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Total of 103 small and medium-sized enterprises compete for honours at 2017 Gulf Capital SME Awards
Small businesses in the UAE continue to defy the economic odds, as 103 of the best performing small and medium-sized enterprises (SMEs) in the country reported an average growth rate of just over 150 per cent in 2016.
These businesses were recently shortlisted as finalists of the 2017 Gulf Capital SME Awards – a programme launched five years ago by MEED - which celebrates the success, growth and innovation of SMEs as well as entrepreneurs and business leaders in the UAE.
Solar represents a competitive source in the energy mix across growth markets such as the Middle East & North Africa (MENA) and sub-Saharan Africa - Phanes Group's focus markets. In this interview with PV Magazine, Martin Haupts discusses the state of solar development in these regions, as well as Phanes Group's current activities and future plans. Read the article, through the link below.
For us at Phanes Group, making a real difference means supporting the local communities where we are developing solar projects. On the eve of Eid al Fitr, we donated bags of rice and cooking oil to villages in Sokoto and Kebbi states, located in Nigeria, just in time for the celebratory close to Ramadan.
Last week, the Phanes Group team attended the 2017 Africa Energy Forum in Copenhagen - a key calendar event for the industry's biggest players dedicated to the African continent. In follow-up, CEO Martin Haunts discusses key takeaways from the conference
The Phanes Group team's involvement with this week’s Africa Energy Forum 2017 comes at an important time for our work on the continent.
By the end of this year, we’re planning to bring our first utility-scale project in Nigeria’s Sokoto state to financial close. The project is one of three from Phanes Group in the country which together total 260 MW, and is also among 14 PPAs backed by the Nigerian government.
In new markets, there are a number of challenges facing stable economic growth. CEO Martin Haupts discusses the important potential for solar energy to impact the development of Africa's socio-economic growth.
Phanes Group is pleased to be exhibiting at the Africa Energy Forum (AEF) in Copenhagen next month. In the build-up to the event, CEO Martin Haupts spoke to EnergyNet – the forum organizers, about the best model for electrifying the continent and being an end-to-end solar provider.
Phanes Group has been recognized by MEA Markets as the "Leading UAE Renewable Energy Company of the Year" in the 2017 UAE Business Awards. This recognition of our work is the result of our staff giving their best every day to deliver the highest standard of quality and expertise in new and growing markets. A big thank you to the team!
A discussion on the impact SME's (Small & Medium-Sized Enterprises) are having on the renewable energy sector by Andrea Haupts, COO of Phanes Group. Read the article here - first published in Arabian Business magazine.
As last week's World Future Energy Summit / Abu Dhabi Sustainability Week came to a close, Martin Haupts discussed the state of the industry with radio station Dubai Eye 103.8. Tune in with the podcast linked below (interview starts at 45 minutes, 25 seconds).
Following-up to last week's World Future Energy Summit (WFES) in Abu Dhabi UAE - and as we head into the new year - Martin Haupts reflects on the case for renewable energy today. Read the full posting through the link below.
The UAE energy strategy 2050 and Saudi Arabia’s plans to go big on renewables and nuclear energy were some of the highlights of the four-day World Future Energy Summit (WFES) this year. Martin Haupts reflects on the opportunities these represent in this article by Gulf News.
Construction Week Online speaks with Martin Haupts on the renewable energy sector in the Middle East region, and about Phanes Group's plans for growth.
PV Insider and CSP Today have published their “MENA Solar Market Outlook for 2017” whitepaper, where Phanes Group CEO Martin Haupts speaks about the future of distributed solar in the region.
Andrea Haupts, COO of Phanes Group, shares her insights with Finance Middle East on starting and developing a start-up business, for the magazine's November 2016 issue.
COP22 was billed as a meeting that would strengthen the world’s commitment to a clean energy future. Instead, an unexpected Presidential result in the US left many leaving Morocco worried for the Paris Agreement and cast a shadow over the near-term future for renewable energy – part of the world’s action plan to tackle climate change.
But the truth is, renewable energy is now much more than just a climate mitigation initiative. As an industry, it’s growing – creating jobs, stimulating investment, driving economic development and catalyzing investment research. IRENA reports that over 8 million people are now employed in the renewable energy industry, and that figure continues to grow.
As part of its initiatives for rural electrification, Phanes Group is bringing solar powered water-pumps to Nigeria’s rural areas to help farmers save on cost for diesel while also saving on CO2 emissions.
