Category: Highlights

OPEC Fund Partners with IRENA to Accelerate Energy Transition Financing

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OPEC

Vienna, Austria, 19 June 2023 – The OPEC Fund for International Development (the OPEC Fund) today signed an agreement with the International Renewable Energy Agency (IRENA) to join the Energy Transition Accelerator Financing (ETAF) platform, a global initiative that seeks to mobilise funds for renewable energy investments. The OPEC Fund plans to support the platform with up to USD 250 million financing until 2030 to finance renewable energy solutions in its partner countries.  IRENA Director-General Francesco La Camera and OPEC Fund Director-General Abdulhamid Alkhalifa signed the agreement in Vienna during the OPEC Fund…

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ACWA Power and Energy China Signs EPC Contract for Solar PV Project

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Energy-China

ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, announced the signing of an Engineering, Procurement, and Construction (EPC) contract with Energy China Group Corporation (CEEC) for a solar photovoltaic (PV) project in Tashkent, Uzbekistan. The Power Purchase Agreement of the project has been signed earlier in March 2023, between ACWA Power and (JSC) National Electric Grid of Uzbekistan (NEGU) and Ministry of Investment, Industry and Trade. The project will form part of Uzbekistan’s ambitious targets to transition to a…

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NJ station to resume generation by end-July

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power-sector

ISLAMABAD: Efforts are underway at the Neelum Jhelum hydel power station to complete the necessary remedial works in the tail race tunnel, with the aim of resuming electricity generation by the end of next month. Chairman of the Water and Power Development Authority (WAPDA), Lt Gen Sajjad Ghani (Retd), was briefed on the progress during his visit to the project site. During the visit, the WAPDA chairman inspected the 3.5kilometer long tail race tunnel, focusing on the affected section. The consultants provided a detailed update on the rehabilitation works, highlighting…

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Tax Incentives To Supercharge U.S. Clean Energy Transition

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Clean-Energy

The U.S. Department of the Treasury and the IRS have released guidance on tax credits as part of the Inflation Reduction Act (IRA), which allows tax-exempt entities to engage directly in clean energy projects. The new guidance allows businesses without sufficient tax liability to sell their clean energy credits to a third party, thereby simplifying the financing for clean energy projects. According to John Podesta, Senior Advisor to the President for Clean Energy Innovation and Implementation, the new provision in the IRA provides a decade of policy certainty for the…

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Shell Pakistan’s share price has soared over 24% in 3 days after parent company’s intent to sell

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shell-pakistan

Shell Pakistan Limited’s (SPL) share price has surged over 24% in the last three trading sessions, a rise triggered by its announcement on Wednesday that Shell Petroleum Company Limited (SPCo) intends to sell its shareholding in SPL. From Rs82.95 to Rs103.05 on Friday, the price has surged 24.23%, hitting upper locks (the maximum increase allowed by the stock exchange on any particular day) on all three trading sessions along the way. While the announcement did not disclose the amount of shareholding SPCo intends to sell – it had a 77.42% stake in…

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