GERC Rejects Gensol’s Plea to Allow Signing of PPA by its SPV Under KUSUM

European Commission to Back 61 Net-Zero Projects with €2.9 Billion Grant

Rajasthan Approves Parallel Operation Charges for Captive Power Projects

Gujarat Regulator Approves Tariffs for 500 MW/1,000 MWh BESS Projects

Delhi High Court Upholds CERC’s Powers to Refer Power Disputes for Arbitration

Mizoram Invites Bids for 56 MW Solar Projects in Five Districts

LEAPTING to Supply Module Cleaning Robots to BluPine’s Solar Projects

Inox Wind Secures Orders for 229 MW of Wind Turbine Generators

Daily News Wrap-Up: Deviation Limits May Raise Renewable Tariffs

Solarium Green Receives Orders for Modules Worth ₹186 Million


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/11/amazon_polly_86280.mp3?version=1762179865">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The <strong>Saudi Power Procurement Company</strong> <a href="https://www.mercomindia.com/saudi-arabia-awards-4-5-gw-of-solar-and-wind-energy-projects" target="_blank" rel="noopener">awarded</a> four solar and one wind projects totaling 4.5 GW in the sixth phase of the <strong>National Renewable Energy Program</strong>. <strong>Abu Dhabi Future Energy Company (Masdar)</strong> won the 1.4 GW Najran solar project at a levelized cost of energy (LCOE) of SAR0.04 (~$0.01)/kWh. Masdar won the 600 MW Ad Darb solar project at an LCOE of SAR0.05 (~$0.01)/kWh. The project will be located in Jazan province. Saudi Electricity Company and <strong>Électricité de France Power Solutions International</strong> won the 600 MW Samtah solar project at an LCOE of SAR0.06 (~$0.02)/kWh.</p>
<p>The <strong>Kirkuk administration</strong> in northern <strong>Iraq</strong> <a href="https://shafaq.com/en/Economy/Iraq-approves-solar-projects-in-Kirkuk-to-expand-renewable-energy" target="_blank" rel="noopener">approved</a> several sites for new solar projects under the federal government’s renewable energy expansion plan. Governor Rebwar Taha announced the move during the Kirkuk International Solar Energy Exhibition, stating that the projects aim to ease pressure on the national grid and reduce power outages, especially during summer. Iraq continues to rely heavily on oil, which powers most of its electricity and makes up a large part of its exports. Nonetheless, ongoing power outages, gas flaring, and dependence on imports have driven the government to seek energy diversification mix.</p>
<p><strong>Foulath Holding</strong>, the parent company of <strong>Bahrain Steel</strong> and <strong>SULB</strong>, <a href="https://www.zawya.com/en/business/energy/bahrain-deal-to-build-worlds-largest-single-site-rooftop-solar-plant-g5rp503o" target="_blank" rel="noopener">signed</a> a partnership with <strong>Yellow Door Energy</strong> to develop a 123 MW solar power project in Bahrain, which includes a rooftop solar plant with a capacity of 50 MW. The project will feature 77,000 panels across a 262,000-square-meter stockyard, generating about 200 million kWh.</p>
<p><strong>Egypt</strong> <a href="https://www.zawya.com/en/projects/utilities/grand-egyptian-museum-shines-with-solar-power-izpwgbe3" target="_blank" rel="noopener">inaugurated</a> the Grand Egyptian Museum. With support from the UNDP and JICA, and under the supervision of Egypt’s Industrial Modernization Center, the museum has installed a 1.315 MW solar photovoltaic system, producing 2.24 GWh of clean energy annually. This initiative is expected to reduce carbon emissions by over 100,000 tons per year and aligns with Egypt’s Vision 2030 for sustainable development. The project, part of the IMC’s Green Economy Program.</p>
<p><strong>TotalEnergies</strong> and <strong>Saudi </strong>developer <strong>Aljomaih Energy &amp; Water</strong> have <a href="https://www.zawya.com/en/projects/utilities/totalenergies-led-consortium-awarded-400-megawatt-solar-project-in-saudi-arabia-v5uarhtj" target="_blank" rel="noopener">secured</a> a license to build a 400 MW solar power plant in Saudi Arabia, with operations expected to begin in 2027. The project will power 68,400 homes and sell electricity to the Saudi Power Procurement Company through a 25-year PPA. Despite plans to divest from non-priority markets, TotalEnergies continues investing in renewables tied to its oil and gas hubs, including this project linked to its petrochemical complex with Aramco. The initiative supports Saudi Arabia’s efforts to increase the share of renewables in its national energy mix.</p>
<p><strong>Saudi Arabia’s ACWA Power</strong> <a href="https://www.acwapower.com/news/acwa-power-unveils-usd10-billion-in-new-clean-energy-and-financing-agreements-at-fii9/" target="_blank" rel="noopener">announced</a> agreements amounting to $10 billion at the Future Investment Initiative in Riyadh, expanding its clean energy portfolio across the GCC, Central Asia, China, and Africa. Key deals include a $6 billion investment in Saudi renewable projects under the National Renewable Energy Program, as well as major financing for solar and wind projects in Uzbekistan. The company also formed partnerships with IFC and the OPEC Fund to support African clean energy investments.</p>