Phanes Group is collaborating with DP World on CSR projects to cater to those who need energy solutions to improve their lives. This showcase school container was displayed on Wetex 2016 in Dubai and will be donated to a refugee camp to provide a safe teaching environment. More interesting projects coming soon.
Phanes Group team on site at the DP World Solar Power Programme. Working hard to help make the Shams Dubai program a success.
The Dubai-based developer signs PPA initiative to construct 100 MW solar farm in Sokoto in 2018, with two further 100 MW plants to follow in 2019.
The first project will entail a 100 MW solar farm in the country’s Sokoto region, with the first 50 MW phase of the plant penciled in for completion in the first quarter of 2018, and the entire plant scheduled to be online before the end of that year.
Media ME has published a whitepaper on last May's “COP 21: Outcomes and Effects on the Public-Private Sectors” conference - a Green Leadership Series event organized by Dubai Science Park and Dubai Green Economy Partnership. Phanes Group CEO Martin Haupts was invited to share his perspective on the role of the private sector in partnering to achieve the UAE’s Green Economy vision.
Phanes Group has launched a regional branch office in South Africa, which will act as a hub for the firm's activities both in South Africa and across Sub-Saharan Africa. Currently, Phanes Group's pipeline on the African continent exceeds 650 MW, including a 150 MW project under development in South Africa.
On May 16th 2016, the Dubai Green Economy Partnership and Dubai Science Park held the latest conference in its “Green Leadership Series”, with the attendance of UAE’s Ministry of Energy (MOEnr), Dubai Electricity and Water Authority (DEWA), Dubai Supreme Council of Energy (DSCE), the United Nations Development Programme (UNDP), Dubai Municipality, and the UAE Water Aid Foundation (Suqia).
Titled “COP 21: Outcomes and Effects on the Public-Private Sectors”, the event explored the impact of the recently-signed Paris Agreements on the UAE, as well as the UAE’s path towards achieving its sustainable development goals. A particular theme was the collaboration between the public and private sectors, and Phanes Group CEO Martin Haupts was invited to share his perspective on the role of the private sector in partnering to achieve the UAE’s Green Economy vision.
Phanes Group CEO Martin Haupts was interviewed for the April 2016 issue of Future Cities Middle East. The article features Martin's views on the Middle East region's rapidly changing market for solar PV projects, his perspective on the future, as well as the development of Phanes Group
Today is the 46th Earth Day and people from all walks of life, and all over the world will demonstrate their support for environmental protection.
It’s the biggest of the environmental celebrations and the Earth Day Network anticipates a billion people from 192 countries will take action today to safeguard the planet.
Green Energy Tomorrow, the regionally focused rooftop solar specialist launched by Phanes Group – has signed an agreement with DP World to deliver the first phase of the largest rooftop solar project in the Middle East. Green Energy Tomorrow secured the rooftop project following a competitive tender process.
Green Energy Tomorrow, the regionally focused rooftop solar specialist launched by Phanes Group - has signed an agreement with DP World to deliver the first phase of the largest rooftop solar project in the Middle East. Green Energy Tomorrow secured the project following a competitive tender process.
The project complements Dubai’s efforts to diversify energy sources in line with Dubai Vision 2021 and the Dubai Integrated Energy Strategy 2030 which seek to reduce energy demand by 30% by 2030.
More than 5,000 solar panels are helping a Dubai power station to become one of the region’s largest, single rooftop arrays, but companies say the authorisation process is inhibiting a large-scale roll-out. The Dubai Electricity and Water Authority (Dewa) announced yesterday that its Jebel Ali power plant was producing 1.5 megawatts of power, which is enough to power about a quarter of a million homes, according to the US-based Solar Energy Industry Association.
A 33.4 MW solar plant was officially inaugurated in Monte Plata province of the Dominican Republic. Monte Plata Phase I solar array has been developed by the Dubai-based Phanes Group, Taiwanese NSP Group and German Soventix.
Phanes Group has launched Green Energy Tomorrow, a full-service solar entity specializing in rooftop solar opportunities, i.e. rooftop portfolios and smaller-scale ground mounted solar systems. Its initial geographic focus will be the United Arab Emirates (UAE) and Dubai in particular, but the company also sees a strong growth potential especially with regards to the wider GCC region and Sub-Saharan Africa.
