The Finance World Magazine| Edition: April 2023

Energy News
ACWA Power signs deal for 1GW wind and
battery storage plant in Kazakhstan
Saudi Arabian energy firm, ACWA
Power has signed an agreement
with the Kazakh government to
develop a 1GW wind energy and
battery storage plant. The project will
be located in the Zhambyl region of
southern Kazakhstan and is expected
to start operations in 2024. The plant
will include 300 wind turbines and
200MW of battery storage capacity. The
development is part of Kazakhstan’s
plan to increase its renewable energy
capacity to 50% by 2050. The country’s
first wind farm began operations in 2019
and generated approximately 3.3% of
the country’s electricity in 2020.
Abu Dhabi Clean
Energy Powers 80% of
the City’s Electricity
Needs
Abu Dhabi’s achievement of
generating 80% of its electricity
from clean energy is a significant
step towards a sustainable
future. The Emirates Water and Electricity
Company’s (EWEC) contribution of 6.2
GW of the total 7.7 GW power demand
from renewable and clean energy is
commendable. This achievement is
in line with the UAE’s future vision
to develop world-class systems and
energy infrastructure. By 2030, EWEC
aims to raise Abu Dhabi’s solar power
generation to approximately 7GW and
produce more than 90% of its water
using RO plants.
Marubeni and PIF to Explore Clean Hydrogen
Project in Saudi Arabia
Marubeni Corporation has
entered into a memorandum
of understanding (MoU) with
Public Investment Fund (PIF)
of Saudi Arabia to create a framework
for developing a clean hydrogen project
in the kingdom. The two entities will
begin by conducting a feasibility study
to produce clean hydrogen, with the aim
of supplying both local and international
markets. PIF is spearheading Saudi Arabia’s
economic transformation by working
on projects to achieve the country’s net
zero greenhouse gas emissions goal by
2060. Marubeni already has ownership
stakes in four projects in Saudi Arabia
and plans to use its expertise in business
development and operations to push
forward with the hydrogen project.
ADNOC Makes Strategic
Investment in Sustainable
Technology
ADNOC Drilling Company has
agreed to purchase 10 new
hybrid power land drilling rigs
for a total cost of $252M. The
purchase is part of ADNOC Drilling’s
decarbonization strategy, which is aimed
at reducing greenhouse gas intensity
by 25% by 2030 and contributing to the
UAE’s Net Zero by 2050 initiative. The
hybrid power rigs will use a combination
of a high-capacity battery and engine
automation alongside traditional diesel
generators to reduce greenhouse gas
emissions intensity by 10%-15%. The
rigs can also be connected to the
electrical grid, which will further
reduce emissions.
40 www.thefinanceworld.com April 2023