Energy

Saudi Arabian renewable energy heavyweight Acwa Power has disclosed its strategy to amass approximately 7.1 billion riyals (USD 1.9 billion) through a rights issue to its current shareholders. This initiative is a core part of the company's ambitious blueprint to expand its assets threefold by the year 2030.

ACWA Power, a leading Saudi utility provider, has announced a significant capital influx of SR7.13 billion ($1.89 billion) to back its ambitious goal of tripling its assets under management by the year 2030. This substantial financial reinforcement is set to be actualized through rights issues, as disclosed in an announcement on the Tadawul stock exchange.The strategic financial move is designed...

Wood, an esteemed name in the realm of consulting and engineering, has achieved a significant milestone by finishing the front-end engineering and design (FEED) phase for the pioneering phase of Aramco's Accelerated Carbon Capture and Sequestration (ACCS) project situated in Saudi Arabia. This initiative is poised to establish the largest carbon capture and sequestration (CCS) hub globally upon its full...

Saudi Arabia has experienced significant growth in its burgeoning energy efficiency industry, with the number of licensed operators reaching 55 by the conclusion of 2023, according to a prominent official.The nation is on a determined path to slash its carbon emissions and has set ambitious aspirations to reach net-zero by 2060. The Saudi Energy Efficiency Center plays a pivotal role...

Forging a new epoch in the Saudi energy domain, pv magazine and Solarabic have collaborated to create the transformative SunRise Arabia Clean Energy Conference. This pioneering event made its debut at the Hyatt Regency Riyadh Olaya on January 31, 2024, drawing a diverse mix of local and international stakeholders, along with governmental bodies engaged in renewable energy initiatives.Despite joining the...

The Middle East and North Africa (MENA) region is experiencing a significant expansion in the renewable energy sector, outpacing global growth due to its current modest base and the bold energy targets set for 2030. According to the International Energy Agency, the region is on course to expand its renewable energy capacity by 4.5 times from its 2022 levels, with...

Saudi Arabia is on track to be the inaugural G20 member to comprehensively adopt LED lighting for street illumination, aiming to significantly reduce energy consumption, as announced by a senior official from the National Energy Services Co., or Tarshid.During the 'Saudi Vision 2030 Outlook' discussion at the Global Project Management Forum 2024, held in Riyadh from June 2nd to 3rd,...

Saudi Arabia is positioning itself as a leader in renewable energy, hydrogen, and water technology by preparing to host the landmark Saudi Energy Convention in May 2024. This event will take place at the Riyadh International Convention and Exhibition Centre (RICEC), marking it as the Kingdom's premier event with a dedicated focus on these critical sectors.With over 250 global speakers...

Sungrow, a preeminent provider of PV inverters and energy storage systems, has entered into a strategic agreement with Larsen & Toubro for the provision of 165MW PV inverters and 160MW/760MWh energy storage systems. This initiative is for the acclaimed AMAALA resort in Saudi Arabia and is a key component of Saudi Arabia's Vision 2030 and China's Belt and Road Initiative,...

The Minister of Energy from Saudi Arabia, Prince Abdulaziz bin Salman bin Abdulaziz, recently conferred with the U.S. Secretary of Energy, Jennifer M. Granholm, in Riyadh. Their conversation was a continuation of the efforts set in motion by the Partnership for Advancing Clean Energy Agreement, which was ratified in Jeddah on July 15, 2022.Key areas of focus during their meeting...