{"id":85253,"date":"2024-07-09T00:00:00","date_gmt":"2024-07-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/07\/09\/today-lots-of-uae-solar-updates-jinko-solar-nabs-neom-solar-contract\/"},"modified":"2024-07-09T00:00:00","modified_gmt":"2024-07-09T00:00:00","slug":"today-lots-of-uae-solar-updates-jinko-solar-nabs-neom-solar-contract","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/07\/09\/today-lots-of-uae-solar-updates-jinko-solar-nabs-neom-solar-contract\/","title":{"rendered":"TODAY: Lots of UAE solar updates + Jinko Solar nabs Neom solar contract"},"content":{"rendered":"

Good morning, ladies and gents. <\/strong>The news cycle shows no signs of slowing, with news emerging from UAE and Egypt\u2019s solar sector and an update from Neom. But first, let\u2019s check in on Beryl\u2019s battering of the US coast.<\/span><\/p>\n

<\/a>THE BIG CLIMATE STORY OUTSIDE THE REGION- Tropical Storm Beryl\u2019s path of <\/strong>destruction continues through Texas: <\/strong>Tropical storm Beryl<\/a> has caused three fatalities and knocked out power to over 2.7 mn homes and businesses in Southeast Texas. The storm has caused the cancellation of over 1.3k flights and closed some of the US\u2019s largest seaports including the nation\u2019s top crude oil export hub in Corpus Christi<\/a>. Beryl \u2014 the season's earliest Category 5 hurricane on record \u2014 weakened from a hurricane after causing dangerous storm surges in the Texan town of Matagorda before moving across Houston, the US National Hurricane Center said. The storm will likely weaken significantly as it moves inland and state officials have yet to assess the economic damage racked up by the storm\u2019s impact.<\/p>\n

The story continues to make wide coverage in the int\u2019l press:<\/strong> Reuters<\/a> | AP<\/a> | The Guardian<\/a> | CNN<\/a> | CBS<\/a> | The Washington Post<\/a> | The Wall Street Journal<\/a> | The New York Times<\/a> | CNBC<\/a> <\/p>\n

ALSO GRABBING HEADLINES- The world is once again on track for its hottest year on record. <\/strong>Each of the past 12 months have surpassed the 1.5 \u00b0C threshold above pre-industrial averages, reaching an average of 1.64 \u00b0C. June was the 13th consecutive month to hit its hottest temperatures. The incoming La Nina weather circulation is expected to cool down temperatures but the broken records are an indication that the climate system is warming up fast. The story grabbed ink in <\/strong>Reuters<\/a><\/strong>, <\/strong>AP<\/a><\/strong>, <\/strong>The Financial Times<\/a><\/strong>, and <\/strong>Bloomberg<\/a><\/strong>.<\/strong><\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a>#1- Egypt to connect 700 MW of solar to grid by end of August: <\/strong>Egypt will add 700 MW of solar energy to the national grid by the end of August, sources from the Egyptian Ministry of Electricity told Al Arabiya<\/a>. The energy will come from the 200 MW Kom Ombo project and the 500 MW Abydos project in Aswan. The Egyptian Electricity Transmission Company signed a 25 year power purchase agreement for the projects. <\/p>\n

The details: <\/strong>Saudi renewables giant Acwa Power\u2019s USD 168 mn, 200 MW Kom Ombo solar farm<\/a> was said to be ahead of schedule earlier this year, recently receiving the commercial operation certificate<\/a>. It will generate enough power for about 130k households once fully operational and, according to Al Arabiya, at the lowest solar energy rate in Egypt to date at USD 0.0248 per kWh. The Abydos plant<\/a> \u2014 developed by the UAE\u2019s Al Nowais Group\u2019s subsidiary Amea Power \u2014 is set to begin performance, operation, and grid connection tests within the next 3 weeks, Al Arabiya added, and will generate over 4k GWh annually at USD 0.02 per kWh.<\/p>\n

They haven\u2019t forgotten about wind energy:<\/strong> Another 1 GW of wind energy is also expected to be added to the national grid in 1Q 2025 from two 500 MW wind farms developed by Orascom<\/a> and Amea Power<\/a>, the sources added. Other projects will follow later. <\/p>\n

Part of a bigger plan: <\/strong>Egypt\u2019s Electricity and Renewable Energy Ministry said it is allocating around USD 30 bn<\/a> to integrate the expected 126 GW of new and renewable energy projects into the national electricity grid earlier this year. By 2040, Egypt is planning to add a total of 142 GW of renewable energy \u2014 50% of its energy consumption \u2014 to its grid. <\/p>\n

ALSO- Egypt issues tenders for Greece interconnection project: <\/strong>The Egyptian Electricity Transmission Company (EETC) has issued three tenders to select environmental, financial, and feasibility study consultants for the Egypt-Greece interconnector (GREGY) project, Youm7<\/a> reports, citing a press statement by newly-appointed Deputy Minister of Electricity and Renewable Energy Sabah Mashali. Egypt is moving forward with its plans to establish an electricity interconnection with Europe through links with both Greece and Italy, Mashaly \u2014 who also holds the position of CEO and Managing Director of the EETC \u2014 added. <\/p>\n

