Week in Middle East: Investor From South Africa To Invest €14.25 Million In 10 MW Solar Project In Iran, Turkey’s Local, Renewable Electricity Production at 66%, Bahrain’s Al Baraka Islamic Bank Signs MoU with Al Mannai Projects and more

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Investor From South Africa To Invest €14.25 Million In 10 MW Solar Project In Iran: Mohammad Behrouz

Mohammad Behrouz recently announced that a new investor from South Africa will invest €14.25 million on a new 10-megawatt-solar project in the province. Investors from Germany and Spain are also planning to make similar investments in South Khorasan. The official informed that “The projects have been run using €25.21 million of investments funded by South Africa, Germany, and China.” The data released by the Energy Ministry shows that since the bid to shift focus from fossil fuels to greener energies started in mid-2009 Iran has produced over 4.4 billion kilowatt-hours of electricity from renewable sources. In recent years renewable energy has helped the country to reduce the emission of about 3 million tons of greenhouse gases. 42 percent of the country’s renewable energies come from solar power, 41 percent from wind farms, 13 percent small from hydroelectric plants, 2 percent from heat recovery, and 2 percent by biomass, according to Iran’s power sector.

66% Of Turkey’s Electricity Produced From Local And Renewable Resources In First Five months: Fatih Dönmez

Turkey’s Energy and Natural Resources Minister Fatih Dönmez said that “Turkey produced 66% of its electricity from local and renewable resources in the first five months of 2020.” Dönmez wrote on Twitter that “We continue to reap the fruits of our long-term investments”. Turkey aims to fully utilize local and renewable energy resources efficiently to support its development and to decrease dependence on energy imports. He stated that “Last year Turkey’s electricity production from local and renewable resources stood at 62%.” “On May 24, Turkey recorded an all-time daily record as local and renewable resources accounted for 90% of the country’s electricity generation.”, the minister added. Dönmez recently said that around 70% of Turkey’s additional capacity in the last 5 years had come from domestic and renewable energy resources. Turkey’s renewable energy capacity of 42 GW is predicted to reach 63 GW by 2024, placing Turkey among Europe’s top five and 11th worldwide in terms of renewable capacity, according to data from the International Energy Agency (IEA).

Bahrain’s Al Baraka Islamic Bank Signs MoU with Al Mannai Projects For Solar Projects

With the aim of providing funds to those who wish to purchase solar energy technology solutions from the company Al Baraka Islamic Bank has recently signed a memorandum of understanding (MOU) with Al Mannai Projects. Mr. Tariq Kazim, General Manager for business group at Al Baraka Islamic Bank, signed the MOU on behalf of the Bank while Mr. Talal Al Mannai, Chief Executive Officer of Al Mannai Projects signed on behalf of Al Mannai. The Bank intends to provide two financial schemes to the clients; 1) Short term with a maximum of 7 years 2) Long term with a maximum of 25 years will be linked to the property financing. Mr Kazim stated that “We are confident about this new service, as solar technology is seeing increasing demand from customers, individuals, developers and companies as a result of its positive impact on the environment, and the encouragement and support that these projects enjoy from the official authorities in Bahrain,”. Al Mannai Projects is the Exclusive Distributor of GCL System Integration Technology CO., Ltd, and a provider of solutions and products in renewable energy. Al Mannai Projects provides Solar technology solutions for homes, offices, apartment complexes, companies and others.

Thirty Investors Invests In 37-sq km Solar Park in Egypt; Africa50 Largest Contributor With 25% Stake

Thirty international infrastructure developers invested in a 37-square-kilometer solar park so large that it can be seen from space, with over seven million photovoltaic panels, and funding of $4 billion. Among the investors is Africa50, established by the African Development Bank. Africa50 is an independent infrastructure fund, focused on high-impact projects mostly in the energy and transport sectors. The solar energy potential in Egypt, a country known for year-round sunny days, has long tempted investors. Now that the prices of its components have fallen, solar energy has become competitive, allowing Benban to become a reality. In 2017, Africa50 joined investors Norfund and Scatec Solar to reach financial close for six of the 32 utility scale solar power plants in the complex, totaling 390 MW. The Benban project, providing clean energy to hundreds of thousands of households, will help Egypt to reach its target of generating 20% of its power from renewable sources by 2022. It has put Egypt on the map as a major solar player in Africa and has set a precedent for using North Africa’s ample solar resources to provide power while meeting climate change commitments.

MENA Region Likely To Receive up to $1 Trillion in Alternative Energy Investment by 2023, says MESIA

The Middle East Solar Industry Association (MESIA) estimates that between 2019 and 2023, MENA will receive up to $1 trillion in alternative energy investment, as innovators look for sources that are both efficient and environmentally conscious.Saudi Arabia’s energy consumption is estimated to increase threefold by 2030. Planning ahead, the Saudi government has set goals to localise a significant portion of its energy value chain, with a special focus on manufacturing, research and development and renewables, as well as setting ambitious clean energy targets for 2024 and 2030. The UAE, meanwhile, has set a long-term target for 2050 to decrease its carbon footprint in power generation by 70% and increase its share of clean energy by 50%. It also aims to invest 600 billion dirham ($163.3 billion) to ensure sustainable growth for the country’s economy and to meet its growing energy demands. Dubai aims to focus on green cities, green technology, green energy and green investment, including by diversifying its electricity generation mix. It hopes to see clean energy comprise 25% of its energy mix by 2030 and 75% by 2050. Other MENA countries, such as Yemen, Egypt, Oman, Lebanon, Kuwait, Jordan and Morocco are also hoping to up their share of renewable energy in the near future.

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