Sungrow Signs the 760MWh Off-Grid Energy Storage Project to Propel Saudi Arabia’s 2030 Vision
Sungrow, the global leading PV inverter and energy storage system provider, has forged a strategic partnership with Larsen & Toubro to supply 165MW PV inverters and 160MW/760MWh energy storage systems for AMAALA, a prestigious destination in Saudi Arabia. This collaboration aligns with Saudi Arabia’s Vision 2030 and China’s Belt and Road Initiative, marking a pivotal moment in sustainable energy development. This flagship project is developed and led by EDF Group, the leading French utility company specialized in low carbon electricity generation with over 91% of its own production free of CO2 emissions, and Abu Dhabi Future Energy Company (Masdar), for the client Red Sea Global.
SCZONE And Siemens Collaborate: Inauguration Of Solar Power Plant In Sokhna
Mr. Waleid Gamal El-Dien, Chairman of the General Authority of the Suez Canal Economic Zone (SCZONE), participated in the inauguration of a new solar power plant at the Siemens Energy Center within the integrated Sokhna zone. The event was graced by the presence of Dr. Mohamed Shaker Al-Marqabi, Minister of Electricity and Renewable Energy, Mr. Frank Hartmann, German Ambassador to Cairo, and Mr. Vinod Philip, Executive Board Member of Siemens Energy. This initiative aligns with SCZONE’s strategic vision, in accordance with Egypt’s Vision 2030, to transition towards a green economy and mitigate climate change impacts.
Neosun Energy Expands Presence in MENA Region with New Regional Office in Dubai
Neosun Energy, a leading provider of solar energy solutions, has announced the opening of a new regional office in Dubai, United Arab Emirates, as part of its expansion strategy. The company also disclosed plans to establish additional offices in Saudi Arabia and Oman in the near future. The move comes as Neosun aims to capitalize on the unique climatic conditions of the MENA region, which offer ideal settings for solar energy production. With solar irradiance ranging from approximately 2,285 kWh/m2 to 7,004 kWh/m2, countries like the UAE, Saudi Arabia, and Oman boast some of the highest solar exposure rates globally. Neosun Energy specializes in solar installations tailored for remote and off-grid locations, addressing the challenges associated with limited or unreliable conventional electricity access. This capability enables businesses in remote areas to initiate independent operations, independent of the grid.
YILDIRIM Energy Launches 109 MW Solar Project in Kosovo
YILDIRIM Energy, the energy subsidiary of the Türkiye-based YILDIRIM Group, has announced its expansion into the Kosovo market, focusing on renewable energy, particularly solar power. This initiative was unveiled at an opening ceremony attended by prominent figures including ministers, government officials, ambassadors, and representatives from local and international organizations. Robert Yuksel YILDIRIM, President & CEO of YILDIRIM Group, led the event alongside other company officials. Distinguished attendees included Minister of Regional Development Fikrim Damka, Mayor of Drenas Ramiz Lladrovci, Deputy Minister of Economy Getoar Mjeku, Turkish Ambassador to Kosovo Sabri Tunç Angili, and General Director of NewCo Ferronikelit Cemil Acar. Representatives from the European Bank for Reconstruction and Development (EBRD) and USAID missions in Kosovo were also present, highlighting broad support for the project.
Middle East Boosts Renewable Energy Sector Amid Economic Shift: Ambitious Plans for Solar, Wind, and Green Hydrogen Projects Emerge
The Middle East is witnessing a rapid expansion in its renewable energy and clean tech sectors as several countries in the region strive for economic diversification beyond oil and gas. While fossil fuels continue to play a significant role in countries like Saudi Arabia, the UAE, and Qatar, investments in major wind, solar, green hydrogen, and other renewable energy projects are ensuring these states maintain a competitive position in the future global energy landscape. Traditionally reliant on oil and gas for both energy security and revenue generation, several Middle Eastern nations are now redirecting funds towards renewable energy projects and clean technologies to adapt to the shifting global energy landscape.
