RIYADH: Abu Dhabi National Energy Co., known as TAQA, aims to cut greenhouse gas emissions by 25 percent by 2030 from 2019 levels as the UAE seeks to become net zero through this century.
The energy and water company intends to build more solar plants and shut down power plants running on gas, CEO Jasim Husain Thabet said in an interview with Bloomberg.
He explained that TAQA will build about 9 gigawatts of solar power and will close around 7 gigawatts of conventional gas plants during this decade.
Yellow Door Energy concludes $400m equity transaction
Dubai-based solar power developer Yellow Door Energy has concluded a $400 million equity transaction that will help it finance projects, worth $1 billion, in the Middle East and Africa, MEED reported.
The funding is provided by the solar power developer’s shareholder Actis, a UK-based private equity house.
Upon this transaction, Yellow Door Energy’s business plan will be fully funded and the management team is “now focused on executing sustainable energy solutions over the next five years,” according to a statement.
Amlak Finance to reduce losses
Dubai-based Amlak Finance will use the company’s general reserve in a bid to partially reduce its accumulated losses, according to Asharq.
By the end of June, the real estate financier’s accumulated losses amounted to 989 million dirhams ($269 million), amounting to around 66 percent of its capital.
Established in 2000, Amlak works in the real estate finance sector in the Middle East, and was converted into a public joint stock company in 2004, with offices in Egypt.
Géant UAE forms partnership with Bustanica
Supermarket chain Géant has partnered with Emirates Crop One, a joint venture between Emirates Flight Catering and the market technology platform in indoor vertical farming Crop One.
As per the partnership, Emirates Crop One, or Bustanica, will supply a range of products to Géant hypermarkets and supermarkets across the UAE, according to a statement.
Located near Al Maktoum International Airport at Dubai World Central, Bustanica’s 330,000 sq. ft. facility is geared to produce more than 1 million kilograms of high-quality leafy greens annually.