Daily News Wrap-Up: Abu Dhabi-based Masdar to Develop 100 MW Solar Project in Georgia

Egypt inaugurates a 1,465 MW Benban Solar Energy Complex


Here are some noteworthy cleantech announcements of the day from around the world:

Abu Dhabi-based renewable energy company Masdar has signed an agreement with the Georgian Energy Development Fund (GEDF) to develop a 100 MW solar photovoltaic PV power project. Masdar and GEDF will jointly progress the project’s development, which is being carried out as part of an agreement to develop renewable energy projects in the Eurasian nation. Georgia, which primarily relies on hydropower for electricity generation, wants to enhance its energy security and diversify its energy mix.

Egyptian president El-Sisi inaugurated the 1,465 MW Benban Solar Energy Complex in Aswan, Egypt.

Having a capacity of 1,465 megawatts, the $4 billion-Benban Solar Energy Complex was established in partnership with the private sector. The project has created 11,720 direct jobs and 23,440 indirect jobs during the implementation period. After it starts operations, it will create another 6,000, with 10% of the participating companies’ profits allocated to social responsibility programs.

Sterling & Wilson Renewable Energy (SWREL) approved an allotment of equity shares that would give Reliance New Energy Solar a stake of 15.46% in the company. Reliance will acquire more than 29.3 million shares at ₹375 (~$5.04) per share. This brings the value of the transaction to ₹11 billion (~$148 million). In October, Reliance agreed to buy a 40% stake in SWREL in a series of transactions, including the preferential allotment of shares, an acquisition from Shapoorji Pallonji and Co, and an open offer.

Spanish renewable power producer Opdenergy registered a €100 million (~$113 million) promissory notes program on Spain’s alternative fixed-income market MARF. The firm will use the program to reach qualified investors interested in funding renewable energy companies to diversify its sources of financing, optimize the average cost of debt and support its growth in the coming years. The company claims the in line with the green loan and green bond principles.