China’s Yingli Solar to supply the 1.25 GW Saad 2 solar project with panels:Chinese green energy company Yingli Solar signed an agreement to supply Acwa Power's 1.25 GW Saad 2 solar project with solar panels, according to a statement. Yingli will provide their Panda N-type TOPCon photovoltaic (PV) modules. Yingli also partnered with Acwa on the 575 MW Ibri 2 project in Oman which was inaugurated in January last year.

About the project: The 1.25 GW Saad 2 PV plant (previously announced with a capacity of 1.12 GW) is one of three projects under development under Acwa Power and PIF’s Badeel's power purchase agreements with the Saudi Power Procurement Company to generate 4.5 GW of renewables. The USD 3.25 bn project also includes the 2 GW Ar Rass 2 solar farm and the 1.42 Al Kahfah solar project.

SunMoney launches app to facilitate investments in small-scale solar plants:UAE-based, German run SunMoney Solar Group — which operates the world’s largest community solar power program — launched its app SolarMoney360 to allow small private investors to fund solar projects, according to a statement. The Group already has an established pool of solar plants which investors can put their money in for a monthly return on their investment, the company website notes.

There’s more: The app will also reward users with renewable energy and sustainability-related incentives, such as receiving SunMoney’s Smart Digital Business Network (SDBN) tokens and eSolar Packages, which encourage further investments into solar energy. SDBN is an artificial intelligence-enabled online sales system, which has facilitated the sale of 8k tokens with a face value of USD 4 mn.

About the group: SunMoney Solar is a group of international companies building, operating and acquiring solar power plants in Central Eastern Europe (CEE). The company has offices in Germany, Hungary and Singapore and partner offices in Asia and the Americas. UAE’s Mashreq bank is amongst the Group’s partners, according to the website.

Kuwait’s logistics giant Agility joins MENA companies pledging net-zero:Kuwait-based supply chain services and infrastructure company Agility signed the World Economic Forum’s joint communique published during COP28 with the aim to drive organizations to net zero and deliver near-term emission reductions, according to a statement.

12 other regional mega corporations have signed the pledge too: The regional companies that have so far signed the pledge include: Acwa Power, Crescent Petroleum, e&, Emirates NDB, First Abu Dhabi Bank, Gulf International Bank, Investcorp, Majid Al Futtaim Holding, Siemens UAE, Siemens Middle East, Abu Dhabi National Energy Company (Taqa), Lamar Holding, and Oman Global Logistics Group. The companies together represent 7% of the region’s current emissions.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Kadmar International expands its green hub in Egypt: Egypt's logistics company Kadmar International completed the second phase of its green hub located in Ain Sokhna. The new phase — includes warehouses and container yards — added another 22 sqm to the green hub, bringing it to an area of 45k sqm powered by solar energy. The capacity of the renewables stations were not disclosed. (Al Mal)
  • Turkish automaker Karsan secures EUR 35 mn from IFC to boost EVs: The International Finance Corporation (IFC) is investing EUR 35 mn in Turkish carmaker Karsan to expand EV production. This collaboration also aims to position Turkey as an EV regional hub through boosting exports and promoting green mobility. (Statement)
  • Etihad + Emarat partner on EV charging stations: UAE's Etihad Water andElectricity signed an agreement with the Emirates General Petroleum Corporation (Emarat) to install fast charging stations for electric vehicles at some of Emarat’s station sites. (Statement)
  • Dubai to collect + recycle 3 mn plastic bottles: Dubai Municipality has launched an initiative to collect and recycle 3 mn plastic packaging units — equivalent to 60 tons of PET plastic — in a move that will offset the 102 tons of CO2 emissions. The recycled plastic will be used to manufacture uniforms for municipal sanitation workers. (Statement)
  • Empower talks global expansion + energy efficiency with US association:UAE’s district cooling company Emirates Central Cooling Corporation (Empower) and the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) discussed plans for expanding the district cooling industry globally while boosting energy efficiency. The two are planning to finalize an agreement on standardizing the District Cooling Guide in January. (Statement)
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