Saudi Aramco, a huge oil company from Saudi Arabia, is thinking about buying a piece of Repsol’s renewable energy business. Repsol is a Spanish oil company, but they’re shifting gears. Instead of just focusing on oil and gas, they’re also looking at renewable energy sources like wind and solar power. And they need money to make this change happen. Repsol’s renewable energy arm is valued at a whopping 5.9 billion euros. This includes both the value of the business and any debts it owes. Saudi Aramco hasn’t made a formal offer yet, but they’re particularly interested in Repsol’s renewable energy…
Author: Lakshita Kapoor
Masdar Capital, the investment arm of Abu Dhabi Future Energy Company, is gearing up for its second investment from its DB Masdar Clean Tech Fund-II, managing a substantial $540 million in global assets. This move underscores Masdar’s commitment to driving sustainable development through strategic investments in clean technology. At a recent media briefing, Alex O’Cinneide, Head of Investments at Masdar Capital, revealed the fund’s focus areas, including recycling, energy storage, grid optimization, and waste-to-energy solutions. With an average investment size ranging from $15 million to $40 million, the fund aims to catalyze innovation and scalability in the clean technology sector.…
In a step towards sustainability, Emerge, a collaboration between Masdar and EDF Group, has recently completed two notable solar projects on Yas Island, Abu Dhabi. These projects mark a crucial step in the UAE’s journey towards renewable energy and reducing carbon emissions. The first project, a 1 megawatt peak (MWp) solar car park at Yas Marina Circuit, will generate around 30 percent of the circuit’s total annual energy demand. This is equivalent to powering nearly 200 Abu Dhabi households and offsetting 900 tonnes of CO2 emissions per year. The installation of over 1,800 solar modules across the car park demonstrates…
Marubeni Corporation (hereinafter, “Marubeni”) has been awarded and concluded a Power Purchase Agreement with Saudi Power Procurement Company (hereinafter, “SPPC”) for the Al-Ghat and Waad Al-Shamal Wind IPP Projects in the Kingdom of Saudi Arabia (hereinafter, “Saudi Arabia”), alongside Abdulaziz Alajlan Sons for Commercial & Real Estate Investment Company – Ajlan & Bros (hereinafter, “Ajlan & Bros”). Marubeni and Ajlan & Bros will develop, construct, operate, and maintain the Al-Ghat Onshore Wind IPP Project at a facility with a 600MW capacity to be established in the city of Al-Ghat, Riyadh Province, and the Waad Al-Shamal Onshore Wind IPP Project at…
Abu Dhabi Future Energy Company PJSC – Masdar, a powerhouse in clean energy from the UAE, has taken steps in bolstering Indonesia’s renewable energy sector. At the 10th World Water Forum in Bali, Masdar inked strategic agreements, witnessed by His Excellency Suhail Mohamed Al Mazrouei, UAE’s Minister of Energy and Infrastructure, marking a pivotal moment in the collaboration between the two nations. Masdar’s partnerships, including an agreement with Pertamina Power Indonesia for solar, wind, and green hydrogen projects, reflect a shared commitment to sustainable development. The signing also included a Joint Development Study Agreement with PLN Nusantara Power to expand…
In a move towards sustainable agriculture, David and Goliath Farms, renowned for its pioneering environmental entrepreneurship, has forged a strategic partnership with Vintage Foods. This collaboration aims to extend David and Goliath’s innovative sustainable farming practices to a broader audience, marking a step towards achieving global environmental goals. Situated amidst the dunes of Ajman, David & Goliath Farms has garnered an impressive €5 million through forward carbon credit monetization. This achievement stems from its cutting-edge hydroponic and vertical farming systems, positioning it as a beacon of future agricultural sustainability. By monetizing carbon credits, David and Goliath Farms not only generate…
Abu Dhabi Future Energy Company PJSC – Masdar, in partnership with Infinity Power and Hassan Allam Utilities, has inked an agreement with the Egyptian Government. This collaboration paves the way for the development of a mammoth onshore wind farm in Egypt, poised to become one of the world’s largest. With a project value exceeding US$10 billion, it marks a significant stride towards sustainable energy solutions. The agreement grants the consortium access to a vast 3025 km2 area of land in West Suhag, facilitating essential development studies. These studies encompass resource measurement, geotechnical surveys, and environmental assessments, prioritizing minimal ecological impact.…
In a move towards a sustainable future, Mubadala Capital, the investment wing of Abu Dhabi’s sovereign wealth fund, has unveiled plans to inject $13.5 billion into a significant biofuels project in Brazil over the next decade. This landmark investment is part of a broader strategy by the asset management firm to bolster sustainable development in the Latin American nation. During an interview with the Financial Times, Oscar Fahlgren, head of Brazil strategy at the sovereign wealth fund, disclosed the comprehensive budget for the ambitious endeavor. The flagship initiative aims to produce renewable diesel and sustainable aviation kerosene predominantly sourced from…
At the recent Green Hydrogen Summit, the UAE reiterated its dedication to forging a green hydrogen economy primed for the future. This commitment, integral to the country’s Energy Strategy 2050 aimed at achieving climate neutrality by 2050, underscores the pivotal role of green hydrogen in curbing emissions, particularly in challenging sectors. Key to the discussions was Abu Dhabi’s Low-Carbon Hydrogen Policy, backed by major entities including Masdar, Mubadala, and ADNOC. This initiative positions the UAE as a frontrunner in global green hydrogen development, fostering collaboration between government bodies and the private sector to drive innovation and sustainability. Mohammad Abdelqader El-Ramahi,…
Dubai Electricity and Water Authority (Dewa) has announced robust financial results for the first quarter of 2024, reporting a revenue of Dh5.8 billion, marking a significant increase of 6.7 per cent from the same period last year. Despite a slight dip in net profit to Dh651 million compared to Dh763 million in Q1 2023, Dewa demonstrated resilient performance with an 11.6 per cent surge in operating profits, reaching Dh995 million during January-March 2024. The surge in demand, with electricity growing by 6.4 per cent and water by 5.9 per cent, has been attributed to the impressive operating results, reflecting a…