{"id":77525,"date":"2023-05-22T01:02:26","date_gmt":"2023-05-22T01:02:26","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/05\/22\/today-ksas-badeel-acwa-power-set-to-build-three-solar-plants-worth-some-usd-3-bn\/"},"modified":"2023-05-22T01:02:26","modified_gmt":"2023-05-22T01:02:26","slug":"today-ksas-badeel-acwa-power-set-to-build-three-solar-plants-worth-some-usd-3-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/05\/22\/today-ksas-badeel-acwa-power-set-to-build-three-solar-plants-worth-some-usd-3-bn\/","title":{"rendered":"TODAY: KSA\u2019s Badeel, Acwa Power set to build three solar plants worth some USD 3 bn"},"content":{"rendered":"<p><strong>Good morning, friends and welcome to the busiest start to the week we\u2019ve seen this year.<\/strong> We have a bumper issue to dive into covering every climate angle under the sun. Let\u2019s go.<\/p>\n<p><strong>THE BIG CLIMATE STORY- <\/strong>KSA\u2019s Badeel and Acwa Power signed power purchase agreements with the Saudi Power Procurement Company to develop and operate three solar energy projects worth some USD 3 bn with a 4.5 GW cumulative generation capacity.<\/p>\n<p><strong>^^ <\/strong><strong>We have the details on this story and much more in the news well, below.<\/strong><\/p>\n<p><strong>HAPPENING TODAY- <\/strong><\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/ieeepesoman.com\/\">Power and Energy Conference<\/a><\/strong><strong> is kicking off in Muscat, Oman <\/strong><strong>today and running until Thursday.<\/strong> The event will bring together local and global industry leaders to discuss global energy market policy updates, future demand and growth projections in the sector, integration and power grid obstacles, and growth potential associated with renewables and EV deployments.<\/p>\n<p><strong>The African Development Bank Group (AfDB) will kick off its <\/strong><strong><a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/events\/annual-meetings-boards-governors-african-development-bank-group-22-26-may-2023-60050#:~:text=The%2058th%20Annual%20Meetings%20of,22%20to%2026%20May%202023.\">annual meeting of<\/a><\/strong><strong><a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/events\/annual-meetings-boards-governors-african-development-bank-group-22-26-may-2023-60050#:~:text=The%2058th%20Annual%20Meetings%20of,22%20to%2026%20May%202023.\">the board of governors<\/a><\/strong><strong> in Sharm El Sheikh, Egypt today which will run until Friday<\/strong>. The city will also host the Meetings of the Board of Governors of the African Development Fund during the same period. This year\u2019s event, held under the theme Mobilizing Private Sector Financing for Climate and Green Growth in Africa, aims to provide a framework for spurring private financing domestically and globally and utilizing natural capital to help bridge the climate financing gap and promote green growth transition in Africa.<\/p>\n<hr class=\"grey-line\">\n<p><strong>THE BIG CLIMATE STORY OUTSIDE THE REGION- The G7\u2019s climate-focused <\/strong><strong>announcements during their three-day summit in Hiroshima<\/strong> snagged headlines over the weekend. The group \u2014 while reaffirming its \u201cunwavering support to the Paris Agreement\u201d and saying it would work on adopting trade policies aimed at upping global net-zero investments \u2014 did not explicitly commit to its <a href=\"https:\/\/www.spglobal.com\/commodityinsights\/en\/market-insights\/latest-news\/energy-transition\/052722-g7-nations-agree-to-decarbonize-power-sectors-by-2035\">2022 pledge<\/a> of fully decarbonizing its power sectors by 2035. <strong>We have all the details in the news well, below.<\/strong><\/p>\n<p><strong>The story made the rounds in the international press over the weekend:<\/strong> <a href=\"https:\/\/www.spglobal.com\/commodityinsights\/en\/market-insights\/latest-news\/energy-transition\/052722-g7-nations-agree-to-decarbonize-power-sectors-by-2035\">Reuters<\/a> | <a href=\"https:\/\/www.ft.com\/content\/18ae7257-dd02-4965-9de9-faec5e339be2\">Financial Times<\/a> | <a href=\"https:\/\/www.nytimes.com\/2023\/05\/20\/world\/asia\/climate-fossil-fuels-g7.html\">The New York Times<\/a> | <a href=\"https:\/\/apnews.com\/article\/g7-japan-g20-china-india-outreach-8bef2c6777040b5df1c5abb9305e7a23\">Associated Press<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-11\"><\/a> <strong>WATCH THIS SPACE<\/strong><strong> #1- Egypt\u2019s green hydrogen projects could be moving <\/strong><strong>towards implementation: <\/strong>The government plans to sign two agreements to establish green hydrogen projects by the end of June, a