Week In Middle East: Masdar Signs 1 GW Solar Deal; STC And Ericsson Signs An MoU For RE; And More

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Masdar Signs Agreement In Iraq For 1 GW Solar Projects

Masdar, one of the world’s leading renewable energy companies signed a strategic agreement with the Republic of Iraq to develop five solar photovoltaic (PV) projects in the country with a combined capacity of 1 gigawatt (GW). Masdar has signed an implementation agreement with Iraq’s Ministry of Electricity and the National Investment Commission to develop the following projects: a 450-megawatt (MW) plant in the Dhi Qar Governate in southern Iraq; a 100 MW and a 250 MW plant, both located in Ramadi in central Iraq; a 100 MW plant in Mosul in the north; and a 100 MW plant in Amarah in the southeast. The agreement was signed by Suha Al-Najar, President of the National Investment Commission for the Republic of Iraq, Maha Hamoudi Abdul-Jabbar the Director-General of the Investments and Contracts Department at the Ministry of Electricity, and Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar.

STC And Ericsson Signs An MoU For Renewable Energy

stc and Ericsson have signed a memorandum of understanding (MoU) to jointly explore sustainable initiatives to power the stc network infrastructure with intelligent and renewable energy. The partnership will further explore other Information and Communication Technology (ICT) green-site solutions and sustainability initiatives for the Kingdom. As part of the partnership, Ericsson will use its expertise to provide the most energy-efficient strategies to the stc network to positively contribute to society. Under the first phase of the MoU, stc and Ericsson will deploy several sustainable site solutions that will showcase how renewable energy can power networks of the future. Collaborations will include implementing a solar-hybrid site and initiatives to reduce Carbon dioxide emissions, which will help preserve the environment.

Iraq Will Build 525 MW Two Solar Plants With Norway-led Consortium

Iraq signs a deal with a Norway-led consortium for building 2 solar power plants of 525 MW capacity. Scatec will help in building the solar plants in the south of Baghdad. The cost of the project is estimated to be around $500 million. One plant will be built in Babel and the other one in Karbala. Iraq is the second-largest producer in the OPEC region but still, the country faces serious energy threats and power cuts. Abdelaziz Atribi, Scatec’s Vice President for the Middle East and North Africa, told AFP construction should begin “as quickly as possible” and take around a year. The consortium also includes Egypt’s Orascom Construction and Iraq’s private Albilal Group. Iraq recently signed another deal with UAE’s Masdar to develop five solar photovoltaic (PV) projects in the country with a combined capacity of 1 gigawatt (GW). With these deals, Iraq aims to add 7,500 MW to its grid by 2023. Crude accounts for 90% of Baghdad’s revenue. As of now, the country generates 16,000 MW of electricity, which is short than the estimated 24,000-MW to meet the requirements of Iraq’s population which as per the UN is expected to double by 2050.

Air Liquide, TotalEnergies, VINCI, And Others Launches Clean Hydrogen Infrastructure Fund

Air Liquide, TotalEnergies and VINCI, are combining forces with other large international companies to sponsor the creation of the world’s largest fund exclusively dedicated to clean hydrogen infrastructure solutions. The fund aims to reach 1.5 billion euros and has already secured initial commitments of 800 million euros. Its objective is to accelerate the growth of the clean hydrogen ecosystem by investing in large strategic projects and leveraging the alliance of industrial and financial players. The clean hydrogen infrastructure fund will invest in the entire value chain of renewable and low carbon hydrogen, in the most promising regions in the Americas, Asia, and Europe. It will invest as a partner, alongside other key project developers and/or industry players, in large upstream and downstream clean hydrogen projects. Total commitments to the fund have already reached 800 million euros out of a target of around 1.5 billion euros at the signature.

Utico To Set Up Energy Company For Hydrogen

Utico, the Middle East’s leading full-service utility and the only private water and power company in the UAE today announced its entry into Hydrogen production by 2024. In a statement at the ongoing WETEX and Dubai Solar Show, Utico also said that it was exiting the Clean Coal Carbon capture project it had signed with Shanghai Electric in 2014, for which it had obtained the Middle East’s first Federal Environmental Permit in 2016 done by TUV Nord. Utico had also planned and announced the same scale 350MW supercritical project at the Duqum Special Economic Zone in 2016 with a Bio Fertilizer plant using Carbon to produce Agro & Pharma grade Algae with a 200MW solar facility that would offset carbon emissions by greater than 70%, making it cleaner than natural gas. Both projects would have captured greater than 1 million tons of CO2 per year.

APICORP’s Raises US $750 Mn From Its Debut Green Bonds

The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution focused on the energy sector, announced that it has successfully raised US $750 million from its debut green bonds. The US-denominated five-year benchmark issuance, the first green bond in the MENA region issued by an energy-focused investment institution, was nearly three times oversubscribed, garnering USD $2.2 billion in orders from more than 80 institutional and sovereign investors. All projects funded by APICORP using these green bonds will be aligned with the United Nations Sustainable Development Goals (SDGs), with a focus on renewable energy, green buildings, pollution prevention and control, and low-carbon technologies and solutions.

Desert Technologies Expands Its Investments To France, Greece, and Kazakhstan

Desert Technologies, one of the world’s leading companies in the field of renewable energy, recently signed an agreement with contracting companies for the construction of a 12 MW solar photovoltaic plant on the Greek island of Trifyila. The project is Desert Technologies’ first investment in the Greek market with a capacity of 12 MW and spanning over 24 sites, the capacity of each being 500 KW. The project is funded by the Saudi Exim Bank under its established regulations aimed at financing the export of Saudi non-oil products and enhancing their presence in global markets. This came on the sidelines of representatives of the Desert Technologies Group participating in the Saudi private sector delegation accompanying the Minister of Investment Eng. Khalid Abdul-Aziz Al-Falih representing the National Companies Promotion Program “NCPP” during his official visit to Greece.

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