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New era for renewable energy in the Gulf region


Shams-1-plant

The signing of the Shams 1 solar power project financing in the UAE last month has opened the way for a burgeoning in renewable energy in the Gulf, said Standard & Poors Ratings Services in a new report.

S&P believe that renewable energy projects are likely to gain momentum in the Gulf after this transaction successfully closed, and they expect the GCC to invest about US$100 billion over the next 10 years to increase power capacity.

"We believe the Shams 1 project marks the start of a potential new industry in renewable energy in the Gulf Cooperation Council region, where renewables currently only represent less than 1 per cent of the total energy mix," said Standard & Poor's credit analyst Karim Nassif.

Three companies, France's Total S.A., Spain's Abengoa S.A., and Abu Dhabi-based Masdar gained a US$600mn bank loan to build the solar plant, named Shams 1, which will have a 100-megawatt capacity and would qualify for carbon credits under the United Nation's Clean Development Mechanism (CDM).

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EGA and Masdar leadership at the signing of the agreement. (Image source: Masdar)

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EGA and Masdar leadership at the signing of the agreement. (Image source: Masdar)

Baudouin is catering to the demands of the data centre markets with the release of three new uprated DCP ratings. (Image source: Canva)

Energy technology takes spotlight at the MEE. (Image source: Adobe Stock)

The plant will add 80MW of power generation capacity from a non-fossil fuel source. (Image source: ALEC)

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SSAB will begin deliveries of the new products in 2026. (Image source: Manitou Group)

The new Perkins 5012 is a full-authority electronic engine optimised and purpose-built for power generation applications. (Image source: Perkins)

DNV's survey unveils energy sector optimism amid challenges, with political uncertainty looming. (Image source: Adobe Stock)

An example of the kanban method deployed at Staytite. (Image source: Staytite)

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Erich Kaltmann, managing director of Mosdorfer GmbH. (Image source: Mosdorfer)

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With RFID, assets can be given unique digital identities that enable you to identify and locate them all at once, from a distance, in real time.

The ground-breaking product on display is the FLIR Si2-Pro, an industrial acoustic imaging camera for partial discharge detection, pressurised leak detection and mechanical fault detection. (Image source: Teledyne FLIR)

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