SirajPower To Setup 3MW Residential Rooftop Solar In Dubai
SirajPower, UAE’s leading distributed solar developer announced two new residential partnerships in Dubai. SirajPower inked a deal with Al Khail Heights (by Texture Holding) and Green Coast Real Estate – Mirdif Villa Complex that will result in a total 3MWp system capacity, and generate 5GWh of annual energy production, whilst displacing more than 3,000 metric tons of carbon dioxide emission (Co2) per annum, corresponding to approximately 450 million smartphones being charged. The partnership is already SirajPower’s second important project in the residential sector this year. To implement such a project, the company benefited from its key market differentiator, a fully integrated leasing model which eases energy expenses and can help mitigating the economic impact of the current crisis. SirajPower provides the design, construction, installation, commissioning, operation, maintenance, and financing that allow businesses to work with a single point of contact throughout the whole journey of their energy ambitions. The project will be the fully financed solar model in Dubai and the Middle East. With this project SirajPower became the first and only fully comprehensive distributed solar energy company in the region that can provide a ‘commercial’ solar leasing solution for the residential market.
TAQA Approve Transaction of the UAE’s Power Sector
Abu Dhabi National Energy Company PJSC have voted for approval of the transfer of the majority of Abu Dhabi Power Corporation’s water and electricity generation, transmission and distribution assets to TAQA, which is owned by ADQ, one of the region’s largest holding companies. This transaction creates one of the largest utility companies in the GCC and a top-10 integrated utility player in the EMEA region by regulated assets. The transaction, creates a regional utility champion with the financial strength and expertise to accelerate the transformation of the UAE’s power and water sector and the capacity to pursue new growth opportunities in international markets. TAQA will benefit from enhanced revenues, a robust capital structure producing stronger cash generation, with the potential for significant and sustainable dividends and business growth. When the transaction is completed, TAQA’s assets will include majority stakes in almost all power and water generation plants in the UAE, making it the nation’s predominant power and water, transmission, and distribution company. TAQA will also continue to operate in the USA, Oman, Morocco, India, Saudi Arabia and Ghana, and own oil and gas operations in the UK, Netherland, Canada, and Iraq.
Enerwhere gets Fund from KAAF
KAAF Investments in the Middle East, has re-invested in distributed utility company Enerwhere. Apart from being one of the leading solar companies Enerwhere has become the region’s leading provider of energy storage systems, implementing over 10 MWhrs of lithium-ion battery storage projects. In the temporary / off-grid power space, Enerwhere’s solar-hybrid mini-grids are reducing energy costs and increasing reliability for dozens of commercial & industrial clients across the construction, real estate, hospitality, mining and oil & gas industries. Finally, building on its original in-house hybrid control solution, Enerwhere has now taken its data design and management platform one step further with the development of an independent analytics and energy optimization software solution for anyone running captive power generation. The system is globally unique in being equipment supplier agnostic and using real time second-by-second data as the basis to accurately model and control off-grid / hybrid mini-grids, using machine learning to reduce diesel consumption and increase reliability of conventional diesel generators, with or without renewable energy. This is Enerwhere’s first step towards artificially intelligent mini-grid solutions. KAAF Investments decided to re-invest to support our continued growth and technology development. Delivering cost-effective and reliable power in the off-grid and temporary power markets requires mastering a range of technologies, including modular & transportable solar solutions, battery storage and conventional diesel engines.
Palestinian energy gets US$63 Million in funds
The World Bank approved a US$14 million grant as part of a multiphase Advancing Sustainability in Performance, Infrastructure, and Reliability of Energy Sector (ASPIRE) program to improve operational and financial performance of the Palestinian electricity institutions and diversification of energy sources. The program will benefit from an additional US$49 million grant from donor partners. The new program builds on the World Bank flagship report Securing Energy for Development and calls for sustained financing to undertake longer-term planning, infrastructure interventions and, concerted policy reform measures. The program will pay special attention to gender gaps. The solar funding mechanism available for households and Small and Medium Enterprises (SMEs) in Gaza will strengthen support for female-headed households in Gaza and will be expanded to the West Bank. The program will also support women engineers and entrepreneurs through private sector participation in renewable energy. In the Palestinian fragile context, the multi-phase program will offer the flexibility to adapt the course of actions to new emerging challenges and opportunities while aiming for a more stable and sustainable energy sector. Over eight-years, the program will enable the sector to strengthen its creditworthiness and attract private sector investment.
ACWA Power achieves financial closure for 500 MW Oman Project
Consortium consisting of ACWA Power, GIC and AEPC has achieved the financial closure for the 500 MW solar project at Ibri in the Sultanate of Oman. The 500 MWac Ibri II solar project is an Independent Power Project (IPP) which will be Oman’s largest utility-scale solar PV Independent Power Project. The project, to be developed on a BOO (build, own, operate) basis, will utilize cutting-edge Solar Photovoltaic Technology to generate 500 MWac of renewable power. At peak generation capacity, the plant output will be enough to supply an estimated 33,000 homes with electricity and will offset 340,000 tonnes of carbon dioxide emissions a year. Located around 300km west of Muscat, Ibri-2 IPP will contribute towards increasing power supplies in the Sultanate. The term of the offtake contract for the project will be 15 years from the commercial operations date. The c.$ 400 million project will be funded on a debt to equity ratio of 70:30. A syndicate of six international and local lenders, will provide the $275 million senior debt. The mandated lead banks including Asian Infrastructure Investment Bank (“AIIB”), Bank Muscat, Riyad Bank, Siemens Bank, Standard Chartered Bank and Warba Bank, helped structure the largest utility scale solar PV project in Oman on a c. 16.5 year door-to-door tenor.