Week in Middle East: TAQA Group Announces One of Morocco’s Largest Private Bond Placements, UAE’s 20by2020 Initiative Lights Up Remote Community In Egypt, DEWA Launches Awareness Campaign To Support UN Sustainable Development Goals and more

0
141

TAQA Group Announces One of Morocco’s Largest Private Bond Placements

Abu Dhabi National Energy Company PJSC “TAQA”, announced one of Morocco’s largest private bond placements in 2020, reinforcing the Company’s position in the Moroccan energy market, where its subsidiary, TAQA Morocco, generates electricity to meet more than 40% of the country’s electricity demand. The landmark transaction was delivered through TAQA Morocco’s finalization of a bond issuance by a private placement for AED 1.08 billion (USD 293.8 million), which diversifies TAQA Morocco’s funding base. The bond placement was substantially oversubscribed for by qualified investors, providing the company an opportunity to further optimize its capital structure and create value for its shareholders. The transaction resulted in a reduction in debt cost of over 20% and an extension to its debt maturity date by 11 years, to March 2038. The bond issuance follows the option to extend the Power Purchase Agreement (PPA) between TAQA Morocco and the electricity off-taker, Office National de l’Electricité et de l’Eau Potable (ONEE), for an additional 17 years in respect to Units 1-4 of its Jorf Lasfar Power Plant, thereby enhancing value by extending the company’s debt repayment profile. TAQA Morocco’s 2,056 MW Jorf Lasfar Power Plant generates electricity to meet more than 40% of Morocco’s demand, serving approximately 18 million people annually. It is one of the largest power plants of its kind in the MENA region.

UAE’s 20by2020 Initiative Lights Up Remote Community In Egypt

The Zayed Sustainability Prize has announced that solar-powered lighting solutions developed by one of its previous winners have been installed in the Egyptian village of Habisha, in the Asyut Governorate – as the latest deployment from the UAE-driven humanitarian initiative, 20by2020. With an aim to improve standards of living and create a host of new prospects for residents of the community, more than 50 high-performance energy-efficient LED lights have been fixed on the main street of the village— which are expected to benefit over 3,500 people daily. The deployment in Egypt was organised by 20by2020, a UAE humanitarian initiative led by the Zayed Sustainability Prize in partnership with Abu Dhabi Global Market, Abu Dhabi Fund for Development, Mubadala Petroleum, the UAE’s Ministry of Tolerance and Coexistence, Masdar and Majid Al Futtaim. The 20by2020 initiative completed a similar installation outside of Prince Hamzah Hospital in Amman, Jordan— for the benefit of the hospital’s healthcare workers and frontline staff who were treating the largest number of COVID-19 patients in the country. As part of the initiative’s first phase, a total of five deployments have been rolled out to date, including energy, health and food-related solutions in Jordan, Nepal, Tanzania, and Uganda. 20by2020 also plans to deploy solutions to another 15 countries, with the scheduling dependent on individual country-specific conditions in light of the global pandemic. Upcoming technology deployments include water and energy-related projects in Cambodia, Bangladesh, Madagascar, Indonesia, and Costa Rica.

DEWA Launches Awareness Campaign To Support UN Sustainable Development Goals

Dubai Electricity and Water Authority (DEWA) has launched an online campaign to raise awareness on the effects of the coronavirus on achieving the 17 UN Sustainable Development Goals 2030. This is part of its efforts to engage all stakeholders in Dubai in achieving sustainable development. The campaign also includes an internal competition and a series of online awareness sessions to enhance the effective role of DEWA’s staff in supporting and implementing the strategies of Dubai and DEWA on social, economic, and environmental sustainability. The campaign urges DEWA’s employees to post videos in Arabic and English on DEWA’s internal and website, and smart app to highlight the effects of the Covid-19 outbreak on the UN Sustainable Development Goals (SDGs). The videos should also suggest innovative solutions on dealing with these effects, in line with DEWA’s vision to become a globally leading sustainable innovative corporation. “DEWA is the first government organisation to adopt sustainability in its vision and strategic plan to achieve long-term sustainability goals. DEWA’s sustainability leadership team, which DEWA formed in 2013, works on promoting and implementing sustainability concepts, and highlighting their positive effects for DEWA. Our annual Sustainability Report is a useful, transparent and reliable reference for all our achievements and efforts over the year to attain the goals of the UAE Centennial 2071, to make the UAE the best country in the world. DEWA achieved significant results in the sustainability culture indicator with 89.17% in 2019, exceeding the global average. The indicator is based on several aspects, including leadership in achieving sustainability, strategic commitment to sustainability, innovation in sustainability, training effectiveness, and the awareness level of the sustainable development goals,” added Al Tayer.

DEWA Presents An Exceptional Simulated Reality Experience With Its Virtual WETEX and Dubai Solar Show 2020

Dubai Electricity and Water Authority uses the latest smart technologies to provide a simulated 3D virtual environment at the 22nd Water, Energy, Technology and Environment exhibition (WETEX) and the 5th Dubai Solar Show. The 3D Virtual platform will allow visitors and exhibitors from all over the world to participate, without the need to travel. “DEWA provides innovative solutions and transforms challenges into new opportunities for excellence to provide an exceptional WETEX and Dubai Solar Show, according to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which is held under his directives; and under the patronage of His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance and President of DEWA. Both events have adapted to the current precautionary measures implemented in most countries because of COVID-19, proving once again that the word ‘impossible’ is not in our dictionary,” said His Excellency Saeed Mohammed Al Tayer, MD & CEO of DEWA, Founder and Chairman of WETEX and Dubai Solar Show.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.