, fitness-for-service (FFS) evaluation, project management supervision, and consultancy services. In Saudi Arabia, Penspen signed two new renewable energy-focused framework agreements. These agreements cover study, FEED, detailed design, and project management supervision services for hydrogen production, wind,…
IRSC has signed a contract with Sumitomo Electric Wiring Systems Egypt to design, supply, and install solar photovoltaic (PV) power plants on the rooftops of Sumitomo’s industrial facilities. The project will take place in the regions of 10th of Ramadan, 6th of October, and Port Said. The first phase of the project will have a total installed capacity of 3.2 MW peak. These solar plants are expected to generate approximately 4.9 GWh of electricity annually. This will reduce electricity consumption from the national grid and cut carbon dioxide emissions by an estimated 52,700 tons per year. Construction work is planned…
The Middle East and North Africa (MENA) region is expected to attract over $1 trillion in renewable energy investments by 2030. This was stated by Mark Thomas, Group CEO of Bapco Energies, during the Sustainability Forum Middle East in Bahrain earlier this week. Mohammed Bin Daina, Bahrain’s Minister of Oil and Environment and Special Envoy for Climate Affairs, opened the event. He stressed the importance of cooperation between countries and industries to advance decarbonisation and energy sustainability in the region. The forum also includes workshops on sustainability strategies and climate-related financial disclosures. Some other renewable energy projects across MENA include the…
The European Bank for Reconstruction and Development (EBRD) is reviewing a proposal to provide $145 million in loans for two large-scale solar power projects in Uzbekistan. These projects, developed by ACWA Power, will include a total of 1,000 megawatts (MW) of solar energy capacity along with 1,000 megawatt-hours (MWh) of battery storage. If approved, the loans will support ACWA Power’s subsidiary in building the Sazagan 1 and Sazagan 2 projects in Samarkand. Each site will include 500 MW of solar photovoltaic (PV) capacity and a 500 MWh battery energy storage system (BESS). The total cost of the projects is estimated…
Oman and India held their 11th Joint Committee meeting on January 28, 2025. The meeting was led by Oman’s Minister of Commerce, Industry, and Investment Promotion and India’s Minister of Commerce and Industry. Senior officials from both countries attended. Discussions focused on trade, investment, and sectoral cooperation. Renewable energy was a major topic, with both sides emphasizing green hydrogen and green ammonia. Oman’s Vision 2040 includes plans to expand renewable energy. India has also been developing renewable projects under national programs. Bilateral trade between the two countries reached RO 2.05 billion in 2023. Indian investments in Oman totaled over $750…