{"id":84761,"date":"2024-06-10T00:00:00","date_gmt":"2024-06-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/06\/10\/today-fresh-wind-power-for-iran-amea-power-reaches-financial-close-on-120-mw-south-african-solar-plant\/"},"modified":"2024-06-10T00:00:00","modified_gmt":"2024-06-10T00:00:00","slug":"today-fresh-wind-power-for-iran-amea-power-reaches-financial-close-on-120-mw-south-african-solar-plant","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/06\/10\/today-fresh-wind-power-for-iran-amea-power-reaches-financial-close-on-120-mw-south-african-solar-plant\/","title":{"rendered":"TODAY: Fresh wind power for Iran + Amea Power reaches financial close on 120 MW South African solar plant"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Good morning, friends. <\/strong><span style=\"background-color: transparent;\">We have a mixed bag of updates for you this morning with a little of everything, from new renewable energy projects to financing updates to interesting developments on the COP29 front. Shall we?<\/span><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG CLIMATE STORY OUTSIDE THE REGION THIS WEEKEND- <\/strong><strong>Global clean energy investment to hit double fossil fuel figures in 2024: <\/strong>Global investment in clean electricity is set to rise to USD 2 tn in 2024, double the investment in fossil fuels, according to a new <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/618.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a> by the International Energy Agency (IEA). Clean energy investments will go towards renewables, nuclear power, EVs, power grids, energy storage, low-emissions fuels, efficiency improvements, and heat pumps, while investments totalling USD 1 tn are forecast for fossil fuels. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China is in the lead: <\/strong>China is expected to lead clean energy investment in 2024 with an estimated USD 675 bn, followed by Europe at USD 370 bn and the US at USD 315 bn. Solar photovoltaic (PV) will see the most investment among electricity generation technologies, with spending projected to reach USD 500 bn due to decreasing solar module prices. Globally, solar PV installations are expected to reach 462 GW capacity \u2014 up 8% from 2023 record levels \u2014 this year, according to <a target=\"_blank\" href=\"https:\/\/www.rystadenergy.com\/insights\/2024-another-record-year-for-solar-pv-deployments\" style=\"\" rel=\"noopener\">Rystad Energy.<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oil and gas aren\u2019t out of the picture yet: <\/strong>Global upstream oil and gas investment is anticipated to still rise by 7% y-o-y in 2024 to USD 570 bn, driven primarily by national oil companies in the Middle East and Asia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story grabbed ink in the international press over the weekend:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/climate-energy\/iea-expects-global-clean-energy-investment-hit-2-trillion-2024-2024-06-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/business\/article\/2024\/jun\/06\/investment-in-clean-energy-likely-to-be-double-figure-for-fossil-fuels-in-2024-iea-says\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/clean-energy-investment-this-year-to-be-twice-that-of-fossil-fuels-iea-says-550f910a\" style=\"\" rel=\"noopener\">The Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-06\/clean-energy-investment-set-to-double-spending-on-fossil-fuels\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/world\/?region=world\" style=\"\" rel=\"noopener\">CNBC<\/a> <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p class=\"tag-border-left\">HAPPENING THIS WEEK- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/eem24.khas.edu.tr\/\" style=\"\" rel=\"noopener\">International Conference on European Energy Market<\/a><\/strong><strong> will open its doors today in Istanbul and wrap on <\/strong><strong>Wednesday.<\/strong> The three-day event will gather experts from scientific, industry, and policy sectors for discussions on various energy market-related topics. The conference covers themes including energy modeling, market design, regulatory policies, and climate change.<\/p>\n<p class=\"tag-border-left\">HAPPENING THIS WEEK- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt2\"><\/a>The <\/strong><strong>G7 <\/strong><strong>summit will kick off in Italy this week, here\u2019s what to expect: <\/strong>G7 leaders <a target=\"_blank\" href=\"https:\/\/www.g7italy.it\/en\/\" style=\"\" rel=\"noopener\">will convene this week<\/a> from Thursday, 13 June to Saturday, 15 June in Apulia, Italy for their annual international summit which aims to strengthen their engagement with developing nations. The discussions will include climate change, AI, and energy in Africa and the Mediterranean region, according to their <a target=\"_blank\" href=\"https:\/\/www.consilium.europa.eu\/en\/meetings\/international-summit\/2024\/06\/13-15\/\" style=\"\" rel=\"noopener\">website<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The summit could be a moment in the spotlight for Italy\u2019s role in the global climate fight: <\/strong>The event could provide the \u201cperfect backdrop\u201d to boost Italian Prime Minister Giorgia Meloni\u2019s leadership credibility by strengthening the G7 climate agenda, policy analyst Luca Bergamaschi told <a target=\"_blank\" href=\"https:\/\/www.cleanenergywire.org\/news\/g7-summit-chance-meloni-make-international-climate-push\" style=\"\" rel=\"noopener\">Clean Energy Wire<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other potential topics: <\/strong>Italy and G7 allies are expected to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/882f4e3b-8549-4588-af8c-fde8153c879f\/today:-emirates-islamic-sukuk-head-to-nasdaq-%2B-it-was-the-hottest-may-on-record\" style=\"\" rel=\"noopener\">announce proposals<\/a> to support clean energy and food security in Africa, which will include suggestions for creating new financial instruments to promote growth. The group may also touch on the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/c868035d-dc39-4777-a678-032086bf63bd\/today:-medlink-interconnector-project-gets-italian-support-%2B-leaf-global-kicks-off-bookbuilding\" style=\"\" rel=\"noopener\">ongoing trade war<\/a> between China and the West. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But other geopolitical tensions may gain more attention than climate: <\/strong>Climate change seems to have dropped down the list of priorities amidst the ongoing war in Ukraine and genocide in Gaza, according to Clean Energy Wire. The results of G7 ministerial meetings held in the run up to the annual leader\u2019s summit have been \u201cmixed on climate so far,\u201d with the biggest achievement being a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/49323739-3e66-4bc3-ab31-fa005d1a6639\/today:-ma%25e2%2580%2599aden-and-pif-finalize-vale-acquisition-%2B-wave-energy-picks-up-in-oman\" style=\"\" rel=\"noopener\">coal power phase-out<\/a> by the mid-2030s \u2014 the first explicit pledge for a full phase-out by the group \u2014 which was agreed on last month at the conclusion of two-days of talks in Turin, Italy.<\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a><strong>#1- France, the US, the UK, Canada and the EU are said to be working on a new draft plan <\/strong><strong>to halt new private sector funding for coal projects ahead of COP29 in Baku<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/environment\/major-world-economies-seek-halt-new-private-sector-coal-financing-2024-06-07\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported on Friday, citing several sources with knowledge of the matter. The proposal, developed by the Organisation for Economic Co-operation and Development (OECD), would be the first to halt new financing to existing or planned coal projects, and end funding to companies building coal infrastructure, the sources said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More details: <\/strong>If the plan is adopted, financial institutions would shift their financing to the early retirement of coal plants and any early closures of facilities should be matched with parallel financing for renewable energy projects to replace the energy generation capacity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- EU reveals new ESG rules expected to trigger divestments: <\/strong>The <a target=\"_blank\" href=\"https:\/\/www.esma.europa.eu\/\" style=\"\" rel=\"noopener\">European<\/a><a target=\"_blank\" href=\"https:\/\/www.esma.europa.eu\/\" style=\"\" rel=\"noopener\">Securities and Markets Authority<\/a> (ESMA) has revealed stricter rules for \u201chow freely asset managers can attach ESG labels to their funds,\u201d <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-06\/eu-funds-under-fresh-pressure-to-dump-us-stocks-esg-regulation?srnd=green-esg-investing\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported on Thursday. Under the new regulations, ESG or related funds must have at least 80% of their assets actually be related to ESG principles and cannot include oil and gas investments. The new orders are predicted to cause mass outflows of investments from different sectors including the energy, railroads, and industrial sectors, as countries attempt to comply with the exclusion rules. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The US will be the most impacted: <\/strong>42% of resulting divestments are expected to be from the US stock market, according to a Morningstar <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/736.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a>. France\u2019s stock market is predicted to be the second most impacted country, with 17% of the outflows coming from French ESG funds. China, the United Kingdom, Canada, and Japan are coming in line after France as countries that will be affected by the new rules. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The local EU market won\u2019t be spared: <\/strong>There are around 4.3k ESG or sustainability related funds in the EU that will be affected by ESMA\u2019s guidelines of which 1.6k are expected to have to divest a total of up to USD 40 bn. Regulatory EU member states authorities will have to adopt the new guidelines or outline why they won\u2019t comply. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But some will decide to divest in ESG instead: <\/strong>However some managers will instead turn to renaming their products and dropping the ESG label instead, the analytics company shared in a <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7204405751279153153\/\" style=\"\" rel=\"noopener\">post<\/a>. US fossil fuel lobbyists started a strong <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/b46019be-ae7e-4b54-bba2-94e0cb539cc4\/new-deposits-in-esg-funds-plummeted-57%2525-y-o-y-in-2023,-here%25e2%2580%2599s-why\" style=\"\" rel=\"noopener\">anti-ESG campaign<\/a> that pushed major asset management firms to backtrack on their ESG pledges. Europe and Asia also experienced their own waves of divestment.<\/p>\n<p class=\"tag-border-left\">COP WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Upcoming COP host amps up its green goals: <\/strong>COP29 host Azerbaijan plans to increase its renewable energy share to nearly a third of its energy sector with over USD 2 bn in investments, according to a <a target=\"_blank\" href=\"https:\/\/minenergy.gov.az\/en\/xeberler-arxivi\/00274\" style=\"\" rel=\"noopener\">statement<\/a> by Energy Minister Parviz Shahbazov last week. \u201cBy the end of 2027, the share of renewable energy in the installed capacity of electricity at the expense of green power to 2 GW, which will be realized, will rise to 33%\u201d Shahbazov said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Major projects are in the pipeline: <\/strong>Azerbaijan is accelerating sustainable projects like wind and solar power and constructing an electric cable under the Black Sea to transfer green energy from Caspian Sea wind farms to Europe. These initiatives will help electricity generation reach 5.3 bn kWh and reduce emissions by up to 2.5 mn tons. