{"id":89006,"date":"2025-01-09T00:00:00","date_gmt":"2025-01-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2025\/01\/09\/climate-finance-ma-solar-ev-and-decarbonization-updates-from-the-uae-saudi-egypt-and-kuwait\/"},"modified":"2025-01-09T00:00:00","modified_gmt":"2025-01-09T00:00:00","slug":"climate-finance-ma-solar-ev-and-decarbonization-updates-from-the-uae-saudi-egypt-and-kuwait","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2025\/01\/09\/climate-finance-ma-solar-ev-and-decarbonization-updates-from-the-uae-saudi-egypt-and-kuwait\/","title":{"rendered":"Climate finance, M&A, solar, EV, and decarbonization updates from the UAE, Saudi, Egypt, and Kuwait"},"content":{"rendered":"

CLIMATE FINANCE- <\/p>\n

UAE to back climate efforts in Brazil:<\/strong> The UAE pledged USD 40 mn to support environmental programs in Brazil, through the Erth Zayed Philanthropies, state news agency Wam<\/a> reports. The funding will target projects aimed at boosting sustainable livelihoods for indigenous communities in the Amazon and addressing plastic pollution. Contributions come from key UAE entities, including the Zayed Bin Sultan Al Nahyan Charitable Foundation, Khalifa Bin Zayed Al Nahyan Foundation, Mohamed bin Zayed Species Conservation Fund, and Clean Rivers.<\/p>\n

Background: <\/strong>President Sheikh Mohammed bin Zayed Al Nahyan launched the Erth Zayed Philanthropies in October to support humanitarian and philanthropic efforts that support livelihoods, sustainable development, and social and environmental improvements.<\/p>\n

INFRASTRUCTURE- <\/p>\n

L&T <\/strong>secures Gulf contracts for power infrastructure expansion: <\/strong>The India-based multinational Larsen & Toubro\u2019s Power Transmission & Distribution (PT&D) unit has landed substation orders in Saudi, Kuwait, and UAE, according to a press release<\/a> on Tuesday. The company will deliver a 380 kV substation to support solar power absorption into the grid in Saudi Arabia, a 400 kV substation for city development in Kuwait, and multiple extra-high voltage substations in UAE, including a 400\/132 kV facility in Dubai. The contract values are estimated between (c.USD 291.1 mn) and (c.USD 582.2 mn). <\/p>\n

STARTUP WATCH-<\/p>\n

Adia invests in <\/strong>Massachusetts-based seed gene-editing startup:<\/strong> The Abu Dhabi Investment Authority has participated in a USD 144 mn funding round for Massachusetts-based seed gene-editing startup Inari<\/a>, joining as a new investor, according to a statement<\/a> on Tuesday. The funding round also saw participation from existing investors, including Hanwha Impact, NGS Super, the State of Michigan Retirement System, and company founder Flagship Pioneering. <\/p>\n

About Inari:<\/strong> Inari<\/a> focuses on seed technology for large-acre crops like soybeans, wheat, and corn to improve yields. The startup uses its patented PRIDE technology to dictate the expression of specific genes to increase or reduce its effects. To that end, it combines the use of predictive AI and Multiplex gene editing to guide scientists on which gene edits to make in order to increase yield and use resources more efficiently. <\/p>\n

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SOLAR-<\/p>\n

#1- <\/strong>Ewec issues RfPs for Zarraf solar plant: <\/strong>The Emirates Water and Electricity Company (Ewec) has issued a request for proposals for companies interested in developing the 1.5 GW Zarraf solar plant in Abu Dhabi\u2019s Al Dhafra region, Wam<\/a> reports. The developer will enter into a long-term PPA with Ewec and own up to 40% of the project.<\/p>\n

#2- <\/strong>Arctech to provide tracking system for Al Ajban plant: <\/strong>China\u2019s solar tracking and racking company Arctech has secured a 1.5 GW order from PowerChina to provide its 1P single-axis solar tracking system SkyLine II<\/a> for the 1.5 GW Al Ajban Solar PV project in UAE, according to a statement<\/a> released last week. <\/p>\n

Plans are moving fast: <\/strong>Masdar, Korea Western Power (Kowepo), and EDF broke ground<\/a> on the project in November, with the plant slated to begin operations in 3Q 2026. PowerChina Huadong Engineering Corporation secured an engineering, procurement, and construction contract<\/a> for the solar power plant in July. <\/p>\n

#3- EWA receives 10 bids for UOB solar project: <\/strong>Bahrain\u2019s Electricity and Water Authority (EWA) has received 10 bids for constructing a 44 MW solar PV project on the University of Bahrain (UOB) campus, according to the tender details<\/a>. Bids from seven regional and international companies were accepted, including the US-based Alpha Energy Generations, Modern Mechanical Electrical and Transport, and Quantum for Energy Solutions Saudi Arabia. Two other companies \u2014 Advanced Utility Systems, and Dome Advanced Electromechanical Work \u2014 got conditional acceptance, while Yusuf Bin Ahmed Kanoo Company\u2019s bid was suspended. <\/p>\n

REMEMBER- <\/strong>Ewa issued the solar tender<\/a> for the engineering, design, supply, installation, testing, and commissioning of the solar PV plant in November. The plant will generate around 75 GWh of electricity per year using car park solar PV systems. The chosen contractor will have two years to complete the project. <\/p>\n

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M&A WATCH- <\/p>\n

Taqat extends Bayan Transport\u2019s acquisition MoU: <\/strong>Saudi Scrap metal recycling firm Taqat Mineral Trading has extended a non-binding MoU to fully acquire Bayan Transport Trading Company (Bayan Al Naql), which was set to expire on 31 December 2024, until 31 March 2025, according to a disclosure to Tadawul<\/a> last week. No further details were disclosed. <\/p>\n

Not a first: <\/strong>Taqa extended a non-binding MoU it had signed in May<\/a> to fully acquire Bayan Al Naql, which was set back in early September 2024<\/a>. <\/p>\n

DECARBONIZATION- <\/p>\n

UAE<\/strong>\u2019s General Civil Aviation Authority has launched a digital platform to support <\/strong>emissions reductions in the aviation sector, <\/strong> Wam<\/a> reported last week. The platform will help airlines implement the Carbon Offsetting and Reduction Scheme for International Aviation<\/a> \u2014 a global framework adopted in 2016 by the International Civil Aviation Organization \u2014 by simplifying the calculation of offset and reduction values for carbon units used by national carriers. It also serves as a digital archive for emissions data, providing a foundation for future carbon offsetting and reduction plans in the sector. <\/p>\n

ELECTRIC VEHICLES- <\/p>\n

Aramex adds electric trucks to its fleet:<\/strong> Aramex deployed the first commercial electric trucks in the UAE in partnership with Admiral Mobility, adding a fleet of eight-ton Farizon electric trucks, according to a press release<\/a>. Aramex previously added e-bikes<\/a> and electric vans<\/a> to its last-mile delivery fleet in the UAE in a bid to make 98% of its fleet EVs by 2030.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS WEEK-<\/strong><\/p>\n