Masdar conglomerate finalizes the funding for the third phase of Dubai solar farm

15/06/2017 09:30 Solar


A group managed by Abu Dhabi's renewable energy firm Masdar has accomplished the financing for the third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, it declared on Wednesday.

The project of 800 megawatts (MW) was funded by Union National Bank, the Islamic Development Bank, Arab Petroleum Investments Corporation, Natixis, Siemens Financial Services, Korea Development Bank and export credit agency Export Development Canada. The statement did not reveal the size of the loan.

The Masdar conglomerate comprises EDF Energies Nouvelles, a division of France's EDF Group. The group is expanding the solar project in collaboration with Dubai Electricity and Water Authority (DEWA).

Dubai's solar farms will attain a capacity of 5,000 MW by 2030. The third phase of the project will be functional by 2020, as stated by Saeed Mohammed Al Tayer, chief executive of DEWA.

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18/09/2020 14:15:00

Oil prices rose for the third consecutive day on Thursday, following OPEC’s meeting which had a positive influence on market. However, oil market is still kept under pressure, due to higher supply and flagging demand. Hence, Brent crude soared by nearly 2.6% to $43.30 a barrel. While the American WTI crude gained 2% to settle at $40.97 a barrel.


Nuclear essential to hydrogen future

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Untapped options for clean hydrogen - including the use of advanced modular reactors - can put the world back on the pathway to meeting the Paris climate goals, according to a new report from energy research and consultancy firm LucidCatalyst. The report says the clean energy transition from oil to hydrogen-based fuels could be achieved with a global investment of USD17 trillion, spent over 30 years from 2020 to 2050.


WindEurope seeks clear policy for offshore hybrids

18/09/2020 08:44:00

Trade body calls on EU to enable projects that connect into multiple power markets