Abu Dhabi’s renewable energy firm Masdar is set to expand its clean energy portfolio in the US after acquiring stakes in eight projects being developed by EDF Renewables North America unit.
The renewable energy firm's second investment in the US will see it acquire 50 per cent stakes in three utility-scale wind energy farms in Nebraska and Texas, which have a combined capacity of 815 megawatts.
Under the deal, Masdar will also acquire 50 per cent shareholding in five solar photovoltaic plants in California, two of which include battery energy storage systems, and will add 689MW of solar and 75MW of lithium-ion battery storage capacities.
The transaction is expected to close in the fourth quarter of 2020 pending regulatory approvals.
“As the second-largest renewable energy producer in the world in terms of installed power capacity, the US offers considerable scope for further growth and diversification of our renewable energy portfolio,” said Masdar chief executive Mohamed Al Ramahi.
The acquisition follows Masdar’s earlier foray in the US in 2019, when it acquired a 50 per cent interest in two wind farms in Texas and New Mexico.
Under the new deal with EDF Renewables, two of the wind projects are located in Texas and the third is in Nebraska. All three are currently under construction and expected to begin commercial operations in the fourth quarter of 2020.
The Californian solar and battery plants are also under construction and are set to be completed by year-end. A Kern County-based solar PV and battery storage scheme, with 166MW and 40MW capacities respectively, is expected to begin commercial operations in 2021, Masdar said.
The renewable power generated at the eight wind and solar plants will be sold under long-term contracts to a number of offtakers, including utilities, hedge providers as well as community choice aggregators, the company said.
"This deal writes a new chapter of co-operation between our two companies focused on the North American market," said Tristan Grimbert, president and chief executive of EDF Renewables North America. "I would like to highlight the exceptional quality of work for both the Masdar and EDF Renewables North America teams over the last year to execute this transaction in particularly troubled times,”
Bank of America Securities acted as the financial adviser to Masdar for the deal.
Masdar has seen project activity pick up in the UAE despite the pandemic-induced slowdown in economic activity in the energy industry. In July, the company in consortium with Abu Dhabi's Taqa, France's EDF and JinkoPower won the bid to develop a 2GW solar power plant in Abu Dhabi.
Once fully operational, the plant will increase Abu Dhabi's solar power capacity to approximately 3.2GW.
The UAE is diversifying its energy mix and turning to renewable and nuclear energy as it looks to free up hydrocarbons for export markets and generate up to 44 per cent of its energy from clean sources by 2050.
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Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
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Director: Ajay Bahl
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Rating: 3.5/5
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
Januzaj's club record
Manchester United 50 appearances, 5 goals
Borussia Dortmund (loan) 6 appearances, 0 goals
Sunderland (loan) 25 appearances, 0 goals
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