MENA Weekly Round-Up: Saudi Arabia Awards 4.5 GW Renewable Projects


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/07/amazon_polly_82167.mp3?version=1753073340">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>A consortium of renewable energy project developers, led by <strong>ACWA Power,</strong> <a href="https://www.arabnews.com/node/2607947/business-economy" target="_blank" rel="noopener">signed</a> agreements totaling SAR31 billion (~$8.3 billion) to develop seven solar and wind power projects with a cumulative capacity of 15 GW. The solar projects include the Bisha project in <strong>Saudi Arabia</strong>’s Asir and the Humaij project in Madinah, totaling 6 GW capacity. They also include the Khulis project in Makkah, as well as the Afif 1 and Afif 2 projects in the Riyadh region, also with a cumulative capacity of 6 GW. The consortium will develop two wind power projects: the Starah project (2 GW) and the Shaqra project (1 GW).</p>
<p>The <strong>Saudi Power Procurement Company</strong> and a consortium led by <strong>ACWA Power</strong> have <a href="https://www.pv-magazine.com/2025/07/14/saudi-arabia-signs-5-solar-ppas-totaling-12-gw/" target="_blank" rel="noopener">signed</a> five solar power purchase agreements (PPAs), totaling a capacity of 12 GW. The deals signed by the companies were in partnership with the <strong>Water and Electricity Holding Company </strong>and <strong>Aramco Power</strong>. The PPAs were signed for the 3 GW Humaji project in the western Madinah region, with a levelized cost of electricity (LCOE) of SAR0.049 (~$0.013)/kWh, and for the 2 GW Khulis project in the western Makkah region, with an LCOE of SAR0.051 (~$0.013)/kWh.</p>
<p>According to <strong>Saudi Arabia’s General Authority for Statistics</strong>, the country <a href="https://taiyangnews.info/markets/saudi-arabia-installed-375-gw-new-solar-pv-capacity-2024" target="_blank" rel="noopener">added</a> <strong>3.75 GW</strong> of new solar capacity across five projects in 2024. Solar comprised 6.15 GW, and wind accounted for 400 MW of the added capacity in the renewable power mix. Total investments in renewable energy projects amounted to approximately SAR19.8 billion ($5.27 billion) as of the end of 2024, comprising SAR18.26 billion ($4.8 billion) for a solar and SAR1.57 billion ($420 million) for a wind energy project.</p>
<p>According to the <strong>Energy Industries Council’s</strong> <strong>(EIC)</strong> Survive and Thrive report, 90% of energy companies operating in the <strong>Middle East</strong> reported growth in 2024, with average revenues jumping by 68%. Firms in the <strong>Americas</strong> reported an average 20% growth, followed by the <strong>UK</strong> and <strong>Ireland</strong> at 16%, <strong>Continental Europe</strong> at 13%, and<strong> Asia Pacific</strong> at 8%. With more than 90% of EIC member companies in the Middle East still focusing on oil and gas, the growth of investment into renewables, hydrogen, and digital infrastructure reveals a willingness to embrace what’s next, without abandoning what works now.</p>
<p><strong>Oman’s </strong>solar and wind share in the power mix <a href="https://www.utilities-me.com/news/oman-renewable-energy-2025" target="_blank" rel="noopener"><strong>surged</strong></a> by 11.5% in the first five months of 2025, over doubling from approximately 4.88% at the end of December 2024. The Nama Power and Water Procurement Company contributed 1.88 terawatt-hours (TWh) of renewable energy between January and May 2025. The 1.88 TWh of power generated nearly reaches the total renewable output of 2.4 TWh recorded for the whole of 2024.</p>


