Abu Dhabi clean energy company Masdar and Albania's state power utility Kesh have signed a preliminary joint venture agreement to explore the development of “gigawatt-scale” renewable projects in Albania.
The joint venture will develop and operate solar, wind and hybrid projects, with potential integration of battery storage, Masdar said on Wednesday. The energy produced is expected to be supplied to the Albanian market and exported to neighbouring countries.
“By leveraging the UAE’s world-class expertise in renewable energy and Albania’s abundant natural resources, our purpose-built, future-ready infrastructure will deliver more energy with fewer emissions to more people than ever before,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Masdar chairman.
Several western Balkan nations depend on polluting lignite coal for at least half their electricity.
Albania, which relies heavily on hydropower, supplements its domestic energy production by importing electricity from its coal-burning neighbours. The country aims to achieve a 54.4 per cent share of renewable energy in its gross final energy consumption by 2030.
“The partnership … is a significant moment not only for Albania’s journey towards a sustainable and secure energy sector, but also embodies the spirit of the strategic partnership between Albania and the UAE,” said Belinda Balluku, Albania’s Deputy Prime Minister and Minister of Infrastructure and Energy.
Masdar, owned jointly by the Abu Dhabi National Energy Company – better known as Taqa, Adnoc and Mubadala, is active in 40 countries. It aims to expand its capacity to at least 100 gigawatts of renewable energy by the end of the decade, from about 20 gigawatts at present.
“As Masdar targets 100 gigawatts by 2030, this joint venture … exemplifies the scale and ambition needed to advance the global energy transition and we look forward to further collaborations in Albania and the Eastern Balkans,” said Mohamed Al Ramahi, chief executive of Masdar.
Separately on Wednesday, Masdar said it signed an agreement with Uzbekistan's Energy Ministry to develop a one-gigawatt wind farm in the Mingbulak region of the country.
Once operational, the wind farm will provide clean energy to 300,000 homes in the region. It is expected to generate 1,000 jobs during construction and 60 jobs during operation.
Last year, Masdar signed a deal to develop 2 gigawatts of wind power in the country, which aims to generate 25 per cent of its energy from renewables by 2030.
Masdar’s growth strategy combines acquiring existing businesses and developing projects across various global markets.
In September, the company signed definitive agreements with Brookfield Renewable and its institutional partners to fully acquire Spanish renewable energy company Saeta Yield. Masdar is investing Dh2.8 billion ($762.4 million) in the Seata deal, which has an implied enterprise value of $1.3 billion, the company said at the time.
The same month it also confirmed the financial close for the 154 megawatt Cibuk 2 wind farm in Serbia. The €144 million ($152.8 million) non-recourse project financing was secured through UniCredit, Erste Group and Erste Bank Serbia, which, Masdar said, is a “testament to the feasibility and the viability of renewable energy projects in Serbia”.
In July, Masdar said it invested €817 million to acquire about a 50 per cent stake in Spanish utility Endesa's solar energy assets.
It came a month after the company signed an agreement to acquire Greece’s Terna Energy for an enterprise value of €3.2 billion. Masdar will first acquire 67 per cent of Terna's outstanding shares upon completing the transaction and will then initiate an all-cash mandatory tender offer to purchase the remaining shares of the company, it said in June.
Killing of Qassem Suleimani
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
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WORLD CUP SQUAD
Dimuth Karunaratne (Captain), Angelo Mathews, Avishka Fernando, Lahiru Thirimanne, Kusal Mendis (wk), Kusal Perera (wk), Dhananjaya de Silva, Thisara Perera, Isuru Udana, Jeffrey Vandersay, Jeevan Mendis, Milinda Siriwardana, Lasith Malinga, Suranga Lakmal, Nuwan Pradeep
RESULT
Kolkata Knight Riders 169-7 (20 ovs)
Rajasthan Royals 144-4 (20 ovs)
Kolkata win by 25 runs
Next match
Sunrisers Hyderabad v Kolkata Knight Riders, Friday, 5.30pm
Zayed Sustainability Prize
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Racecard
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
UAE currency: the story behind the money in your pockets
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KILLING OF QASSEM SULEIMANI
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
RESULT
Manchester City 1 Sheffield United 0
Man City: Jesus (9')
Mohammed bin Zayed Majlis
Zayed Sustainability Prize
Killing of Qassem Suleimani
Pathaan
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
If you go
The flights
Return flights from Dubai to Santiago, via Sao Paolo cost from Dh5,295 with Emirates.
The trip
A five-day trip (not including two days of flight travel) was split between Santiago and in Puerto Varas, with more time spent in the later where excursions were organised by TurisTour.
When to go
The summer months, from December to February are best though there is beauty in each season
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
The specs: 2018 Maserati Ghibli
Price, base / as tested: Dh269,000 / Dh369,000
Engine: 3.0-litre twin-turbocharged V6
Transmission: Eight-speed automatic
Power: 355hp @ 5,500rpm
Torque: 500Nm @ 4,500rpm
Fuel economy, combined: 8.9L / 100km
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
