In a key development to bolster renewables, three new partners have officially joined the Energy Transition Accelerator Financing Platform (ETAF), IRENA’s global climate finance platform aimed at mobilising capital to scale up renewable project funding in developing countries by 2030. Cooperation agreements with the Asian Infrastructure Investment Bank (AIIB), Masdar and Swiss Re were signed at COP27. AIIB intends to deploy $300 million as part of the relationship. Masdar intends to contribute a potential investment of up to $200 million in the program. Swiss Re can help de-risk these critical investments, with insurance solutions and risk insights. Joining the founding…
Author: Saur News Bureau
The Saudi Water and Electricity Regulatory Authority (SEWA) has come up with a regulatory framework for renewable energy systems for self-consumption. Chaired by Prince Abdulaziz bin Salman bin Abdulaziz, Saudi Arabia’s Minister of Energy and Chairman of the Board of Directors of the Water and Electricity Regulatory Authority, the Board has approved the regulatory framework for renewable energy systems for self-consumption. The authority said that the new framework is in reflection of the energy system’s efforts to develop regulations that contribute to achieving the goals of the Kingdom’s Vision 2030 in the use of renewable energy. As per reports, this…
Uzbekistan’s nascent renewable energy that seems to be gaining momentum, is being driven by Gulf energy companies. Energy firms based in Saudi Arabia and UAE are picking up the first slew of solar projects to be established in Uzbekistan. Central Asia’s Clean Energy Goals The Central Asian Government has set out on a mission to augment its renewable energy industry. To achieve this target, it is looking at establishing 5 GW of solar power and 3 GW of wind power by year 2030. FIIs such as the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD) and…
Egypt is looking to green its energy and transport systems that currently rely on fossil fuels. To make this possible, Egypt has signed a slew of pacts. A major one among these many agreements includes a $10 billion investment deal that will look at replacing “inefficient thermal power plants” with renewable sources such as wind or solar. Financial institutions like the European Bank for Reconstruction and Development, the African Development Bank, HSBC and CitiBank will be investing in this initiative. Egypt & Norway Join Forces For Green Hydrogen Egyptian President Abdel Fattah el-Sissi and the Norwegian Prime Minister Jonas Gahr…
The European Bank for Reconstruction and Development (EBRD), which already has a facility for green private-to-private projects, has released a new tranche of financing worth US$ 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…
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…