At the United Nations COP27 conference, the European Investment Bank (EIB) and AllianzGI have announced the mobilisation of $100 million to Alcazar Energy Partners II, a fund that facilitates the development, construction, and operation of renewable energy projects in the Middle East, North Africa, Eastern Europe, and Central Asia.
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A consortium led by ACWA Power has inaugurated the 500 MW Ibri 2 solar independent power project in Oman in partnership with the Oman Power and Water Procurement Company (OPWP). Ibri 2 is located in Ad-Dhahirah Governorate and was built with a $417 million investment on a build-own-operate basis. ACWA Power is the project’s principal investor, with a 50 per cent share.
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Renewable power production in 2021 was twice as much as it was ten years ago; however, the 57 TWh increase in renewables between 2011-2021 met barely half of the surge in power demand (+95 TWh). Turkey needs to at least double its renewable deployment rate and curb its thirst for power consumption in order to decarbonize its electricity sector and lower its import bills. Otherwise, an upward trend in demand together with hydropower volatility may even pose an energy security risk.
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Investment in projects dealing with water, sanitation, transport, renewable energy and energy efficiency is essential for Mediterranean countries to meet the challenges of climate change. CAMENA encourages this investment in several ways: it facilitates project preparation and implementation; it expands the capacity and capabilities of project promoters; and it mobilises public and private-sector finance.
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In April, the International Renewable Energy Agency (IRENA) reported that renewable energy’s share of new generating capacity rose substantially for the second year in a row. China, which has emerged as the indisputable leader of renewable energy expansion worldwide, has begun to reorient its overseas energy investment and finance towards non-fossil fuels projects. This shift could portend a larger role for China in the MENA region’s growing renewables sector, especially in solar power production.
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The development of clean energy resources continues to evolve across the Middle East. Recognising the potential of clean hydrogen, the region is now looking to diversify its economy through the production of clean hydrogen. The availability of existing oil and gas infrastructure and cheap renewable generation makes the GCC countries ideally placed to capitalise on this.
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Solar and nuclear power will grow considerably within the UAE’s power mix over the coming decade, making up more than two thirds of total net growth in capacity between 2021 and 2030. The completion of new nuclear reactors will, in combination with new solar and thermal capacity, push growth in the UAE’s power capacity beyond that of any other market in the MENA region.
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There is growing interest in the MENA region in the adoption of clean fuels for public transport fleets. Some countries like Qatar, the United Arab Emirates (UAE), and Egypt have made clear commitments towards this goal and taken steps towards electrifying their transport sectors.
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United Arab Emirates’ (UAE) power production has long been driven by hydrocarbons. However, in recent years, the country has been focusing on clean power in a bid to cater to its ever-growing power demand and to save costs associated with it. These goals are clearly reflected in the UAE’s Energy Plan for 2050, which was announced in 2017. The Energy Plan envisages the production of 44 per cent of power from renewables, 6 per cent from nuclear, 12 per cent from clean coal and the rest from natural gas by 2050.
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When we started ICE, we were very focused on having inexpensive wind and solar power facilities mostly located in deserts next to the ocean. As a result, locations with high solar irradiation and wind speeds were chosen. These include regions in North Africa, South America, Australia, and the Middle East. This would ensure that the projects in these regions would have the highest capacity utilisation factors as well as the lowest cost of energy.
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Carlos Gascó Travesedo, Energy Policy Advisor, Abu Dhabi Department of Energy gave a detailed presentation on the hydrogen policy and regulatory framework in Abu Dhabi at Global Transmission Research’s Virtual conference on Green Hydrogen Middle East held on August 24-25, 2021. He also gave an overview of Department of Energy’s holistic approach to hydrogen regulatory policy framework.
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Israel has received 11 bids to finance, build, and manage a 300 MW solar power project with energy storage in the southern part of the country. According to the government, the project proposed for Dimona will be a public-private partnership and will be one of Israel’s largest solar power plants. The chosen developer will be in charge of the solar power plant’s development, funding, construction, and operation.
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Israel’s Electricity Authority has announced the results of its 608.95 MW solar auction. Seven bidders have been awarded projects in the country’s second solar tender with the power supply tariff set at 0.1745 Israeli Shekel (~$0.054)/kWh for all projects. This was the lowest quoted tariff in the bid which is now applicable for all winning projects and was determined using the uniform price method.
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BloombergNEF estimates that to generate enough green hydrogen to meet a quarter of the world’s energy needs would take more electricity than the world generates now from all sources and an investment of $11 trillion in production and storage. That’s why the focus for now is on the 15 percent of the economy with energy needs not easily supplied by wind and solar power, such as heavy manufacturing, long-distance trucking, and fuel for cargo ships and aircraft.
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Iraq’s electricity demand is expected to double by 2030. To meet the increasing demand, the Iraqi MoE hopes to add 1 GW of renewable-based capacity every year until 2030. It also targets generating 20 per cent of its power from cleaner sources as it has huge potential for solar and wind power.
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Morocco’s non-hydroelectric renewables capacity will grow by 4.4GW over the next decade, supported by the government’s power mix diversification efforts and favourable wind and solar conditions. Progress in the sector will be driven further by factors such as hydrogen adoption, international financing and the development of interconnections with the EU.
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Qatar’s 800 MW Siraj 1 solar project has reached financial closure with the Japan Bank for International Cooperation (JBIC) and Mizuho Bank agreeing to finance the construction of the project. The Japanese lenders have signed a $330 million syndicated loan according to the Qatar General Electricity and Water Corporation.
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Middle Eastern energy exporters, facing sharp economic contractions, have been caught in a dilemma. Keeping the economy going during the pandemic, and reviving and retooling it afterwards, requires heavy spending.
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The global economic slowdown presents Chinese entities with a cost-effective opportunity to expand investments in strategic sectors across the Gulf region.
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