MENA Weekly Round-Up: Saudi Consortium to Build 15 GW Solar, Wind Projects


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/03/amazon_polly_77476.mp3?version=1742197480">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>When <a href="https://masdar.ae/" target="_blank" rel="noopener">Masdar</a>, the UAE’s flagship renewable energy company, <a href="https://www.mercomindia.com/uaes-masdar-raises-750-million-green-bonds" target="_blank" rel="noopener">launched</a> its $750 million green bond in mid-2023, the response was overwhelming. Investors scrambled to get in, oversubscribing the issuance nearly six times.</p>
<p>A similar story played out a year earlier with Abu Dhabi National Energy Company (<a href="https://www.tq.com/" target="_blank" rel="noopener">TAQA</a>), whose $1 billion green bond was met with equal enthusiasm.</p>
<p>The message from capital markets was clear: sustainability sells, even in the oil heartland of the Middle East.</p>
<p>While green finance remains a relatively new concept in the region, it is rapidly gaining traction. Data from Bloomberg’s Capital Markets League Tables reveals that in 2023, annual issuances of green, social, sustainable, and sustainability-linked bonds (GSSB) in the Middle East and North Africa (MENA) soared to a record $24 billion, a 155% increase. The UAE and Saudi Arabia accounted for 77% of the total regional issuances.</p>
<p>For decades, Middle Eastern energy financing was dominated by fossil fuels. Banks and sovereign wealth funds funneled billions into oil and gas projects with little consideration for environmental concerns. Now, shifting government policies, evolving investor appetites, and economic necessity are <a href="https://www.mercomindia.com/uae-banks-green-financing-climate-change" target="_blank" rel="noopener">pushing</a> green bonds to the forefront of the region’s sustainability narrative.</p>
<p><strong>Hedge Against Oil Price Volatility</strong></p>
<p>Gulf governments are eager to future-proof their economies against oil price volatility. The UAE is pledging net-zero emissions by 2050 and Saudi Arabia by 2060, and both are driving a wave of renewable energy projects.</p>
<p>The UAE’s role as host of COP28 in 2023 amplified this momentum, with corporate and government entities collectively issuing nearly $8 billion in sustainable debt. The year saw 11 debut green issuers in the UAE alone, including DP World’s $1.5 billion sukuk (Islamic financial certificate), the Sharjah government’s $1 billion bond, and significant issuances from TAQA, Emirates NBD, Masdar, Mubadala, Aldar, and Commercial Bank of Dubai.</p>
<p>Traditional Islamic finance players such as Dubai Islamic Bank and Abu Dhabi Islamic Bank also joined the trend, with green sukuk worth $750 million and $500 million, respectively.</p>
<p>Saudi Arabia is also stepping up. The kingdom accounted for 32% of the region’s total green financing volume, marking a 69% year-on-year increase. The Public Investment Fund (PIF) was the region’s largest issuer, raising $5.5 billion in February 2023 alone. Other key players included Saudi National Bank, Saudi Electricity Company, and Al Rajhi Bank, each issuing over $1 billion in green debt.</p>
<p>Beyond the Gulf, other MENA countries are eager to ride the green finance wave. Egypt has made headlines with its Green Panda Bond, the first from the region issued in China, raising $479 million for public transit projects. The bond also benefited from a partial guarantee by the Asian Infrastructure Investment Bank, a move designed to lower Egypt’s borrowing costs.</p>
<p>Meanwhile, Jordan Kuwait Bank made history with Jordan’s first green bond, supported by blended financing from the International Finance Corporation (IFC). First-time issuers are emerging across the region, signaling a broader shift, but questions about market liquidity and long-term sustainability remain.</p>
<p><strong>Emergence of Green Sukuk</strong></p>
<p>One of the most significant trends is the rise of green sukuk. Islamic finance issuances accounted for over a quarter of total MENA green debt for the first time, reaching approximately $6.5 billion in 2023. This figure represented over half of all global green sukuk sales, with major issuances from ADIB, DP World, First Abu Dhabi Bank, Majid Al Futtaim, and Aldar.</p>
<p>The growing intersection of Islamic finance and sustainability reflects a broader shift in investor priorities. Sharia-compliant green bonds provide a unique opportunity for Middle Eastern economies to tap into ethical and sustainability-conscious investors while expanding the depth of their capital markets.</p>
<p>Recently, Dubai Electricity and Water Authority (<a href="https://www.dewa.gov.ae/en/" target="_blank" rel="noopener">DEWA</a>) has invited international developers to submit expressions of interest for a tender to develop the 1,600 MW seventh phase of the Mohammed bin Rashid Al Maktoum Solar Park. This phase, which is expandable to 2,000 MW, will use photovoltaic solar panels and a battery energy storage system with a capacity of 1,000 MW for six hours, providing a total storage capacity of 6,000 MWh.</p>
<p>Similar mega renewable energy projects have been announced in Saudi Arabia and Oman. But these projects require capital, often tens of billions of dollars, when state finances are under strain, and investors are demanding proof of commitment to sustainability.</p>
<p>As governments look to balance their budgets, they are turning to alternative financing options, such as green bonds, to support these initiatives. Green bonds offer a valuable mechanism for tapping into global capital markets, enabling the financing of renewable energy projects while reducing reliance on state budgets.</p>
<p>In one of the biggest financing deals made recently, Saudi Arabia’s $8 billion NEOM green hydrogen plant secured its financial close, becoming the largest green project financing in the region.</p>
<p>Standard &amp; Poor’s Global Ratings recently reported that sustainable bond issuances in the Middle East reached approximately US$16.7 billion in the first nine months of 2024. The Middle East’s green finance momentum shows no signs of slowing down.</p>
<p>Sharjah issued its second sustainable bond in February, Oman introduced a Sustainable Finance Framework, and Qatar is preparing to launch its first green bond. Saudi Arabia, which has already raised billions through PIF, is now contemplating its sovereign green issuance and has unveiled a Green Financing Framework to map out its climate commitments.</p>
<p>While the rapid expansion of green finance is encouraging, critical questions remain. Is the region truly committed to sustainability, or is this a convenient way to tap into a growing global investor base? Liquidity concerns, transparency issues, and pricing inconsistencies still loom large. Masdar’s CEO put it bluntly: “I’m not convinced that people are paying that greenium right now.”</p>
<p>Ultimately, the success of the region’s green finance push will depend on whether these issuances translate into real and measurable environmental impact. Investors are watching closely. The Middle East’s green finance boom is here, but whether it is a lasting transformation or just another financial trend remains to be seen.</p>