source in the Electricity Ministry told Enterprise Climate, confirming a report by <a href=\"https:\/\/www.alborsaanews.com\/2023\/05\/20\/1669099\">Al Borsa<\/a> on Saturday on the planned agreements. The agreements are set to be signed with two unnamed consortiums that have previously signed MoUs on planned green hydrogen projects in the country. Our source said <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/e9bb488d-340c-4d8e-a6cf-a17792457994\">recent incentives<\/a> approved by the government for the green hydrogen industry have stimulated involved firms to address the government to activate signed MoUs to begin implementing the planned projects. The source expects two to three others agreements activating previous MoUs for green hydrogen production to also be signed before the end of the year.<\/p>\n<p><strong>REMEMBER-<\/strong> The Egyptian government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f2251cd-82db-4ba9-9ef9-b1287b0bef1f\">signed several framework agreements<\/a> during COP27 with foreign companies to construct several green hydrogen and ammonia facilities in the Suez Canal Economic Zone. The facilities would cost a combined USD 83 bn and would collectively produce up to 7.6 mn tons of green ammonia and 2.7 mn tons of hydrogen a year when fully operational.<\/p>\n<hr class=\"grey-line\">\n<p><strong>WATCH THIS SPACE #2- France is still holding out for nuclear power:<\/strong> France is currently in talks with the EU\u2019s presidency to reach an agreement over the stalled Renewable Energy Directive \u2014 the common framework for the development of energy from renewable sources in the bloc \u2014 by the end of June, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-05-18\/france-in-talks-to-reach-deal-on-eu-renewables-law-by-end-june\">Bloomberg<\/a> reported on Thursday, citing a source with knowledge of the matter. The legislation has faced snags after France opposed the law on grounds that it wanted more clarity on how nuclear power would be treated. France is now negotiating with Sweden \u2014 which holds the six-month rotating Council presidency \u2014 the European Commission, and other member states to reach an agreement, the source said. They will have until the end of June to settle differences and seal an agreement under the current presidency.<\/p>\n<p><strong>WATCH THIS SPACE #3- Engie aims for big hydrogen projects in the Gulf:<\/strong> French energy group Engie is seeking new hydrogen projects in Saudi Arabia, the UAE, and Oman as it seeks to reach 4 GW of hydrogen capacity globally by 2030, Stephan Gobert, the group\u2019s senior VP of hydrogen for Asia, the Middle East, and Africa told <a href=\"https:\/\/www.thenationalnews.com\/climate\/road-to-net-zero\/2023\/05\/18\/engie-seeks-new-hydrogen-projects-in-the-uae-saudi-arabia-and-oman\/\">The National<\/a> last week. \u201cThe Middle East region and specifically the GCC is offering great potential \u2026 that's why we established the strategic alliance with Masdar and are studying a project at the moment in Ruwais for Fertiglobe,\u201d he said, without providing further details on the proposed project. \u201cWe hope to close the financial decision by the end of this year,\u201d he added.<\/p>\n<p><strong>We knew something of the sort was in the works: <\/strong>Gobert\u2019s statements come <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/93d9290a-3a1f-4330-9cf5-9459418894c3\">nearly a week<\/a>after Fertiglobe CEO Ahmed El Hoshy said that a consortium of Fertiglobe, UAE renewables player Masdar, and Engie was considering a 100-200 MW green hydrogen project in Abu Dhabi. The potential cooperation comes a year after the three renewables players <a href=\"https:\/\/oci-global.com\/news-stories\/press-releases\/fertiglobe-announces-collaboration-agreement-with-masdar-and-engie-to-co-develop-green-hydrogen-for-ammonia-production\/\">signed an agreement<\/a> to study co-developing a \u201cglobally cost-competitive\u201d 200 MW green hydrogen facility in the UAE to back the production of green ammonia. They plan to have the facility operational in 2025, with Fertiglobe serving as the <a href=\"https:\/\/oci-global.com\/news-stories\/press-releases\/fertiglobe-announces-collaboration-agreement-with-masdar-and-engie-to-co-develop-green-hydrogen-for-ammonia-production\/\">sole long term off-taker<\/a>.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"climate\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><p>***<br \/>\n <strong>YOU\u2019RE READING ENTERPRISE CLIMATE, the essential MENA publication for senior execs who care about the world\u2019s most important industry. <\/strong>We\u2019re out Monday through Thursday by 5am Cairo \/ 5am Riyadh \/ 6am UAE.