Masdar Secures USD 1 Billion Through Second Green Bond to Fund New Global Renewable Projects
Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s leading clean energy company, has announced the successful raising of USD 1 billion through its second green bond issuance under its Green Finance Framework. This follows the company’s first successful issuance of USD 750 million on the International Securities Market of the London Stock Exchange last year. The latest issuance consists of two tranches of USD 500 million each, with tenors of 5 and 10 years and coupons of 4.875% and 5.25%, respectively. The issuance received strong interest from regional and international investors, with the order book peaking at USD 4.6 billion, representing an oversubscription of 4.6 times. Allocation was finalized with 70% for international investors and 30% for MENA investors. The USD 1 billion proceeds will fund Masdar’s equity commitments for new greenfield projects, many in developing economies, as the company aims for a portfolio capacity of 100GW by 2030.
Saudi And Egyptian Energy Ministers Discuss Strategic Power Projects And Renewables
In a significant move to enhance regional energy cooperation, Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz, met today in Riyadh with Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, and Minister of Electricity and Renewable Energy, Dr. Mahmoud Esmat. The meeting focused on strengthening collaboration between Saudi Arabia and Egypt in critical energy sectors, including oil and gas, electricity, renewable energy, and hydrogen. The discussions aimed to align with the strategic visions of both nations and address the aspirations of their peoples. A key highlight of the discussions was the review of ongoing joint projects, notably the ambitious electrical interconnection project between the Saudi and Egyptian power grids. This project, which connects the two largest power grids in the region, is designed to improve power supply stability and reliability between the two countries. It is also expected to maximize the economic and developmental benefits from their joint electrical ventures.
Dubai International Chamber Supports UAE-Based Kilimanjaro Energy’s Expansion into China
Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has successfully supported Kilimanjaro Energy’s expansion into China. The Chamber’s efforts led to the signing of a Memorandum of Understanding (MoU) between the Dubai-based renewable energy group and Skyworth Photovoltaic Technology, a Shenzhen-based company specializing in residential and commercial solar energy solutions. The agreement, signed recently at Dubai Chambers’ headquarters in the presence of representatives from Dubai International Chamber and the government of Shenzhen’s Guangming District, outlines collaboration in photovoltaic energy and energy storage for commercial and industrial projects in global markets. The MoU will enable both parties to explore and implement cooperative models for new energy projects.
Egypt’s Cabinet Endorses AMEA Power’s Major Renewable Energy Expansion For 2025
The Cabinet has greenlit AMEA Power’s proposal, part of the UAE’s Al Nowais Group, to expand its renewable energy projects by the summer of 2025. The expansion plan includes adding 500 megawatts of solar power following the completion of the current Abydos Solar Power project, which has a 500-megawatt capacity. Furthermore, the national electricity grid will see an increase of 1,500 megawatts from new solar and wind projects. This includes a 1,000-megawatt solar power project and a 500-megawatt wind power project, along with the deployment of a battery storage system.
Dr. Sultan Al Jaber Urges Global Unity For Renewable Energy Goals In UAE Consensus At MoCA
At the eighth Ministerial on Climate Action (MoCA), COP28 President Dr. Sultan Al Jaber stressed the critical need for all stakeholders involved in the historic UAE Consensus to come together and advance sustainable socio-economic development. This call to action comes as the UAE Consensus, unveiled at COP28 in Dubai last December, emerges as a key reference point for global climate ambition and sustainable development. In his address, Dr. Al Jaber highlighted the importance of solidarity, noting that it was crucial to achieving the UAE Consensus. He urged ministers to harness this “spirit of solidarity” to expedite the implementation of the Consensus. The approach, he noted, has already begun to yield tangible results and “facts on the ground.”
