Week In MiddleEast: Menlo Electric And JinkoSolar Forge Strategic Alliance To Boost Renewable Energy Projects; JinkoSolar To Form A Joint Venture With RELC And VI In Saudi Arabia For Production Of 10 GW Of High-efficiency Solar Cells And Solar Modules; And More

Energy, Hydrogen, Solar

Week In MiddleEast: Menlo Electric and JinkoSolar Forge Strategic Alliance to Boost Renewable Energy Projects; JinkoSolar to Form a Joint Venture with RELC and VI in Saudi Arabia for Production of 10 GW of High-efficiency Solar Cells and Solar Modules; And More

Menlo Electric and JinkoSolar Forge Strategic Alliance to Boost Renewable Energy Projects
In a significant move aimed at advancing renewable energy initiatives, Menlo Electric and JinkoSolar have announced a strategic partnership. Menlo Electric, a prominent distributor of photovoltaic solutions across Europe, the Middle East, and South Africa, and recently entered the US market, disclosed plans to integrate an additional 1GW of JinkoSolar’s photovoltaic modules over the next year. This alliance builds upon Menlo Electric’s past integration of 1GW of JinkoSolar modules and positions the company as a leading distributor of JinkoSolar products in the MENA region, ranking among the top three in Europe and second in South Africa. The partnership is fueled by increasing global demand for renewable energy solutions and a mutual commitment to environmental sustainability. JinkoSolar will supply high-performance solar modules to support Menlo Electric’s extensive portfolio of projects aimed at transforming energy infrastructures across multiple regions.

JinkoSolar to Form a Joint Venture with RELC and VI in Saudi Arabia for Production of 10 GW of High-efficiency Solar Cells and Solar Modules
JinkoSolar Holding Co., Ltd., one of the largest and most innovative solar module manufacturers in the world, today announced that its indirectly majority-owned subsidiary, JinkoSolar Middle East DMCC, has entered into a shareholders agreement with Renewable Energy Localization Company, a wholly-owned subsidiary of Public Investment Fund and the national champion in the manufacturing of renewable and green energy technologies, and Vision Industries Company, a limited liability company incorporated in Saudi Arabia which is a leading investor and developer of green energy industrial projects and local supply chains. Pursuant to the Agreement, Jinko Middle East, RELC and VI agree to form a joint venture in Saudi Arabia with Jinko Middle East, RELC and VI holding 40%, 40% and 20% equity interest, respectively. The formation of the joint venture is subject to customary preconditions, including obtaining the requisite regulatory approvals.

Saudi And German Energy Ministers Discuss Enhancing Cooperation In Climate Action And Clean Technologies
In a significant step towards enhancing bilateral relations and addressing global climate challenges, Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz, met with Jennifer Lee Morgan, the State Secretary and Special Envoy for International Climate Action at the Federal Foreign Office of Germany, on Wednesday in Riyadh. The meeting focused on mutual interests in climate action, exploring opportunities for cooperation in clean energy and clean technologies. Both ministers reaffirmed their commitment to the goals of the Paris Agreement and the United Nations Framework Convention on Climate Change (UNFCCC), emphasizing the importance of international collaboration to achieve sustainable outcomes from the Conferences of Parties.

UAE Leads Global Dialogue On Renewable Energy Minerals At UN Panel
His Excellency Abdulla Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability Affairs, represented the UAE at the United Nations’ Critical Energy Transition Minerals (CETM) Panel in Copenhagen. The event gathered government officials, organizations, and experts to explore the pivotal role of critical minerals in the global shift towards renewable energy. Hosted by United Nations Secretary-General António Guterres, the CETM Panel was established following its announcement at the UAE-hosted COP28 in 2023. Discussions centered on developing voluntary guiding principles to ensure a fair transition and sustainable use of critical energy minerals crucial for clean energy technologies like wind turbines, solar panels, and electric vehicles.

