DUBAI: A consortium led by Abu Dhabi’s Masdar is aiming to raise an $800 million loan to help fund the building of the 800-megawatt (MW) third phase of Dubai’s solar park, the company’s CEO said.
The consortium, which also includes Spanish companies Fotowatio Renewable Ventures (FRV) and Gransolar Group, was selected to complete the third phase of Sheikh Mohammed bin Rashid Al-Maktoum Solar Park, Dubai Electricity and Water Authority (DEWA) said in a statement.
The consortium is in talks with banks including National Bank of Abu Dhabi, First Gulf Bank and Union National Bank to provide project finance, said Mohamed Al-Ramahi, CEO of green energy firm Masdar, wholly owned by Abu Dhabi investment fund Mubadala.
The funding should be finalized by November or December, he said.
DEWA didn’t name the other bidders, but sources previously told Reuters that China’s Jinko Solar, France’s EDF and Saudi Arabia’s ACWA Power were among companies either bidding alone or as part of different consortia.
The Masdar-led consortium submitted the lowest generation price to build the plant at 2.99 cents per kilowatt-hour (kWh), DEWA said.
The third phase of the park will be operational by 2020, it added.
It is planned to be the largest single-site solar park in the world, producing 5,000 MW by 2030 with a total investment of 50 billion dirhams ($13.6 billion), DEWA said.
Dubai is aiming to generate 25 percent of its total power from clean energy sources by 2030.
Masdar in talks for $800m loan to fund solar project
Masdar in talks for $800m loan to fund solar project
Qualitative leaps and record numbers are leading the Kingdom’s fisheries sector toward global leadership: vice minister
RIYADH: His Excellency the Vice Minister of Environment, Water and Agriculture, Engineer Mansour bin Hilal Al-Mushaiti, affirmed that the fisheries sector in the Kingdom has achieved qualitative accomplishments and record figures, with aquaculture production exceeding 192,000 tonnes.
This comes alongside the implementation of more than 410 projects in marine and inland waters, in addition to the export of approximately 59,000 tonnes of fishery products to more than 35 countries around the world, with a value exceeding SR1.3 billion ($346.66 million).
This was stated during His Excellency’s opening of the activities of the fifth edition of the Saudi International Marine Exhibition and Conference at the Riyadh International Convention and Exhibition Center, amid broad local and international attendance reflecting the exhibition’s growing stature as a regional and global specialized platform for the sector.
He stressed that the exhibition is no longer merely an event, but has become a global meeting platform, a growth driver, and a showcase reflecting the Kingdom’s leadership in the fisheries sector regionally and internationally.
He also underlined that this development is the result of the work of an integrated system that includes strategic planning, the development of policies and regulations, investor stimulation, and the capacity building of fishermen and practitioners.
These efforts have been led by the Ministry of Environment, Water and Agriculture, represented by the National Program for the Development of the Livestock and Fisheries Sector. They also include qualitative initiatives to support fishermen, regulate fishing activities, and develop port, transport, processing, and marketing services, positioning the Kingdom among advanced countries in the fisheries sector.
The vice minister of environment, water and agriculture also witnessed the signing of 13 memoranda, cooperation agreements, and investment contracts between a number of local and international entities, with an estimated value exceeding SR316 million.
These aim to develop investment opportunities in the fisheries sector, enhance the growth of local fishery exports to global markets, support fish and algae processing industries, and increase production efficiency to achieve food security and economic growth in line with the objectives of Saudi Vision 2030.
The exhibition, which runs for three days, is witnessing the participation of more than 30 countries and 120 exhibitors, and is expected to attract 15,000 visitors from various segments.
The event’s activities include 20 workshops in which 3,500 international and local investors and businesspeople are participating, in addition to 25 global speakers and experts.
Several countries are participating in the gathering, including China, Korea, Russia, and Norway, as well as Spain, France, and Germany, alongside the Food and Agriculture Organization of the UN.
This presence reflects the diversity of international expertise and the depth of global interest in the fisheries and aquaculture sector.
At the conclusion of the ceremony, His Excellency toured the exhibition pavilions, reviewed prominent modern technologies and solutions in the fields of fisheries and aquaculture, and listened to exhibitors’ explanations of the latest innovations, products, and services. He stressed the importance of such exhibitions in transferring knowledge, supporting investment, and enhancing the competitiveness of the fisheries sector in the Kingdom.
