The deals include financing for solar energy, waste management, and water projects
Over $15 billion worth of projects and funding were announced at the World Future Energy Summit (WFES) in Abu Dhabi and co-located events, the International Water Summit and EcoWASTE Exhibition, it was announced on Monday.
Among the deals signed were a letter of intent the International Solar Alliance with YES Bank for its first financing commitment of $5 billion by 2030, in addition to nine solar projects across five ISA member countries, including the UAE, Nigeria, India, Saudi Arabia and Spain.
Additionally, Saudi Arabia announced its intention to launch $7 billion worth of renewable energy projects in 2018, which form part of the country’s larger aim of having 9.5 gigawatts (GW) of solar and wind capacity installed by 2023. The majority of the funding is expected to be spent on solar panels, with four GW of solar energy projects to be contracted throughout 2018.
At the International Water Summit, the Abu Dhabi Water and Electricity Authority (ADWEA) announced the completion of a $435 million strategic desalinated water reserve. Located in Liwa, the project will eventually house 26 billion liters, making it the largest manmade water reserve in the world.
On the second day of the summit, ADWEA also announced a $1.2 billion project to build the world’s largest reverse osmosis water desalination plant in Abu Dhabi, with operations slated to begin in October 2021. The plant will have a capacity of 200 million imperial gallons of water per day.
The water summit also saw $5 million worth of research grants being awarded to groups from the USA, Russia and China involved in rain enhancement research.
At the concurrent EcoWASTE exhibition, Tadweer (Abu Dhabi’s Centre of Waste Management), announced five waste management contracts worth $45 million with a number of local and international private companies. According to Tadweer, the deals will expand environmental waste solutions throughout Abu Dhabi and generate jobs.
Meanwhile, Masdar and Bee’ah announced financing commitments that had been secured for the Sharjah Multi-Fuel Waste-to-Energy Facility, a joint venture that will have the capacity to treat 300,000 tonnes of waste and a power capacity of 30 MW.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.