Green Energy Tomorrow is wholly owned by Phanes Group and its shareholders General Energy Solutions (GES) and Neo Solar Power (NSP) both from Taiwan – combining the extensive deployment, investment and financing expertise of Phanes Group, with the technology of its partners GES and NSP to scale up solar in the region.
Dubai-based solar company is targeting the addition of 500 MW of solar PV by 2018 across numerous regions globally; General Energy Solutions' 30% acquisition delivers ambitious boon for the company.
Dubai Carbon and the United Nations Development Programme have issued the latest edition of their annual "State of Green Economy Report".
Read an excerpt of the article "Supply and Demand Go Hand-in-Hand: How the Private Sector Can Assist Dubai in Achieving its Renewable-Energy Targets", in which Phanes Group Managing Director, Martin Haupts is quoted.
Phanes Group's Managing Director, Martin Haupts, has been quoted in The National, in today's article: "Bank Financing Falls Short of UAE's Green Economy".
The National Round Table on Financing & Investing in the Green Economy was held in Dubai, gathering financial institutions and regulators as well as Green Economy policy makers and businesses from across the UAE. The aim was to initiate dialogue on motivating the finance sector to become actively involved in the transition to a greener, more sustainable economy in the UAE and globally.
Martin Haupts, Managing Director of Dubai-based Phanes Group, was one of the panelists discussing the financing of low carbon opportunities. He sees huge potential in this field, especially in the range of $15m to $50m sukuk: “The green initiatives offer long-term stable revenues over 15 to 20 years. Islamic finance with securitization is a great option where conventional financing is not ready for the risk.”
The conference was co-hosted by the UAE Ministry of Environment and Water and the United Nations Environment Programme Finance Initiative (UNEP FI) and was attended by 300 participants. It forms part of the UAE preparations – in collaboration with UNEP – for hosting the 2016 UNEP FI Global Roundtable on Sustainable Finance under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid al Maktoum, Crowne Prince of Dubai.
Phanes Group’s Managing Director Martin Haupts described ways to refinance renewable energy assets in the Mena region, giving previous case studies from Phanes Group in the context of recent market developments during World Future Energy Summit (WFES) in Abu Dhabi.
He was part of a panel discussion about Green Sukuks (Islamic Bonds) and Financing Sustainable Energy Solutions in Mena organized by the Clean Energy Business Council.
The interactive seminar addressed sustainable energy financing in the region, and also discussed new ways of thinking about finance and capital for renewable energy projects.
The financing of renewable energy projects is seen as an issue because banks are often nervous about funding such initiatives. It has resulted in organizations seeking more innovative ways to fund renewable energy developments. The Clean Energy Business Council has been working with Dubai Ministries to promote a green sukuk as a new way of financing clean energy projects.
WFES is the Middle East’s largest gathering on future energy and attracted up to 30,000 delegates from 170 different countries.
Phanes’ Managing Director Martin Haupts spoke at the SEIDC conference in Cairo alongside Philip ter Wort, Egypt Director of European Bank for Reconstruction and Development (EBRD) on mitigating investment risks and attracting FDI for the Egyptian solar market.
In this panel discussion, the speakers specifically addressed how to identify key investor priorities and requirements. They also assessed fiscal incentives in place to attract investors and further requirements for the solar industry.
SEIDC is the first conference dedicated to the solar energy industry in Egypt and was held alongside the 24th International Power, Energy and Security Forum. It aims to be a networking platform for the industry in Egypt in order to discuss and learn about shaping policy and exchange knowledge about the market, finance and investment possibilities.
Phanes supports GES in a £18m solar deal to benefit up to 4,500 Manchester homes. Up to 4,500 social homes in Manchester will be fitted with solar panels after a housing association agreed an £18m deal.
Phanes Group starts operations through PAG Renewable Energy Services in Dubai to cater to the growing demand of renewable energy in the region.
PAG Renewable Energy Services is a project management specialist that focuses on
renewable project development in the EMEA region with a distinct focus on solar
energy and the Distributed PV segment. PAG’s geographical location positions the
company perfectly to harness the arising opportunities in the EMEA renewable
go to source
The World Bank this week approved $150m to fund off-grid solar systems in northeastern Kenya. The International Development Association credit is planned to provide power for an estimated 1.3 million people across 14 counties in Kenya’s northern and northeastern regions. According to the Bank, the project will aim to provide solar-based energy services to households, schools, hospitals, businesses and community centres through public-private partnerships that include “practical business models that attract private sector investment”. The project will include a technical assistance component that will facilitate a consumer education campaign as well as a capacity building programme.