Egypt And UAE Forge Partnership For Renewable Energy Localization
Prime Minister Mostafa Madbouli chaired a pivotal meeting focusing on enhancing cooperation between Egypt and the United Arab Emirates in the realm of new and renewable energy. The session, attended by key officials including Sultan Al Jaber, UAE’s Minister of Industry and Advanced Technology, underscored a shared commitment to advancing the localization of renewable energy industries. Madbouli emphasized the strategic importance of integrating substantial amounts of renewable energy into Egypt’s electrical grid. He highlighted the agreement with Minister Sultan Al Jaber to develop an ambitious implementation plan aimed at swiftly achieving this goal while boosting the local manufacturing of technologies such as solar panels and wind energy components.

SCZONE’s ‘Egypt Green Hydrogen’ Project Lands 397 Million Euro Contract For Renewable Ammonia
The Suez Canal Economic Zone (SCZONE) has secured a significant contract worth 397 million euros through its “Egypt Green Hydrogen” project in Sokhna. The project, backed by Fertiglobe, Scatec ASA, Orascom Construction, and Egypt’s Sovereign Fund, triumphed in the H2Global auction to supply renewable ammonia to the European Union. Renewable ammonia, produced with green hydrogen, will be supplied at 1000 euros per ton until 2033, starting with up to 19,500 tons in 2027 and potentially reaching 397,000 tons by 2033. This success underscores Egypt’s strategy to localize the green fuel industry, leveraging its proximity to Europe and favorable conditions for renewable energy production.

Fueling Innovation: Japan And Arab States Forge Energy Alliances
The 5th Japan-Arab Economic Forum, cohosted by the Ministry of Foreign Affairs of Japan (MOFA), the Ministry of Economy, Trade, and Industry (METI), and the League of Arab States, concluded successfully on July 10-11, 2024, in Tokyo. The forum gathered key leaders including Ms. KAMIKAWA Yoko, Minister for Foreign Affairs, Mr. TSUJI Kiyoto, State Minister for Foreign Affairs, Mr. SAITO Ken, Minister of Economy, Trade and Industry, and Mr KOZUKI Ryosuke, State Minister of Economy, Trade and Industry from Japan, alongside H.E. Mr Ahmed Aboul Gheit, Secretary General of the League of Arab States, and various economic ministers from Arab countries.

Qatar And Iraq Strengthen Economic Ties And Renewable Energy Cooperation At Seventh Joint Committee Session
His Excellency Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry of Qatar, and His Excellency Mr. Athir Daoud Salman Al-Ghurairi, Minister of Commerce of Iraq, co-chaired the seventh session of the Qatari-Iraqi Joint Committee for Economic and Trade Cooperation, held in Baghdad on July 7-8, 2024. This session underscored the mutual commitment to enhancing bilateral cooperation, developing economic partnerships, and improving joint mechanisms between the two nations, with a significant focus on renewable energy initiatives.

Saudi Consortium Secures $3.9 Billion Financing for Taiba-2 and Qassim-2 Power Projects, Advancing Saudi Arabia’s Energy Goals
Aljomaih Energy & Water Company (AEC), in collaboration with Ajlan & Bros Group, Buhur for Investment Company, and the EDF Group, announced the successful financial close of the Taiba-2 and Qassim-2 Independent Power Plant (IPP) projects in Saudi Arabia, totaling 3.96 gigawatts (GW). The projects, valued at $3.9 billion (approximately 14.6 billion Saudi riyals), secured funding through a combination of Equity Bridge Financing and Senior Debt from several financial institutions including Riyad Bank, Saudi Awwal Bank, Abu Dhabi Commercial Bank (SDCB), and others as per AEC’s press statement.

Iran’s National Iranian Gas Company Invests $138 Million In Renewable Energy
Since August 2021, the National Iranian Gas Company (NIGC) has invested 80 trillion rials (approximately $138 million) to promote and stimulate investments in developing renewable energy projects across Iran, according to the company’s managing director. Majid Chegeni reported that during the Iranian calendar year 1400 (March 2021-March 2022), 25 trillion rials (about $43.1 million) were disbursed for this purpose, and in the subsequent Iranian calendar year 1401 (March 2022-March 2023), the expenditure increased to 30 trillion rials (around $51.7 million).