DEWA Enhances Dubai’s Power Grid With Major AED 1.36 Billion Transmission Upgrade
Dubai Electricity and Water Authority (DEWA) has successfully commissioned eight new 132 kV transmission substations in the first half of 2024, representing a major investment of AED 1.36 billion. This expansion, which includes 89 kilometers of ground cable, aims to enhance the efficiency of the 132 kV transmission network and address the increasing electricity demand across Dubai. HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, highlighted that these new substations are part of DEWA’s broader strategy to support Dubai’s rapid urban expansion and development. Some of the newly commissioned substations are designed to serve residential neighborhoods for Emirati citizens, aligning with the integrated housing plan initiated under the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.
Prime Minister Al-Sudani Launches Long-Awaited Iraqi-Turkish Power Transmission Line
In a significant development of Iraq’s energy sector, Prime Minister Mohammed S. Al-Sudani inaugurated the long-delayed Iraqi-Turkish power transmission line via a video conference. The ceremony, which also included the Minister of Electricity, marked the completion of a project that had been pending since 2004. The newly inaugurated line, extending from the KIsik station west of Mosul, is designed to deliver 300 megawatts of power to northern Iraq. Prime Minister Al-Sudani commended the Ministry of Electricity’s teams, particularly the State Company for Northern Electricity Transmission, for their perseverance in finalizing the project despite years of delays. The Prime Minister emphasized the strategic importance of this power connection, noting its potential to link the Iraqi grid with the Turkish network and, eventually, the European grid. This project aligns with the government’s broader vision to integrate Iraq with regional energy systems and achieve connectivity with the Gulf Cooperation Council (GCC) electric grid by the end of this year.
Cyprus Advances Energy Transformation And Green Transition Ahead Of 2025 Market Launch
In a keynote address at the Annual General and Electoral Meeting of the Electricity Market Association, significant developments and future plans for Cyprus’s energy sector were highlighted. The meeting, which was warmly welcomed by the Minister of Energy, showcased the government’s commitment to addressing the challenges of isolation and high costs in the sector. The Minister emphasized the government’s ongoing efforts to transform the energy landscape, aiming to reduce electricity costs for households and businesses while advancing a green transition. Key initiatives include the operation of a competitive electricity market by July 2025, the completion of the liquefied natural gas (LNG) import terminal in Vassiliko, and the enhancement of domestic Renewable Energy Sources (RES). Significant strides have been made in preparing for the competitive electricity market, with the recent signing of a decree for the transfer of personnel to the newly established DSMC. The recruitment process for additional staff is expected to be completed by October 2024, with the DSMC preparing for the third trial period.
Jordan’s Dr. Saleh Al-Kharabsheh Promotes Arab-Japan Cooperation On Green Energy And Tech Innovation
Dr. Saleh Al-Kharabsheh, Jordan’s Minister of Energy and Mineral Resources, reaffirmed the commitment to enhancing economic and social cooperation between Arab nations and Japan during the opening of the Fifth Japanese-Arab Economic Forum. Representing the Hashemite Kingdom of Jordan, which is currently chairing the Economic and Social Council of the League of Arab States, Al-Kharabsheh delivered a keynote speech emphasizing the historical and ongoing collaboration between the Arab world and Japan. In his speech, Al-Kharabsheh underscored the forum’s focus on energy transition and environmental sustainability, highlighting these areas as crucial for addressing today’s global challenges. He described the shift to sustainable energy sources, the adoption of green technology, and environmental preservation as both strategic and moral imperatives for ensuring the well-being of future generations.
Jerusalem Electricity Launches New Solar Power Station In Jericho With $4 Million Investment
Jerusalem Electricity has inaugurated a new solar power station in Jericho, Palestine, located on the lands of Aqabat Jaber camp southwest of the city, with an investment exceeding $4 million. The new facility, with a capacity of 5.5 megawatts, raises the total capacity of projects in the company’s concession areas to 80 megawatts. Of this, 28 megawatts are currently integrated into the electrical networks serving the Jericho and Jordan Valley Governorates. Currently, renewable energy makes up 11% of the overall energy mix in Jerusalem Company’s networks. The company plans to enhance the production capacity of solar energy projects over the next five years, aiming for solar energy to make up 25% of their total electricity sources.
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