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Week In Middle East: EBRD Invests US$ 100 Million In Scatec’s Green Bond; Israel Institute of Technology Manufactures Solar Water Pump; And More

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EBRD Invests US$ 100 Million In Scatec’s Green Bond

The European Bank for Reconstruction and Development (EBRD) is investing up to US$ 100 million in a certified green bond issuance of US$ 334.5 million, backed by six solar power plants owned by Scatec ASA. The Bank is also providing a US$ 30 million Credit Enhancement Facility (CEF) for participating institutional investors. Certified under the Climate Bonds Standard, this bond is the first private green project bond issuance in Egypt and the southern and eastern Mediterranean region. The issuance will have a catalytic effect on renewable energy investors seeking access to capital markets in a volatile post-pandemic macroeconomic environment, allowing them to source funding from the growing pool of international institutional investors.

Israel Institute of Technology Manufactures Solar Water Pump

The researchers of the Israel Institute of Technology (Technion) have made a solar water pump to use in remote areas without any power supply. The solar water pump is powered by heat generated from solar radiation. It can pump water in remote areas from wells without any energy source and this will improve agricultural yield in these areas. The solar water pump is simple to develop, assemble, and maintain and they are also cheap. “The new technology is also useful for cooling, as the sound wave can replace the compressor in refrigerators and air conditioners. Other possible uses are ventilation, power generation and water purification,” they added.

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Renewable Energy Organization and Electricity Efficiency of Iran Launches Tender for Developing 4 GW of Solar PV Capacity

Renewable Energy Organization and Electricity Efficiency (SATBA) of Iran launches a fresh new tender for developing 4 GW of solar photovoltaic (PV) capacity. SATBA wants to choose tenders up to 10 MW capacity from foreign as well as domestic investors for solar projects. Once projects are selected, permission for construction and fiex tariff will be granted. The agency said that currently, there are around 80 GW of renewable energy projects under review which were submitted by private investors. Earlier, the Iranian Ministry of Energy announced a tender for installing 10 GW of renewable energy in the coming four years, to overall deploy 30 GW of generating capacity.

Mohammed bin Rashid Al Maktoum Solar Park, a Key Pillar to Reach 100% Clean Energy in Dubai by 2050

In October 2022, the UAE launched its strategic initiative for net-zero emissions by 2050, to become the first country in the Middle East and North Africa to undertake such a strategic initiative. Dubai also launched the Net Zero Carbon Emissions Strategy 2050 to provide 100% of Dubai’s total power capacity from clean energy sources by 2050. One of the most extensive clean and renewable energy projects that the Dubai Electricity and Water Authority (DEWA) is implementing to achieve this target is the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world. It has a planned capacity of 5,000MW by 2030 with investments up to AED 50 billion. When completed, the solar park will reduce over 6.5 million tonnes of carbon emissions annually. 

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The Energy Ministry of Saudi Arabia is Planning to Release a Request for Qualification for Kingdom’s First Hybrid Concentrated Solar Power PV Project

The Energy Ministry of Saudi Arabia is planning to release a request for qualification (RFQ) for the first hybrid concentrated solar power (CSP) photovoltaic project in the kingdom. The hybrid solar Hinakiyah project is anticipated to have a capacity of 350 MW and it will be constructed as an independent power producer (IPP) project. Saudi Arabia has set a target of having 58.7 GW of renewable energy by 2030 out of which 30% will be awarded by issuing tenders by the Ministry of Energy’s Renewable Energy Project Development Office of the country. The remaining 70% of 58.7 GW will be developed by private investors, the majority is expected to be developed by ACWA Power. The company soon submit proposals for projects.

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