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Week In Middle East: BELECTRIC Builds Large-Scale Floating PV Plant In Israel; And More

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BELECTRIC Builds Large-Scale Floating PV Plant In Israel

BELECTRIC is further increasing its footprint in the floating PV industry. The solar energy specialist is building a floating PV project with an installed capacity of 16,8 Megawatt Peak (MWp) for S’energy and the large-scale water utility “Carmel shore waters” in Israel. Together with S’energy, BELECTRIC’s Israeli subsidiary will carry out the engineering, construction, and commissioning work for the plant, which is located on a water reservoir near Kibbutz Ma’ayan Tzvi in the north of the country. Construction works are expected to start within the first quarter of 2022 with commissioning planned for the end of the year. BELECTRIC will also take on operation and maintenance (O&M) for the floating solar project.

Hungary To Invest €10 Million In Solar Plant In Oman

Hungary to invest €10 million in a solar power plant in Oman in an effort to transition to renewable and clean energy sources. The agreement was signed by Peter Szijjarto, Hungary’s Minister of Foreign Affairs and Trade, and Oman’s Foreign Minister, Sayyid Badr Al Busaidi in Muscat. MOL has had a big role in Oman to upgrade the traditional carbon-hydrogen industries and now we are ready that with the support of the Hungarian government, Hungarian companies will take part in building up the renewable energy sector of Oman.

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Masdar Wins Innovator Of The Future Award At Arabian Business Awards

Masdar has been named ‘Innovator of the Future’ for the energy sector at the annual Arabian Business Awards, triumphing over a shortlist that also included Acwa Power, TAQA, and ENGIE, in an event that the magazine described as the region’s “first-ever industry Oscars.” The award is the latest accolade for Masdar, which last month received the coveted ‘Award of Excellence – Power’ at the S&P Global Platts Global Energy Awards 2021, one of the most prestigious awards for global energy industry. Masdar was also recently named ‘Energy Company of the year’ for the third time at the Gulf Business annual awards.  

ACWA Power Signs MoU With Saudi EXIM

ACWA Power, a leading developer, investor, and operator of power generation, desalinated water, and green hydrogen plants, signed a Memorandum of Understanding (MoU) with Saudi Export-Import Bank (Saudi EXIM), in an extensive agreement that involves knowledge transfer in the realm of credit issuance, with the objective of facilitating and growing Saudi exports and overseas investments by Saudi institutions and organizations. The MoU will also bolster the growth of local content and Saudi exports in international projects and capital investments overseas, which will, in turn, create new jobs and foster economic growth within the Kingdom and beyond.

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APICORP And IsDB To Build $1 Billion Infrastructure Financing Initiative

The Arab Petroleum Investments Corporation (APICORP), an energy-focused multilateral development financial institution, and the Islamic Development Bank (IsDB) have established the Infra Initiative, a US $1 billion private sector-focused infrastructure financing initiative. The Infra Initiative’s funds will be used to finance strategic utility projects that contribute to human and economic development in the two multilateral financial institutions’ member countries and their respective national development strategies. It is worth noting that APICORP’s 2021-2025 MENA Energy Investment Outlook projected the share of private investments in regional energy projects to reach 27% by 2025, a threefold increase from the 8.5% in 2020-2024 outlook.

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