RENEWABLES-

MENA banks to invest USD 500 mn in Malaysia’s Pengerang Energy Complex: A group of Middle Eastern banks — including the Islamic Development Bank (IsDB) and its two main subsidiaries, the Islamic Corporation for the Development of the Private Sector and the Islamic Corporation for the Ins. of Investment and Export Credit — have agreed to provide USD 500 mn in financing to the low-carbon aromatics Pengerang Energy Complex in Malaysia, SPA reports. The announcement comes months after the IsDB’s board approved a USD 100 mn loan for the project under its public private partnership program.

The details: The Malaysian complex — developed by Singapore’s petrochemicals group ChemOne — is set to be one of the largest low carbon aromatics facilities in the world with a production capacity of 1 mn metric tons per annum (mtpa). It would have the capacity to process 150k barrels per day of condensate plus naphtha to produce 50k mtpa of hydrogen, 3.9 mtpa of energy products and 2.3 mtpa of aromatics. The facility will reduce its emissions by improving energy efficiency, reducing equipment size, and cutting down on emissions. It will be located in Johor, Malaysia in the Pengerang Integrated Petrochemical Complex.

SOLAR-

#1- KSA’s FAS Energy to help Kyrgyzstan install solar panels on gov’t buildings: Saudi Arabia’s FAS Energy — a subsidiary of Saudi’s leading business conglomerate Fawaz Alhokair Group — signed an MoU with Kyrgyzstan to assist in installing solar panels on the rooftops of government buildings, according to a statement released earlier this week. Both parties also discussed energy cooperation, joint implementation of projects and knowledge sharing in modern technologies. No further details were provided.

REMEMBER- FAS Energy has been in talks with Kyrgyzstan before: Representatives from FAS Energy and Saudi Arabia’s Acwa Power met with officials in Kyrgyzstan in 2022 to discuss collaboration on hydropower and renewable projects. They expressed interest in the Kambarata-1 hydroelectric power plant (HPP) which is set to have a 2GW capacity and aims to generate electricity and ensure sustainable water supply to neighboring countries in Central Asia.

#2- We have a timeline + ticket for Sungrow’s Saudi energy storage projects: Three energy storage projects awarded to Chinese PV inverter manufacturer Sungrow Power Supply by Saudi’s Algihaz Holding are valued at USD 700-900 mn, Meed reports, citing a source it says has knowledge of the transaction.

Background: Chinese PV inverter manufacturer Sungrow Power Supply signed an agreement with Algihaz Holding for works in the project back in July. Sungrow will deliver over 1.5k units of its Power Titan 2.0 storage system, expected to save 55% of land area.

The details: The projects have a combined capacity of 7.8 GWh (2.6 GWh each), and are located in Najran, Madaya, and Khamis Mushait. Construction of the project is expected to be completed later this year, with grid connection anticipated by 2025.

WASTE MANAGEMENT-

UAE’s Innovations Group expands into biohazard waste management: InnovationsGroup, a UAE-based staffing and HR provider, has expanded into biohazard and medical waste management, according to a press release.The company will offer waste management services, including waste assessments, tailored waste management plans, and segregation and collection processes. It said it plans to handle waste in hospitals, dental practices, pharmacies, vet clinics and others.

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