A consortium of companies led by China Three Gorges South Asia Investment has bought Alcazar Energy, a renewable energy developer that operates across the Middle East and North Africa and is backed by Mubadala Investment Company.
The acquisition of Alcazar Energy's portfolio of seven wind and solar projects across Jordan and Egypt with a total generation capacity of 411 megawatts will give CSAIL and the other Chinese investors, access to the Mena region and help expand their presence.
The terms of the deal were not disclosed. Alcazar had invested $750 million in its projects.
Alcazar Energy's investors include BluStone Management and Dash Ventures, the World Bank's International Finance Corporation, the IFC’s Catalyst Funds, Mubadala Infrastructure Partners and Alcazar's own management team.
"We are proud of what we have achieved ... with the support of our investors, lenders and local governments over the past six years," Daniel Calderon, co-founder and chief executive of Alcazar Energy, said in a statement.
"Our plants have helped develop the renewable energy industry in Jordan and Egypt, powering 275,000 households and saving over 15.6 million tonnes of carbon dioxide, while also making a strong contribution to economic growth and employment, particularly within the local communities."
Countries across the Mena region are investing heavily in renewable energy to diversify their energy mix, reduce costs and their reliance on hydrocarbons, and also meet their climate commitments.
The UAE, Saudi Arabia, Jordan, Egypt, Morocco and Oman have developed various solar projects and are home to some of the world's biggest initiatives. Abu Dhabi is home to the world's largest solar power plant in Al Dhafra region.
Alcazar estimates that 157 gigawatts of renewable energy capacity will be added to the sector and $175 billion will be invested in the next ten years.
Wider use of solar power can help generate electricity and help countries that suffer from shortages and power cuts.
China Three Gorges South Asia Investment is an investment holding company that was formed by the China Three Gorges Corporation and the China Three Gorges International Corporation in 2011 to acquire, develop, build, own and operate renewable power generation projects, primarily in Asia. Other shareholders in the company include the IFC and the Silk Road Fund.
China Three Gorges and its fellow investors provided a comprehensive strategy, which culminated in the agreement, Mr Calderon said
China Three Gorges provided details on "how they wanted to continue to work with our various employees in Jordan and Egypt and how they want to continue to grow the portfolio as they have done in multiple other regions and we felt, partially because of that, they would be a terrific shareholder for the region", Mr Calderon told The National.
"They are themselves one of the largest investors in renewable energy in the world. So it is natural that, right now they own one of the largest portfolios of renewable energy in the Middle East."
Mr Calderon said the immediate focus now will be to help the new owners "integrate their portfolio in the best way possible".
All employees in Jordan and Egypt will be retained. Alcazar's management team, including Mr Calderon, will stay on for an agreed period of time to help with the integration of the business, he said.
"There is a tremendous need for investment and that provides a great opportunity for infrastructure investors to come to the region," he said.
Natixis and its affiliates Vermilion Partners and EFG Hermes acted as financial advisers to China Three Gorges South Asia Investment. Allen & Overy provided legal counsel.
Standard Chartered acted as exclusive financial adviser to Alcazar Energy Partners. Freshfields Bruckhaus Deringer LLP and Bracewell provided legal counsel.
HAJJAN
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Killing of Qassem Suleimani
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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UAE currency: the story behind the money in your pockets
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
Result
UAE (S. Tagliabue 90 1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The%20Little%20Mermaid%20
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
MATCH INFO
Southampton 0
Manchester City 1 (Sterling 16')
Man of the match: Kevin de Bruyne (Manchester City)
Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
First ODI, Rangiri Dambulla Stadium
August 20
Second ODI, Pallekele International Stadium
August 24
Third ODI, Pallekele International Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
RESULT
Brazil 2 Croatia 0
Brazil: Neymar (69'), Firmino (90' 3)
Avatar%20(2009)
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- 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
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
MATCH INFO
AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports
FIXTURES
All times UAE ( 4 GMT)
Saturday
Fiorentina v Torino (8pm)
Hellas Verona v Roma (10.45pm)
Sunday
Parma v Napoli (2.30pm)
Genoa v Crotone (5pm)
Sassuolo v Cagliari (8pm)
Juventus v Sampdoria (10.45pm)
Monday
AC Milan v Bologna (10.45om)
Playing September 30
Benevento v Inter Milan (8pm)
Udinese v Spezia (8pm)
Lazio v Atalanta (10.45pm)
RESULT
Argentina 0 Croatia 3
Croatia: Rebic (53'), Modric (80'), Rakitic (90' 1)
The%20specs
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How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
RESULTS
Tottenham 1
Jan Vertonghen 13'
Norwich 1
Josip Drmic 78'
2-3 on penalties
Read more about the coronavirus
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Company%20Profile
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Feeding the thousands for iftar
Six industrial scale vats of 500litres each are used to cook the kanji or broth
Each vat contains kanji or porridge to feed 1,000 people
The rice porridge is poured into a 500ml plastic box
350 plastic tubs are placed in one container trolley
Each aluminium container trolley weighing 300kg is unloaded by a small crane fitted on a truck
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Klopp at the Kop
Matches 68; Wins 35; Draws 19; Losses 14; Goals For 133; Goals Against 82
- Eighth place in Premier League in 2015/16
- Runners-up in Europa League in 2016
- Runners-up in League Cup in 2016
- Fourth place in Premier League in 2016/17
LA LIGA FIXTURES
Friday Celta Vigo v Villarreal (midnight kick-off UAE)
Saturday Sevilla v Real Sociedad (4pm), Atletico Madrid v Athletic Bilbao (7.15pm), Granada v Barcelona (9.30pm), Osasuna v Real Madrid (midnight)
Sunday Levante v Eibar (4pm), Cadiz v Alaves (7.15pm), Elche v Getafe (9.30pm), Real Valladolid v Valencia (midnight)
Monday Huesca v Real Betis (midnight)
