ACWA Power To Launch $1 Billion IPO
ACWA Power, a leading private developer, owner, and operator of long-term contracted power generation and desalinated water projects worldwide announced its intention to float on the Riyadh bourse in an initial public offering (IPO) that could raise more than $1 billion. The company, which is half-owned by the kingdom’s sovereign wealth fund, plans to issue 85.3 million shares, representing 11.67% of the company after a capital increase. Around 4.14 million shares, representing 0.57% of the company, will be allocated to certain employees of the company and its subsidiaries as part of its employee IPO grant plan. ACWA Power’s IPO is anticipated to raise more than $1 billion, valuing the company about $10 billion. An additional growth driver is the development of 70% of Saudi Arabia’s 2030 renewable energy target of 58.7 GW under the National Renewable Energy Programme, which ACWA Power is developing with the Public Investment Fund (PIF), a majority shareholder in the Company, under a strategic framework agreement. The share of renewables in ACWA Power’s total gross power capacity is currently 33%, which is targeted to increase to 50% by 2030
NADEC Completes Phase 1 Of 30 MW Solar Power Project
Saudi’s National Agricultural Development Company (NADEC) recently announced that it has completed the 10 MW (first phase) of its 30 MW solar power project. NADEC is one of the largest foods and agricultural companies in the Middle East and North Africa region. The remaining 20 MW of the final phase will be completed by the end of October 2021, the company said. The preliminary estimates show that the first phase is expected to reduce the company’s fuel consumption in the range of 2,900,000 liters, which would reduce energy costs by 740,000 Saudi riyals ($197,303.60). The cost savings would be reflected in the financial results for the fourth quarter. The company said the expected total decrease in fuel consumption once the entire project starts operations will be around 16,000,000 liters, equivalent to 4.1 million riyals ($1.09 million), which will reduce the company’s energy costs by 4%. NADEC signed a 25 year PPA in July 2019 with France’s Engie at a fixed price of 9.4 halalas per kWh to implement the solar power project.
Green Hydrogen Is Potentially A New Economic Engine For Oman: OPAL CEO
‘Green hydrogen’ – a carbon-neutral energy resource is seen as imperative to driving the global energy transition as well as achieving climate change goals – also has the potential to ignite the growth of a new, carbon-free economy in Oman. According to Abdulrahman al Yahyaei, CEO of the Oman Society for Petroleum Services (OPAL) – the umbrella organization of energy companies and service providers in the Sultanate – the climate-friendly energy resource will be a game-changer for the Omani economy and the wider global community. The CEO however acknowledged that the pace of green hydrogen’s adoption as the agent driving the energy transition would depend largely on two factors: global dynamics, and society’s responses to climate change.
Alstom To Introduce Hydrogen Mobility For Rail In MENA Region
Alstom has initiated several sustainable mobility solutions across the MENA region. The company is a global leader in rail transport and sustainable mobility. The Coradia iLint is a perfect illustration of the commitment to designing and delivering innovative and environment-friendly solutions. This made Alstom the first company to developed and put into operation hydrogen trains. Railway applications are ideally suited for the use of hydrogen, as the quantities of hydrogen required are large, predictable, localized, and constant over a long period of time. It can cover ranges up to 1,000 kilometers. Through innovations in electric transport and hydrogen fuel, Alstom aims to shape the future of the region’s mass transit and mobility for the better. It remains dedicated to significantly reducing carbon footprint, and decarbonizing rail transport.
Kuwait Plans To Raise Its Power Capacity From 7.5GW To 14GW
Kuwait is planning to speed up its power generation projects to 14GW capacity by 2041 to focus on the present and future demands. The country is hoping to attract outside investors to fund several power projects under a public-private partnership (PPP) program that will cover more than half of its future electricity needs over the next two decades. Around 7,500 MW (7.5GW) of 14,000 MW (14GW) will come from these partnerships over the coming 20 years which requires billions of dollars of investment. The projects under the PPP program comprise Al-Khiran, with the capacity of 1,800 MW, the Al-Zour 2 & 3 plant, with 2,700 MW of capacity, and Al-Shaqaya and Al-Debdiba, with a combined capacity of 3,000 MW.
Masdar Inaugurates 100 MW Solar Project In Uzbekistan
Masdar has inaugurated the Nur Navoi Solar Project – Uzbekistan’s first successfully-financed independent power producer (IPP) solar project. In the first quarter of 2023, the operation of the project will start Samarkand and Jizzakh, in Uzbekistan. The 100-megawatt photovoltaic (PV) plant, Uzbekistan’s first utility-scale solar project, has begun energization, making its first contribution to Uzbekistan’s renewable energy targets. After completion, the plant will provide power to 31,000 households and displace around 150,000 tonnes of CO2 each year. Nur Navoi is the first Masdar project to begin operations in Uzbekistan, with the company has committed to a number of other solar and wind projects in the Central Asian country. In July, Masdar signed agreements to develop two PV projects in the country for a combined capacity of 440 MW.