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CONTRACTS IN KSA-
#1- India’s L&T Construction lands EPC contract for KSA’s Amaala project: Indian multinational Larsen & Toubro’s (L&T) construction arm has been chosen as the engineering, procurement, and construction contractor to develop renewable energy generation, power utilities, and water systems for the Amaala project in Saudi Arabia’s Red Sea region, according to a press release.
About Amaala:Red Sea Global (RSG) — a global multi-project developer fully owned by Saudi Arabia’s sovereign wealth fund — announced in September that it had entered into a 25-year concession agreement with French power giant EDF and the UAE’s state-owned renewables player Masdar on a multi-utility infrastructure facility to service its ultra-luxury resort destination Amaala on the country’s northwestern coast. Amaala will be fully powered by solar energy saving c. 500k tons of CO2 emissions per year.
#2- Solar tracking system provider Arctech lands 1.7 GW order in Saudi:China’s Arctech has been tapped to provide a 1.7 GW SkyLine II solar tracking solution for L&T Construction’s 1.3 GW Ar Rass 2 and 408 MW Al Kahfah project in Saudi Arabia. Arctech supplied multiple other solar projects with trackers in Saudi Arabia, including 1.5 GW for ASB, and around 2 GW for Al Shuaibah 2. (Statement)
MONEY FOR MOROCCO-
#1- EIB loans Morocco EUR 100 mn: The European Investment Bank (EIB) and the Moroccan Economy and Finance Ministry signed a EUR 100 mn financing agreement to support the sustainable development of forests in Morocco, according to a statement on Thursday. The initiative will be implemented by the National Agency for Water and Forests from 2024 to 2028 and aims to manage natural resources to boost eco-tourism and value chains.
REMEMBER- EIB issued nature-positive finance principles at COP: The EIB and other multilateral development banks issued common principles aimed at identifying and tracking investments earmarked for the protection, restoration, and sustainable use of natural resources during COP28 earlier this month.
#2- KfW to fund sustainable development in Morocco: The German Development Bank (KfW) has inked three loan agreements totaling EUR 250 mn and two grant agreements worth EUR 7 mn with Morocco to fund projects related to social protection, green mobility, and improving irrigation efficiency. (Africa News)
ENERGY STORAGE-
Nafath + Forming Future partner on energy storage: Oman’s Nafath Renewable Energy Company has signed an agreement with Saudi Arabia’s Forming Future to develop a solar thermal energy and storage project, according to a company statement published on Sunday. The project aims to use stored solar thermal energy to produce electricity for more than 15 hours. The company also signed an agreement with AlCrai Contracting company to develop solar energy projects in the kingdom.
Oman is seeing more solar and storage action: Omani state-owned oil company Petroleum Development Oman is looking to establish a 100 MW solar energy plant with plans to have it complemented by the country’s first battery energy storage system.
EVs IN OMAN-
Oman is speeding up EV roll out: Oman has updated its plan for rolling out EVs, to have 22k electric vehicles on the road 10 years sooner than initially set out. The previously announced target was to have 22k Evs on the road by 2040, instead of the new target of 2030. (Oman Observer)
COASTAL RESTORATION-
Abu Dhabi ramps up coastal and desert ecosystem restoration: The Environment Agency Abu Dhabi (EAD) and the Abu Dhabi Developmental Holding Company (ADQ) have partnered with green tech company Dendra to assess and restore terrestrial and coastal ecosystems across the emirate using advanced seeding drones and AI technology. The initiative aims to protect local species’ habitats and restore ecological balance. (Statement)