Mauritius’ Central Electricity Board (CEB) has launched the second phase of the Small Scale Distributed Generation Net-Metering Scheme. The new phase of the program is expected to enable the installation of up to 2 MW of PV systems not exceeding 5 kW. Under the scheme, customers generating electricity will export any excess energy in the grid, in the form of kWh credits. The credits will be used when the customer’s system is not producing enough power to meet demand.
The International Energy Agency (IEA) has released its World Energy Investment report, showing that while there was a 12% fall in global energy investment last year, clean energy spending specifically claimed a record-high 43% share of all expenditure. $1.7 trillion USD is estimated to have been invested in global energy sectors last year, which accounts for 2.2% of global GDP.
The Sudanese government is currently preparing to launch a Feed-In Tariff Scheme for solar energy and for renewables in general. Developed with the support of the United Nations Development Programme (UNDP), it is expected to encourage grid-connected renewable energy projects as well as off-grid generation. They are now seeking consultants with experience in the development of national FIT programs to help the local government and the country’s Electricity Regulatory Authority (ERA) find the most suitable legal and regulatory framework for a future incentive scheme.
Energy consumption in Africa is the lowest in the world, and per capita consumption has remained almost constant since 2000 – according to the new Atlas released Thursday 4 May by UN Environment and the African Development Bank during the World Economic Forum.
Current energy production in Africa is insufficient to meet demand, with about a third of the total population of Africa still lacking access to electricity.
The Atlas – developed in collaboration with the Environment Pulse Institute, United States Geological Survey and George Mason University – consolidates information in the “form of detailed ‘before and after’ images, charts, maps and other satellite data from 54 countries through visuals detailing the challenges and opportunities in providing Africa’s population with access to reliable, affordable and modern energy services” – said UN Environment in a press release.
Adding to the list of studies highlighting the immense growth of renewables last year, the International Renewable Energy Agency (IRENA) has released a new report that finds global renewable energy generation capacity increased by 161 GW in 2016, making it the strongest year ever for new capacity additions. Perhaps most notably, though, the report also says solar growth outpaced wind energy for the first time since 2013.
IRENA’s Renewable Energy Capacity Statistics 2017 report estimates that by the end of last year, the world’s renewable generation capacity reached 2,006 GW, with solar energy showing particularly strong growth.
The route to decarbonisation in the energy sector will create benefits of US$10 trillion every year by 2050, while requiring only US$1.8 trillion to implement, according to a new joint report from the International Energy Agency (IAE) and the International Renewable Energy Agency (IRENA).
In their first ever collaboration, IEA and IRENA found that a total of 6 million jobs would be created, even when accounting for jobs lost in other industries. Further jobs will also be created in the energy efficiency sector. However, the report also found that losses at oil and gas companies could reach more than US$1.3 trillion if the transition is not managed properly.
The European Commission has announced its continued support to the African continent by promoting renewables through the Africa Renewable Energy Initiative. The Commission said this initiative is in line with its wider efforts in the implementation of the 2030 agenda on sustainable development and the Paris Climate Change Agreement. Launched in December 2015 at COP21, the Africa Renewable Energy Initiative (AREI) is an Africa-owned initiative of the African Union.
Renewable energy is a fundamental and growing part of the global energy transformation. Increasingly, renewables have become the first choice for expanding, upgrading and modernising power systems around the world. Click here to view IRENA's "REthinking Energy 2017" report, on accelerating the global energy transformation.
Acting President, Prof. Yemi Osinbajo on Thursday said that the Federal Government was making arrangements to inaugurate the first African Sovereign Green Bond to address climate change and environmental projects. Osinbajo said this at the Green Bonds Capital Market and Investors Conference organised by the Federal Ministry of Environment and the Debt Management Office (DMO) at the Nigerian Stock Exchange (NSE) office in Lagos. The News Agency of Nigeria (NAN) reports that Bonds are debt instruments issued by a government or a company which represent a fixed sum of money that was borrowed.
Venture capital (VC) funds are increasingly turning to clean energy for safe investments, with 2016 seeing record levels of cash funneled into rooftop solar and other low-carbon technologies, finds Bloomberg New Energy Finance (BNEF). Last year, a total of $834 million went via VC funds into the clean energy industry. This is the highest figure recorded by BNEF since the analysts first started collecting data in 2004, and marked the third consecutive year that the figure invested increased. This momentum suggests a returning confidence among VC and private equity (PE) investors in solar, wind and other green technologies, having been chased away from the sector by more mainstream investors over the past five years.
