ACWA Power-led Consortium’s $2.4 Billion Al-Shuaibah Solar Projects Set to Energize Saudi Arabia
ACWA Power’s $2.4 billion Al-Shuaibah solar projects have brought Saudi Arabia’s renewable energy aspirations to the forefront. Led by ACWA Power, in collaboration with the Public Investment Fund (PIF) and Saudi Aramco subsidiaries, the financial closure signifies a significant step towards a sustainable energy future. With Al Shuaibah 1 and Al Shuaibah 2 solar PV projects boasting a combined capacity of over 2.6 GW, they hold the potential to power nearly 450,000 households and significantly reduce carbon emissions. The commitment of key financial institutions, like First Abu Dhabi Bank and Standard Chartered Bank, reflects the growing synergy between private and public sectors in advancing clean energy projects. As the projects gear up for commercial operations in 2025, Saudi Arabia’s position as a leader in the global renewable energy landscape is further solidified.
China shipyards feast on record LNG tanker orders as South Korea builders are full up
China is making fast inroads in the market for newbuild liquefied natural gas (LNG) tankers as local and foreign shipowners turn to its shipbuilders for the specialty vessels because long dominant yards in South Korea are fully booked.
EXCLUSIVE Germany to overhaul laws to allow energy bailouts – sources
Germany’s government will have the power to take stakes in utilities and impose emergency levies on consumers under proposed legal changes now under discussion, three sources told Reuters, as Berlin moves to beef up energy security.
JPMorgan’s Dimon warns of possible $1 billion Russia loss
JPMorgan (JPM.N) could lose about $1 billion on its Russia exposure, Chief Executive Jamie Dimon said on Monday, detailing the extent of the bank’s potential losses from the conflict in Ukraine for the first time.
