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2018-01-22 08:30:00

SAUDIS CLEAN INVESTMENT

SAUDIS CLEAN INVESTMENT

BLOOMBERG - Abdul Latif Jameel Co., a Saudi Arabian industrial firm involved in everything from auto imports to real estate, is turning its attention to Latin America's clean-energy market.

The company is focusing on government-organized auctions, where developers vie for long-term contracts to sell power, according to Roberto de Diego Arozamena, chief executive officer at Abdul Latif Jameel's energy unit. Mexico, Chile and Peru offer strong potential for growth in renewable energy, and governments in the region are courting international investors to help diversify the electricity mix.

The Saudi company acquired in 2015 the Spanish solar developer Fotowatio Renewable Ventures, which came with about 3.8 gigawatts of projects in emerging solar markets including the Middle East, Australia, Africa and Latin America. Abdul Latif Jameel Energy is currently developing about 5 gigawatts of renewable energy projects globally, with 30 percent in Latin America.

"Latin America is an important market, where costs of renewables are declining and governments are giving support," Arozamena said in a telephone interview from Dubai. "We are eager to grow in the region."

The Saudi company's renewable-energy push comes as the kingdom seeks to meet a target set in 2016 of producing 70 percent of its power from natural gas and 30 percent from renewables and other sources by 2030. OPEC's biggest producer is among crude exporters struggling with budget deficits after oil prices declined.

Gas and oil supplied all of the country's energy in 2015, according to Bloomberg New Energy Finance. The government is now developing a program to provide subsidies for rooftop solar, and an auction last year held as part of the National Renewable Energy Program drew headlines for a record low bid for solar power –- $17.9 per megawatt-hour.

Investments in Latin America's clean power market jumped 65 percent to $17.2 billion last year, much higher than the global average of 3 percent, according to Bloomberg New Energy Finance. That compares to a 26 percent decline in Europe and less than 1 percent growth in the U.S.

" We are seeing more and more large, international European power companies in Latin America," said Ethan Zindler, an analyst at Bloomberg New Energy Finance.

Mexico's booming clean-energy projects have put the country neck-and-neck with the regional leader Brazil in the race for investments. Spending in Mexico jumped more than sixfold to $6.17 billion last year amid a national push to open the country's power, gas and oil markets that spurred competition after decades of state monopoly.

Abdul Latif Jameel Energy said on Tuesday it secured financing to start construction of a 342-megawatt solar project in Mexico this year, its first in the country. In Chile, it was awarded a hybrid project that will power about 224,000 Chilean homes with 100 megawatts of solar capacity and 100 megawatts of wind.

The company is wary about Brazil, because of the fluctuating currency and the lack of dollar-denominated contracts, and Argentina, which is still views as risky, Arozamena said.

"We have a strong pipeline in Latin America and will focus on solar and wind," said Arozamena.

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Earlier:

 Renewable
2017, September, 25, 13:10:00

RENEWABLE ENERGY UP

China accounts for the lion’s share of the upsurge. But Middle East and north African countries are scheduled to have installed 14GW in solar plants by the end of 2018 — a seven-fold increase from 2015. Central and South America are also expected to reach 14GW, nearly five times more than in 2015, while India is set to hit 28GW, a jump of nearly six times.

 

 Renewable
2017, July, 19, 14:35:00

CLEAN ENERGY PROBLEMS

A transition from fossil fuels to mitigate the impacts of climate change will require large amounts of metals and rare earth elements that could create environmental challenges, the World Bank has warned.

 

 Renewable
2017, April, 19, 17:40:00

SAUDI'S RENEWABLE ENERGY

Saudi Arabia aims to produce 10 percent of its power from renewable sources in the next six years as it pushes ahead with a multi-billion-dollar plan to diversify its energy mix and free up more crude oil for export.

 

 
 
 
 
Tags: SAUDI, ARABIA, MEXICO, CHILE, PERU, RENEWABLE, CLEAN, INVESTMENT

Chronicle:

SAUDIS CLEAN INVESTMENT
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

SAUDIS CLEAN INVESTMENT
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

SAUDIS CLEAN INVESTMENT
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

SAUDIS CLEAN INVESTMENT
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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