<\/p>\n<p><strong>EXPLORE MORE OF ENTERPRISE ON THE WEB \u2014<\/strong> <a href=\"http:\/\/www.enterprise.news\">tap or click here<\/a> to read EnterpriseAM, EnterprisePM, and The Weekend Edition on our powerful new website packed with reader-friendly features.<\/p>\n<p>Were you forwarded this email? <strong>Get your own <\/strong><strong><a href=\"https:\/\/climate.enterprise.press\/subscribe\/\">subscription without charge here<\/a><\/strong> or reach out to us on <a href=\"mailto:climate@enterprisemea.com\">climate@enterprisemea.com<\/a> with comments, suggestions and story tips.<br \/>\n <strong>***<\/strong><\/p>\n<p><strong>CIRCLE YOUR CALENDAR- <\/strong><\/p>\n<p><strong>Germany will host the <\/strong><strong><a href=\"https:\/\/unfccc.int\/sites\/default\/files\/resource\/Notification_LD_TC2_NGO_observers.pdf\">second meeting of the COP27 Transitional Committee<\/a><\/strong><strong> from Thursday, 25 May to Saturday, 27 May<\/strong> in Bonn. The meeting will build on the loss and damage fund established during COP27 with the aim of establishing institutional mechanisms and governance structures for financing, and will bring together a host of international financial institutions to discuss pathways to increasing funding capacity for climate vulnerable countries.<\/p>\n<p><strong>The UAE will host the <\/strong><strong><a href=\"https:\/\/www.evinnovationsummit.com\/about#conference\">Electric Vehicle Innovation Summit<\/a><\/strong><strong> from Monday, 29 May to Wednesday, 31 May<\/strong> in Abu Dhabi. The conference will bring together state representatives, industry players from the EV sector, as well as engineers and researchers to discuss policy trends and tech innovations in the industry and provide attendees with networking opportunities across value chains.<\/p>\n<p><strong>Qatar will host the Carbon Capture, Utilisation and Storage (CCUS) Forum from Monday, 29 May to Thursday, 31 May<\/strong> in Lusail City. The event aims to spotlight MENA\u2019s CCUS regulations and policies, map out paths and business models that would bring down CCUS project costs, promote regional and international cooperation to advance the international carbon capture sector, and discuss the role CCUS will play in helping Gulf countries meet their net zero targets.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events and news triggers.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, friends and welcome to the busiest start to the week we\u2019ve seen this year. We have a bumper issue to dive into covering every climate angle under the sun. Let\u2019s go. THE BIG CLIMATE STORY- KSA\u2019s Badeel and Acwa Power signed power purchase agreements with the Saudi Power Procurement Company to develop and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":77526,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[44],"tags":[40,11,173,39,76,92,159,52,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-77525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-egypt","tag-enterpriseclimate","tag-eu","tag-green-hydrogen","tag-nuclear-energy","tag-oman","tag-saudi-arabia","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"00c81eca-6bae-4c52-8510-edb351b43418","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2022\/9\/3638.jpg","photo_position":"above","related_issue":[77523],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TODAY: KSA\u2019s Badeel, Acwa Power set to build three solar plants worth some USD 3 bn - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/05\/22\/today-ksas-badeel-acwa-power-set-to-build-three-solar-plants-worth-some-usd-3-bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: KSA\u2019s Badeel, Acwa Power set to build three solar plants worth some USD 3 bn\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends and welcome to the busiest start to the week we\u2019ve seen this year. 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We have a bumper issue to dive into covering every climate angle under the sun. Let\u2019s go. THE BIG CLIMATE STORY- KSA\u2019s Badeel and Acwa Power signed power purchase agreements with the Saudi Power Procurement Company to develop and [&hellip;]","og_url":"https:\/\/enterpriseam.com\/climate\/2023\/05\/22\/today-ksas-badeel-acwa-power-set-to-build-three-solar-plants-worth-some-usd-3-bn\/","og_site_name":"Climate","article_published_time":"2023-05-22T01:02:26+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/3638.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"6 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