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Acwa Power secures Philippines’ New Clark solar project
Acwa Power is moving into Southeast Asia with plans to develop a large-scale solar and battery storage project in the Philippines, with the firm signing a reservation agreement with the country’s Bases Conversion and Development Authority to explore the project at New Clark City, it said in a statement on Sunday. The agreement secures a 500-hectare site for a pre-feasibility study, laying the groundwork for a solar-plus-storage project designed to supply clean power to the industrial special economic zone north of Manila.
Why it matters: While Acwa Power is already a dominant renewables player across the GCC and Central Asia, the Philippines represents a high-stakes entry into the Southeast Asian market. Demand for renewable power is rising quickly in the region, driven by green industrial zones and data-heavy manufacturing, and is increasingly outpacing the capacity of local utilities.
Asas Makeen, Al Moajil, Dinar launch SAR 140 mn fund
Asas Makeen is doubling down on the developer-fund-partner model. AsasMakeen Real Estate Development and Investment signed a final agreement with Dinar Investment and industrial-heavy Abdulaziz & Saad Al Moajil Trading and Investment to launch a SAR 140 mn closed-end private real estate fund, according to a disclosure to Tadawul. The fund will be managed by Dinar Investment and target residential and commercial assets, marking another step in the developer’s aggressive expansion strategy following its oversubscribed Nomu listing.
Tasnee JV secures Murabaha loan for ethylene expansion
The Saudi Ethylene and Polyethylene Company (SEPC) secured SAR 1.7 bn in Shariah-compliant Murabaha financing from Bank Albilad, according to a disclosure to Tadawul. The 12-year loan, which includes a two-year grace period, is backed by promissory notes and shareholder guarantees. Proceeds will fund the Ethylene Cracker Expansion Project at SEPC. SEPC is a Tasnee Sahara Olefins Company JV of which Tasnee holds a 60% stake.
Juthor closes pre-seed round
Homegrown e-commerce startup Juthor raised USD 500k in a pre-seed round led by Flat6Labs, and with participation from angel investors, according to a press release. The fresh funds will support the development of scalable infrastructure and faster product rollouts for multi-channel retailers across Saudi Arabia and international markets.
