Saudi Arabia's private utility Acwa Power and Water and Electricity Holding Company (Badeel), have signed power purchase agreements worth 12.187 billion Saudi riyals ($3.25 billion) with the kingdom’s Saudi Power Procurement Company.
The agreements to develop and operate three major new solar photovoltaic independent power producer projects are part of the kingdom's push to achieve its renewable energy target, Acwa said in a statement to the Tadawul exchange where its shares are traded.
The three projects – the Ar Rass 2, Saad 2 and Al Kahfah – will be jointly owned by Acwa and Badeel, a fully-owned subsidiary of Saudi Arabia’s sovereign investment arm, Public Investment Fund.
“Signing of three Power Purchase Agreements marks a significant milestone for Acwa Power, representing the largest single transaction for solar projects in our company's history,” said Marco Arcelli, chief executive of Acwa Power.
“This achievement illustrates our firm commitment to a sustainable future for Saudi Arabia and beyond.”
The new plants aim to produce a combined capacity of 4.55 gigawatts of renewable energy, enough to power approximately 750,000 households.
The Ar Rass plant will have a capacity of 2 gigawatts when finished. Saad 2 will produce 1.125 gigawatts while Al Kahfah will have 1.425 gigawatts of capacity upon completion.
Financial close for all three projects is expected by the third quarter of this year, Acwa said.
The solar projects are part of the kingdom’s National Renewable Energy Programme, which is led and supervised by the Ministry of Energy. It mandates the PIF to develop 70 per cent of NREP’s target capacity.
Saudi Arabia, the Arab world’s largest economy, is developing several new renewable energy projects as it aims to boost its clean energy capacity and become carbon neutral by 2060.
In November, a unit of Saudi Arabia's PIF and Acwa signed agreements to develop a solar plant in Makkah with a total capacity of 2.1 gigawatts.
The facility, which is expected to begin commercial operations in the fourth quarter of 2025, will be the “largest of its kind in the Middle East”, the companies said at the time.
Saudi Arabia is also building the world’s largest green hydrogen-based ammonia production plant in Neom – the kingdom's planned futuristic city.
“Renewable Energy is one of PIF’s priority sectors, with a focus on unlocking the capabilities of promising sectors and enabling the private sector to enhance Saudi Arabia’s efforts in diversifying the economy,” said Mohammed Al Balaihed, head of energy and utilities at PIF.
Investment in renewable energy technology globally hit a record of $1.3 trillion last year.
However, that figure must rise to about $5 trillion annually by 2030 to meet the key 2015 Paris Accords target of limiting temperature increases to 1.5°C above pre-industrial levels, Abu Dhabi-based International Renewable Energy Agency said in its World Energy Transitions Outlook 2023 preview in March.
Renewable capacity must grow from about 3,000 gigawatts currently to more than 10,000 gigawatts in 2030, an average of 1,000 gigawatts annually, it said.
Acwa Power, which is present in 12 countries in the Middle East, Africa, Central Asia, and South-East Asia, has 68 projects in operation, advanced development, or construction – with an investment of $68.27 billion and the capacity to generate 44.4 gigawatts of power and manage 6.2 million cubic metres per day of desalinated water.
With the addition of three new projects, Acwa’s portfolio of solar projects in Saudi Arabia has risen to 11 – with more than 12 gigawatts of combined PV capacity.
Acwa Power's total renewable capacity portfolio in the country has risen to 23.4 gigawatts.
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
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- Premier League-standard football pitch
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- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
The biog
Hobbies: Salsa dancing “It's in my blood” and listening to music in different languages
Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”
Favourite food: “I'm a vegetarian, so I can't get enough of salad.”
Favourite film: “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”
Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
Killing of Qassem Suleimani
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
SPECS
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
The 10 Questions
- Is there a God?
- How did it all begin?
- What is inside a black hole?
- Can we predict the future?
- Is time travel possible?
- Will we survive on Earth?
- Is there other intelligent life in the universe?
- Should we colonise space?
- Will artificial intelligence outsmart us?
- How do we shape the future?
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