On Sunday, the German Solar Association (BSW-Solar) announced the growth of solar photovoltaic (PV) technology has now reached a significant milestone with 300 GW of total installed solar power capacity around the world. The global solar PV market increased by nearly 70 GW in 2016, reaching 294.69 GW, led by China, according to research and consulting firm GlobalData – a jump of around 30 per cent in new deployment compared to the previous year 2015. The photovoltaic systems installed in 2016 alone generate around 90 terawatt hours of clean solar power.
Former United Nations Under-Secretary-General and currently the Special Representative of the Secretary General on Sustainable Energy for All, Dr Kandeh Yumkella has applauded the growth of alternative energy in recent years.Dr Yumkella was speaking in Lagos, Nigeria at the launch of N1billion ($3 million) Solar Energy Fund for Micro, Small and Medium Enterprises (MSMEs) by the Bank of Industry (BoI), The Nation reported.
Saudi Arabia plans to invest up to US$50 billion to help meet its target of producing enough electricity from renewables to power the equivalent of 3 million homes within six years, the country’s oil minister said yesterday. The government has set a target of generating 9.5 gigawatts of electricity from renewables by 2023 as it reduces its reliance on burning oil to produce power. Saudi Arabia will eventually generate 70 per cent of its electricity from gas – up from about 40 per cent in 2014 – and the remainder from renewables and other sources, Mr Falih said.
Vice President and Prime Minister of the United Arab Emirates Sheikh Mohammed bin Rashid Al Maktoum announced the UAE’s new energy strategy for the next 30 years. This new strategy aims to spur the integration of clean energy into the total energy mix to 50%, which will generate savings of AED700 billion (US$191 billion) by 2050.
Nigeria plans to raise 20 billion naira ($63 million) by March to help fund renewable energy projects, the first issuance of so-called green bonds in West Africa’s biggest economy. “We are on track to sell the bond in the first quarter, a sovereign, and could have another by the end of the year,” Environment Minister Amina Mohammed said in an interview Friday in the capital, Abuja.
Abu Dhabi is in the process of establishing net metering regulations for small-scale solar in the region.
The Regulation & Supervision Bureau of Abu Dhabi is currently gathering public comment on the proposition which will allow for net metering of small solar sites of between 50kW and 5MW in capacity. In the process, the body hopes to set out any necessary requirements for implementation, establish a framework and ensure the safe construction, installation and O&M of small-scale PV systems.
Last week, the multilateral financial institution stated that the funds will be spent over the next five years under the African Renewable Energy Initiative of the Africa Union (AU), the Standard Media reported. The initiative targets to deliver 10GW of electricity by 2020 and 300GW by 2030.
Last year was a record year for global PV installations, according to the International Energy Agency’s latest Trends in Photovoltaic Applications report, released last week. Worldwide installed capacity amounted to 51 gigawatts in 2015, up from around 40 gigawatts in the two preceding years.
The African Development Bank (AfDB) on Tuesday, announced that its annual climate financing will triple to $5-billion dollars a year by 2020, which will increase its total new investments to 40% by 2020.
This was announced at the sixth Conference on Climate Change and Development in Africa (CCDA-VI) which is held in United Nations Economic Commission for Africa, Addis Ababa.
Global clean energy communications and consulting firm Mercom Capital Group released its report on funding and merger and acquisition (M&A) moves for the PV market in the third quarter of 2016.
Total corporate funding, including venture capital, public market and debt financing into the solar sector in Q3 2016 was up to about US$3 billion in 45 deals — compared to US$1.7 billion in 32 deals in Q2 2016.
International Finance Corporation (IFC), a member of the World Bank Group has announced its partnership with the DFID, aimed at facilitating the deployment of off-grid and embedded solar systems in commercial and industrial sectors in the West African country.
The IFC announced in a statement explained that the ultimate goal is to help corporates and SMEs to have better and more reliable access to electricity, utilising the country’s abundant solar resources. In addition, this will contribute to Nigeria’s sustainable economic growth and greenhouse gas emission reduction objectives.
It has never been "more possible, and less expensive" for Africa to build solar power capacity, as the installed cost for utility-scale parks has fallen to as low as USD 1.30 (EUR 1.16) per watt, the International Renewable Energy Agency (IRENA) says in a new report.