REMEMBER- Egypt and Greece already have agreements in place: <\/strong>Egypt\u2019s Electricity and Renewable Energy Minister Mohamed Shaker and Greece\u2019s Deputy Minister of Environment and Energy Alexandra Sdoukou recently reviewed progress<\/a> of the planned 3 GW project which would see Egypt export its renewables surplus to mainland Greece. Infinity Power signed an agreement<\/a> with Greece\u2019s Copelouzos Group in May 2023 to carry out a feasibility study on the proposed 950-km link and as of July 2023, both countries had not secured the EUR 4 bn initial investment required for the project. <\/p>\n

#2- KSA wants to source more lithium locally: <\/strong>Saudi\u2019s Shura Council has called on the Industry and Mineral Resources Ministry to study the feasibility of extracting lithium locally to keep pace with expected future demand for electric vehicles, SPA<\/a> reports. The council also called on the ministry to outline solutions for an inventory of state-owned land that could be licensed to prospectors. <\/p>\n

Why it matters:<\/strong> Lithium is a critical component of both modern consumer electronics and the green transition, factoring into everything from rechargeable batteries for phones and computers to electric vehicles and grid storage.<\/p>\n

REMEMBER- Saudi is looking to source lithium from overseas:<\/strong> Saudi Industry and Mineral Resources Minister Bandar Al Khorayef said in April<\/a> that the kingdom will continue to source lithium from abroad as part of its plans for the nascent EV sector as securing domestic supplies were still at an early stage. \u201cLithium is a very important mineral that happens to be part of a very important part of the supply chain, especially for batteries,\u201d he said. Saudi companies and officials are looking at Chile<\/a> and KSA could become home to a battery anode plant<\/a>.<\/p>\n

<\/a>#3- PIF-backed Lucid beat analyst expectations for deliveries in 2Q 2024<\/strong>, saying it has delivered over 2.3k vehicles by the end of the quarter, according to a production update (pdf)<\/a>. The deliveries beat market analysts\u2019 forecasts of 1.9k during the quarter, according to Reuters<\/a>. Lucid also produced 2.1k vehicles during the quarter ending in June, it said. Its earnings for the quarter are set to follow on Monday, 5 August.<\/p>\n

Zooming out: <\/strong>The update brings Lucid\u2019s production to 3.8k units in 1H 2024, closer to its annual output target of 9k in 2024 if it produces over 5k vehicles. It made 8.4k vehicles last year. \u201cI think at this point, everything is shaping for them to achieve that guidance,\u201d Andres Sheppard, senior equity analyst at Cantor Fitzgerald, said. He sees the EV maker\u2019s production and deliveries picking pace in 2H 2024 due to seasonal effects.<\/p>\n

IN CONTEXT- <\/strong>The growth in deliveries comes as Lucid reaps fruit of price cuts of up to 10% earlier this year<\/a> for its flagship Air sedans to help shore up demand as US appetite for EVs slumps. Lucid plans to ramp up its capex spending to about USD 1.5 bn as it launches production of the Gravity, invests in its Arizona facility, and builds out its plant in Saudi, Lucid CFO Gagan Dhingra told Reuters<\/a> in May.<\/p>\n

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CIRCLE YOUR CALENDAR- <\/strong><\/p>\n

Saudi Arabia will host the <\/strong>Global EV & Mobility Tech Forum<\/a><\/strong> from Wednesday, 10 <\/strong>July to Thursday, 11 July <\/strong>in Riyadh. The forum will bring together international policymakers, institutions, NGOs, corporations, and companies to explore the future of green urban mobility, market trends, and the regulatory issues faced by the sector.<\/p>\n

Egypt will host the <\/strong>Egypt Mining Forum<\/a><\/strong> from Tuesday, 16 July to Wednesday, 17 <\/strong>July<\/strong> in Cairo. The event will convene decision-makers from government, industry experts, new exploration firms, financiers, and investors to explore the challenges and advantages to establish Egypt as a leading global mining hub by 2040.<\/p>\n

The UAE will host the <\/strong>World ESG Summit<\/a><\/strong> from Tuesday, 20 August to Wednesday, 21<\/strong> August<\/strong> in Dubai. The summit will gather experts and industry leaders to explore new ways to integrate Environmental, Social, and Governance (ESG) principles into business practices. <\/p>\n

Turkey will host the <\/strong>International Conference on Clean and Green Energy Engineering<\/a><\/strong> from Saturday, 24 August to Monday, 26 August<\/strong> in Izmir. The event will gather researchers and professionals to share advances in clean energy. It will also offer a platform to discuss the latest research, practices, and applications in clean and green energy engineering.<\/p>\n

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":"

What we\u2019re tracking this morning regionally and around the world<\/p>\n","protected":false},"author":1,"featured_media":85254,"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":[107,40,88,159],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-critical-minerals","tag-egypt","tag-renewables","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"e50aa699-e048-454a-9700-a393fa8bbaf1","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/7\/397.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: Lots of UAE solar updates + Jinko Solar nabs Neom solar contract","related_issue":[85251],"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\/7\/.e24b5ad1-bd87-42b6-aaed-f5dc4182a584.mp3"},"yoast_head":"\nTODAY: Lots of UAE solar updates + Jinko Solar nabs Neom solar contract - 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