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.

The boost of low-cost renewables changes EU energy expectations for 2030

21/11/2017 13:54:00

The accelerated fall in wind and solar energy costs, and flexible demand technology could substitute more than 50% of coal and gas generated electricity in Europe by 2030, as indicated in a recent research published on Tuesday.


Bosnia inks a 60-million-euro loan agreement with KfW bank for Hrgud wind farm

21/11/2017 11:32:00

Bosnia's finance minister Vjekoslav Bevanda inked an agreement with German development bank KfW on Wednesday to financially back the construction of the Hrgud 48 MW wind farm. The loan is estimated at 60 million euros ($69.6 million). ​​​​​​​


Daily (21.11.2017): German spot electricity prices surged on lower wind power supply and higher demand

21/11/2017 10:41:00

Oil prices dropped on Monday, prolonging losses ahead of next week's OPEC meeting, while stronger dollar hurt commodities across the board. Brent crude futures fell 50 cents or 0.8 percent to close at $62.22 a barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures settled 13 cents or 0.2 percent down at $56.42. Oil has been under pressure for the last two weeks since peaking in early November.