Since 2012, utility-scale solar photovoltaic (PV) costs on the continent have decreased by 61% and IRENA Director-General Adnan Z Amin says further declines of up to 59% are possible in the next 10 years.
Solar power topped the ranking of most promising investment opportunities in Africa as the energy sector was considered to be the main driver of economic growth within the 2020 horizon, according to survey among top finance institution. The survey was carried out among 55 financial institutions and banks...
Global solar installations are expected to grow 43% this year, to 73GW, according to GTM’s latest report, ‘Global Solar Demand Monitor, Q3 2016’.
2016 is set to be another record year for solar globally, after 2015 which had a total demand of 55GW, 10GW more than the previous year. The first half of 2016 saw a major uptick in demand driven by an unprecedented volume of installations in China and the UK, in advance of expiring capital incentives. Also in H1 2016, the US reached a record-breaking 1 million solar system installs, which further solidified the nation’s number 2 position in the global market, with 14.5GW, bolsted by the ITC extension. India completed 2GW of solar installs within the same time frame.
On Wednesday, the International Renewable Energy Agency (IRENA) released a new report at the Intersolar Europe trade show which looks at multiple aspects of the dramatic growth of solar industry. Letting in the Light forecasts that global solar PV capacity could increase roughly 10-fold from 227 GW today to 1,760-2,500 GW.
This year’s edition of BNEF’s long-term forecast sees $11.4 trillion investment in global power generation capacity over 25 years, with electric vehicles boosting electricity demand by 8% in 2040. Some $7.8 trillion will be invested in green power, with onshore and offshore wind attracting $3.1 trillion, utility-scale, rooftop and other small-scale solar $3.4 trillion, and hydro-electric $911 billion.
Last year was a record 12 months for renewable energy investment and installations, with REN21 calculating in its latest global status report that the world boosted its clean power capacity by 147.2 GW in 2015.
The Renewables 2016 Global Status Report, published today, found that new installations of renewable power generation capacity reached 1,848.5 GW cumulatively at the end of last year, fuelled by record levels of spending.
Last week, 175 countries signed onto a global agreement to significantly reduce carbon emissions in the face of the threat of climate change. Many of those same countries—particularly India, China, and Nigeria—are simultaneously experiencing major urbanization trends that will move billions of people into cities over the next several decades. In fact, according to the United Nations, approximately 2.5 billion people will likely join the world’s urban population by 2050, almost entirely in Asia and Africa. By that time, two-thirds of the world’s population is projected to be living in urban areas, according to the United Nations.
IRENA has released its latest 'Renewable Capacity Statistics' report, showing 2015 was a record year for renewable energy generation capacity – expanding 8.3% globally even within the context of depressed oil & gas prices. New solar installations were particularly strong, with 47 GW of capacity added during the year.
In the lead-up to the coming Paris Agreement signing, the World Bank revealed on Thursday its new Climate Change Action Plan, detailing its plan to support the development of 30 GW of renewable energy in developing countries. In particular, it has designated distributed solar (and rooftop specifically) as high-opportunity sectors.
Coal and gas-fired electricity generation last year drew less than half the record investment made in solar, wind and other renewables capacity - one of several important firsts for green energy recently announced in a United Nations-backed report.
"Renewables are becoming ever more central to our low-carbon lifestyles, and the record-setting investments in 2015 are further proof of this trend,” said UNEP Executive Director Achim Steiner in a press release. “Importantly, for the first time in 2015, renewables in investments were higher in developing countries than developed."
The Abu Dhabi Fund for Development (ADFD) and IRENA have opened a new round of funding to support renewable energy projects in developing markets, with total volume at around $50 million USD. Funding will take the form of concessional loans between $5 million USD and $15 million USD offering lower interest rates than traditional loans. Almost 30% of past funding has been channelled to Africa, opening the door for UAE companies to participate in the renewables development in these markets.
There is no doubt that investing in solar electricity generates important environmental, economic and social benefits. Therefore, it comes as no surprise that Egypt has committed to generating as much as 20% of its energy from renewable sources, including solar by 2020.
Governments, utility companies and private enterprises around the world have rapidly been embracing the potential to tap into our most abundant energy resource – the sun – and for good reason: the amount of sunlight that reaches the Earth’s surface every six minutes is sufficient to produce more electricity than the world’s population consumes over an entire year. Solar energy is not only clean and renewable, but is also cost competitive with fossil fuels.