The Abu Dhabi Fund for Development (ADFD) signed a financing agreement with the Gulf Cooperation Council Interconnection Authority (GCCIA) to expand the Gulf Cooperation Council’s power grid interconnection with the UAE’s national grid, valued at AED 752 million (~$205 million). The objective of the project is to strengthen the interconnectivity between the UAE and the GCC power grid, thereby enhancing regional energy resilience. The project supports the UAE Energy Strategy 2050 by creating an energy system that is both efficient and sustainable, fostering long-term economic growth for the nation. The agreement was signed at ADFD headquarters in Abu Dhabi by Mohammed Saif Al Suwaidi, Director General of ADFD, and Ahmed Ali Al Ebrahim, CEO of GCCIA.

Saudi-based ACWA Power launched a rights issue to raise SAR 7.12 billion (~$1.9 billion). ACWA will use the funds to expand its project pipeline and strategic acquisitions. The rights issue involves a 4.63% dilution and has been approved by the Capital Market Authority. Between 74% and 84% of the fund will be allocated to support current and future initiatives. These initiatives include the 2.7 GW Al-Zour North independent wind power project in Kuwait, a cogeneration plant capable of processing 540,000 cubic meters of water daily, as well as Saudi Arabia’s major projects under its National Renewable Energy Program.

Saudi Power Procurement Company signed a 700 MW power purchase agreement (PPA) for wind energy with Yanbu Wind Independent Power Plant in the country’s Al-Medina al-Munawwarah region.  The agreement was signed with a consortium led by Japan’s Marubeni Corporation and Saudi Arabia’s Ajlan and Bros Holding. The project is being developed for 1.7 billion Saudi riyals ($458 million). The levelized cost of electricity is 6.4 halalas/kWh ($1.72). The PPA duration was not disclosed.

Oman’s sole procurer of power and water capacity, Nama Power and Water Procurement Company, launched its fourth auction round for International Renewable Energy Certificates (I-RECs). The latest round offers over three million I-RECs. These certificates represent renewable energy generated by the Manah I and Manah II solar and Dhofar I wind projects between July 2024 and December 2025. The Manah I and Manah II projects each have a capacity of 500 MW. They are expected to generate approximately 1.5 million I-RECs annually. The Dhofar I project is estimated to generate roughly 150,000 certificates per year.