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt3\"><\/a>ON A RELATED NOTE- <\/strong><strong> Masdar eyes Azerbaijan\u2019s gas route for green hydrogen exports:<\/strong> Abu Dhabi\u2019s renewables giant Masdar is mulling the use of Azerbaijan\u2019s Southern Gas Corridor (SGC) \u2014 which delivers gas from the Caspian sea to Europe \u2014 for green hydrogen exports, <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/energy\/2024\/06\/05\/masdar-explores-using-azerbaijans-southern-gas-corridor-for-hydrogen-exports\/\" style=\"\" rel=\"noopener\">The National<\/a> reported last week, citing Masdar\u2019s head of development and investment Maryam Al Mazroue for the Commonwealth of Independent States region. The company is studying whether \u201cit is really feasible to inject green hydrogen and also utilize the same infrastructure,\u201d Mazrouei said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Masdar and Azerbaijan's state-owned Socar broke ground on 1 GW of solar and wind projects earlier last <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/95ed7ee6-bb6a-43d4-9cc1-2995597bf88c\/uae-climate-fund-alterra-pledges-usd-200-bn-in-additional-investments-%2B-uae-breaks-ground-on%253cmark%253e-azerbaijan%253c%2Fmark%253e-solar-plants\" style=\"\" rel=\"noopener\">Wednesday<\/a>, as part of a broader agreement to install <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/349d9ac2-e114-453b-bccb-580c58f97b7f#:~:text=Masdar%20has%20a,operation%20in%202023.\" style=\"\" rel=\"noopener\">10 GW of clean energy projects<\/a> \u2014 including onshore and offshore wind farms, solar farms and green hydrogen \u2014 in the Central Asian country. The initial phase will see them produce green hydrogen from 2 GW worth of offshore wind energy projects.<\/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\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/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 target=\"_blank\" href=\"climate\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<br \/><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 9am in Cairo and Riyadh and 11am in the UAE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EXPLORE MORE OF ENTERPRISE ON THE WEB \u2014<\/strong> <a target=\"_blank\" href=\"http:\/\/www.enterprise.news\" style=\"\" rel=\"noopener\">tap or click here<\/a> to read EnterpriseAM, EnterprisePM, Enterprise Climate, Enterprise Logistics, and The Weekend Edition on our powerful new website packed with reader-friendly features. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Were you forwarded this email? <strong>Get your own <\/strong><strong><a target=\"_blank\" href=\"https:\/\/climate.enterprise.news\/user\/subscribe-details\" style=\"\" rel=\"noopener\">subscription without charge here<\/a><\/strong> or reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\" rel=\"noopener\">climate@enterprisemea.com<\/a> with comments, suggestions and story tips.<br \/><strong>***<\/strong><\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><strong>CIRCLE YOUR CALENDAR- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Morocco will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.netzerocircle.org\/event\/morocco-energy-week\" style=\"\" rel=\"noopener\">Morocco Energy Week Summit<\/a><\/strong><strong> from Tuesday, 11 June to <\/strong><strong>Thursday, 12 June<\/strong> in Marrakech. The event will gather Morocco's leading energy players, companies and developers alongside financiers and implementation experts to discuss the country\u2019s green transition.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Spain will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.europe.gh2events.com\/\" style=\"\" rel=\"noopener\">Connecting Green Hydrogen Europe<\/a><\/strong><strong> conference from <\/strong><strong>Tuesday, 25 June to Thursday, 27 June<\/strong> in Madrid. The event will see around 5k attendees including industry leaders, energy ministers, and executives to explore solutions, new technologies, and transformative advancements to advance the hydrogen industry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What we\u2019re tracking this morning regionally and around the world<\/p>\n","protected":false},"author":1,"featured_media":84762,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[97,11,417,164,160,88,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-cop29","tag-enterpriseclimate","tag-g7","tag-green-finance","tag-masdar","tag-renewables","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"7014bbe2-134f-409a-a7ad-f830b6c2bac0","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/3\/485.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: Fresh wind power for Iran + Amea Power reaches financial close on 120 MW South African solar plant","related_issue":[84759],"teaser":"What we\u2019re tracking this morning regionally and around the world","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.60e3ccbd-f669-43d4-baf1-4901d6e012a2.mp3"},"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: Fresh wind power for Iran + Amea Power reaches financial close on 120 MW South African solar plant - 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\/2024\/06\/10\/today-fresh-wind-power-for-iran-amea-power-reaches-financial-close-on-120-mw-south-african-solar-plant\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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