Aramco Signs MoUs with U.S. Companies to Advance Lower-Carbon Energy Solutions
Saudi Arabian Oil Company, Aramco, has announced the signing of three Memoranda of Understanding (MoUs) with leading American firms to propel the development of potential lower-carbon energy solutions. The MoUs were formalized in the presence of HRH Prince Abdulaziz bin Salman al Saud, Minister of Energy for the Kingdom of Saudi Arabia, and Jennifer Granholm, U.S. Secretary of Energy. The agreements inked by Aramco encompass collaborations with Aeroseal, Spiritus, and Rondo, aiming to explore innovative avenues in energy efficiency and emissions reduction.
World Bank Launches Comprehensive 2024-2029 Partnership Framework to Drive Jordan’s Green Growth, Job Creation, and Gender Inclusion
The World Bank Group has announced a new Country Partnership Framework (CPF) with Jordan for the period of 2024-2029, aiming to create substantial opportunities for the Jordanian population. The CPF places a strong emphasis on inclusive green growth, targeting three main areas: the creation of more and better private sector jobs, particularly for youth and women; improvement in human capital outcomes; and increased resilience and sustainability through green investments. The framework stresses that these goals are unattainable without the full economic participation of women and youth.
Qatar’s Historic Green Bond Issuance Raises USD 2.5 Billion For Eco-Friendly Projects
The Ministry of Finance has announced the issuance of green bonds totaling USD 2.5 billion, marking a first in the region to fund environmentally friendly projects. The bonds are divided into two portions: a USD 1 billion tranche with a five-year maturity priced at a 30 basis point premium over US Treasuries, and a USD 1.5 billion tranche with a 10-year maturity priced at a 40 basis point premium over US Treasuries. Qatar secured the lowest spread ever recorded by any bond-issuing country in the Middle East, Central and Eastern Europe, and Africa. The Ministry of Finance reported that the coverage ratio surpassed 5.6 times the total issuance size, with peak subscription demand exceeding USD 14 billion. This indicates broad and diverse geographic and institutional investor interest from around the world.
Yemeni Leaders Review Progress On Dhahban Solar Energy Station
In a significant step towards renewable energy adoption, the Grand Mufti of Yemen, Shams al-Din Sharaf al-Din, the Caretaker Minister of Electricity and Energy, Dr. Muhammad al-Bukhaiti, and the Mayor of the Capital, Hamoud Abbad, visited the Dhahban Generating Station on Tuesday to inspect the ongoing solar energy project. The high-profile delegation, which included the First Undersecretary of the Municipality, Khaled Al-Madani, reviewed the construction progress, including the preparation of iron bases and the installation of solar panels. The project, managed by the General Electricity Corporation and funded by the Capital Municipality, aims to achieve a nominal generating capacity of 2.5 megawatts.
UNDP and Türkiye Reinforce Strategic Partnership for Sustainable Development
A high-level strategic dialogue has reaffirmed the crucial role of the United Nations Development Programme (UNDP) and Türkiye in promoting sustainable, equitable, and peaceful development globally, regionally, and nationally. The robust partnership leverages Türkiye’s geopolitical significance and extensive development expertise to create innovative solutions and address emerging challenges collaboratively. Since the signing of the Partnership Framework Agreement in 2011, the relationship has flourished. Türkiye hosts the UNDP’s Istanbul Regional Hub (IRH) and the Istanbul International Center for Private Sector in Development (ICPSD), playing a significant role in UNDP’s regional programme in Eastern Europe and Central Asia. Additionally, Türkiye is one of the few contributors to UNDP’s core resources with multi-year pledges, reinforcing the partnership’s strength.
EWEC Launches Q2 2024 Clean Energy Certificates Auction In Abu Dhabi
Emirates Water and Electricity Company (EWEC), a prominent entity in coordinating water and electricity supply across the UAE, has announced the opening of registration for its Q2 2024 auction for Clean Energy Certificates (CECs) in Abu Dhabi. Scheduled to conclude on 14 June 2024, the auction presents an opportunity for Abu Dhabi businesses and organizations to decarbonize their energy consumption and reduce Scope 2 emissions. CECs enable participants to track and verify progress towards environmental goals, aligning with the increasing emphasis on Environmental, Social, and Governance (ESG) reporting. EWEC witnessed a record number of participants in its 2023 auctions, indicating growing market demand for CECs.
