SOLAR-

Acwa taps US’s Nextracker for solar tracker supply: KSA’s Acwa Power and Larsen & Toubro (L&T) have selected US solar tracker company Nextracker to supply tracker systems for the 1.17 GW AlKahfahPlant in Saudi Arabia, the Economic Times reports. NX Horizon-XTR all-terrain solar tracker design conforms to natural terrain, minimizing the requirement for expensive land grading and substantially reducing environmental impact.

The Al Kahfah Plant is one of three major solar projects led by Acwa Power and PIF-backed Badeel, with a total capacity of 4.5 GW. Acwa Power has met the conditions required to draw a USD 2.3 bn loan to finance the projects.

GREEN FINANCE-

Engie launches venture studio for MENA startups: French multinational utility company Engie has launched its venture studio Engie Factory in the Middle East to help develop fundable, climate-centered startups with new business models, according to a statement. Engie Factory launched in Singapore in 2019 and has helped develop 14 climate-focused companies to date, including solar-focused big data analytics startup Ava Asia.

Climate tech startups are experiencing a slump: Climate tech funding dropped 40% y-o-y in 3Q 2023 due to a global investment downturn, but the sector still remains attractive on the whole. The amount of capital earmarked by global venture capital and private equity firms for climate technology startups totaled USD 65 bn during the 12 months ending on 30 September.

ENERGY EFFICIENCY-

EMC and Huawei boost energy efficiency with green tech: The Egyptian MaintenanceCompany (EMC) has inked an agreement with Chinese tech giant Huawei to enhance energy efficiency in Egypt and implement clean energy tech to curb emissions, according to a press release. Huawei will provide integrated energy solutions including low-carbon data centers and PV systems.

Egypt and Huawei have history: Egyptian contractor Petrojet and Huawei Digital Power signed an MoU in June to have Huawei use its newest technologies in solar energy storage and green data centers to improve energy efficiency and decrease dependence on diesel.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • IFC inks agreement to establish green buildings in Jordan: The International Finance Corporation (IFC) and state-owned Cities and Villages Development Bank are partnering to encourage green buildings across Jordan by enhancing policies and building capacity for green construction. (Statement)
  • Tunisia passes bill regulating international trade in endangered species:Tunisia’s Assembly of People’s Representatives approved on Tuesday a bill to establish a legislative and regulatory framework for the application of the Convention on International Trade in Endangered Species of Wild Fauna and Flora. The new law aims to protect biodiversity and set a system for penalizing offenders. (TAP)
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