Week In Middle East: EBRD, EU, And GCF Boost Green Investments In Jordan; Masdar Joint Venture Powers COP27 With Zero-Carbon Energy; And More

EBRD, EU, And GCF Boost Green Investments In Jordan

The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) are together providing US $10 million to Cairo Amman Bank (CAB) to strengthen climate investments in Jordan. The financial package of US$ 10 million, of which US$ 2.5 million was co-financed by the GCF, will enable CAB to extend sub-loans to small and medium-sized enterprises (SMEs) that invest in climate change mitigation and adaptation technologies and services. This is the first facility for CAB under the GCF-GEFF Regional Framework in Jordan and will include a technical cooperation (TC) package funded by the EBRD, the European Union, and GCF.

Masdar Joint Venture Powers COP27 With Zero-Carbon Energy

Infinity Power Holding, the joint venture between the UAE’s Masdar and Egypt’s Infinity, announced that the solar photovoltaic (PV) plant it has developed in Sharm El-Sheikh is now fully operational – ready to provide clean, renewable energy to COP27, the United Nations climate change conference taking place in the Egyptian city. The 6-megawatts (MWp) plant – which can generate as much as 11,723 megawatt-hours (MWh) of energy per year, enough to power more than 5,000 homes while cutting CO2 emissions by over 4,000 tonnes – will continue to operate after the conference, providing clean energy to the city for years to come. Two other solar plants of equivalent size have also been developed ahead of COP27.  

Arabian Cement Company Amends Its 2019 Contract With Amarenco SolarizEgypt To Set Up A Solar Photovoltaic Plant At Its Suez Facility

Arabian Cement Company (ACC) has amended its 2019 contract with Amarenco SolarizEgypt to set up a Solar Photovoltaic plant at its Suez facility. This amendment aligns with new regulations issued by “EgyptERA”, the Egyptian Electric Utility and Consumer Protection Regulatory Agency. It encourages and supports projects that combine solar energy with self-consumption systems. The updated contract between ASE and ACC complies with the revised regulations limiting the total solar power capacity that can be contracted under the self-consumption system owned by any one of the distributor companies’ customers or licensed authority and is connected with the distribution networks to 30 MW. A maximum of 25 MW is allowed per project.

DEWA Appoints Ernst & Young As Consultant For Implementing The 6th Phase Of The Mohammed bin Rashid Al Maktoum Solar Park

Dubai Electricity and Water Authority (DEWA) has appointed a consortium of companies led by Ernst & Young (EY Consulting) to provide consultancy services for implementing the 6th phase of the Mohammed bin Rashid Al Maktoum Solar Park based on the Independent Power Producer (IPP) model. The 900MW 6th phase, which will use photovoltaic solar panels, will become operational in stages between 2025 and 2027.

A Belgian Consortium Of Companies Plans To Construct A Green Hydrogen Storage And Production Center In Egypt

According to an official statement, a Belgian consortium of companies that specialize in energy and green hydrogen field plans to construct a green hydrogen storage and production center in Egypt at The Mediterranean Sea. The consortium which includes Fluxys, Antwerp Port, and DEME Group has completed a feasibility study. According to the project, the first stage will generate 700 MW of wind power and 800 MW of solar energy. 600,000 tonnes of carbon dioxide will be limited in the first phase. The statement stated that representatives from Belgian companies expressed their willingness to work with Egypt’s electricity and renewable energy sectors, particularly in light of Europe’s growing interest in green hydrogen production, transport, and storage as part of its efforts to reduce carbon emissions.

Fertiglobe, Scatec, Orascom Construction, And The Sovereign Fund Of Egypt Start Commissioning Of “Egypt Green”

Egypt Green, which is owned, built, and operated by Fertiglobe (the strategic partnership between OCI N.V. and ADNOC), Scatec ASA, Orascom Construction, and The Sovereign Fund of Egypt, marks an important milestone in the development of a green hydrogen ecosystem in Egypt and the broader African region. The launch of the hydrogen facility comes as world leaders gather for the United Nations COP 27 Climate Change Conference in Sharm El Sheikh, Egypt, where they seek to accelerate global climate action through emissions reduction. Unless we make sharp reductions in greenhouse gas emissions in the coming decades, global warming will exceed the Paris agreement’s goal of limiting temperature rise to 1.5 degrees Celsius.

EBRD Provides US$ 5.5 Million To TAQA Arabia To Extend Private-To-Private Renewable Energy Cooperation In Egypt

The European Bank for Reconstruction and Development (EBRD) is promoting the expansion of renewable energy in Egypt by releasing a new tranche of financing worth US$ 5.5 million to TAQA PV for Solar Energy, TAQA Arabia’s renewable energy subsidiary, under its existing facility for green private-to-private projects. The new funding comprises a US$ 4.95 million loan from the EBRD and a US$ 550,000 concessional loan from the Global Environment Facility (GEF) to finance the construction and operation of a 7 MWp solar photovoltaic (PV) project in El Minya. The project will sell all of its electrical output to ASCOM Carbonate and Chemical Manufacturing (ACCM) under a 25-year power purchase agreement.

EAD Works In Partnership With The DoE To Lead A Paradigm Shift In Abu Dhabi’s Energy Mix To Reduce Carbon Emissions

The Environment Agency – Abu Dhabi (EAD), in partnership with the Department of Energy (DoE), is leading a fundamental shift in Abu Dhabi’s energy mix to achieve significantly lower carbon emissions in the Emirate. This will be achieved through new regulations aimed at generating a large proportion of the Emirate of Abu Dhabi’s electricity from clean and renewable sources by 2035, marking a significant milestone in the UAE’s journey to deliver carbon neutrality by 2050. The new regulations, drafted by the DoE, will see 60% of the Emirate’s electricity being generated from clean and renewable sources by 2035, and up to 75% reduction in carbon emissions per MWh produced by the electricity sector.