The Middle East’s Green Finance Boom: Hype or Real Transformation?


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/11/amazon_polly_60359.mp3?version=1700022059">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://www.mercomindia.com/accrediting-carbon-verification-agencies/" target="_blank" rel="noopener"><strong>The Bureau of Energy Efficiency (BEE) issued a draft Accreditation Procedure and Eligibility Criteria for Accredited Carbon Verification Agencies (ACV).</strong></a> Stakeholders can submit their comments by November 22, 2023. Under the new procedure, the reduction in greenhouse gas emission intensity achieved by obligated entities will be assessed by ACVs accredited by BEE. The ACV carrying out verification under the Indian Carbon Market must be accredited for the sectoral scope where activity needs to be carried out.</p>
<p><a href="https://www.mercomindia.com/saudi-arabia-bids-solar-projects/" target="_blank" rel="noopener"><strong>The Saudi Power Procurement Company issued a request for qualification for the fifth round of solar projects with a total capacity of 3,700 MW under the National Renewable Energy Program.</strong></a> The last date for bid submission is December 05, 2023. As of now, essential details related to the bid, such as tender fees, Earnest Money Deposit, and Performance Bank Guarantee, are unspecified. The project scope includes the development, cost estimation, contracting, and tendering of lump-sum turnkey engineering, procurement and construction arrangements, operation and maintenance agreements throughout the project’s operational term, and financing for solar projects.</p>
<p><a href="https://www.mercomindia.com/huasun-claims-power-output-in-hjt-solar-modules/" target="_blank" rel="noopener"><strong>Chinese solar manufacturer Huasun claimed to set a new benchmark in power output for heterojunction (HJT) photovoltaic modules by achieving a power output of 750.544W and demonstrating a conversion efficiency of 24.16%.</strong></a> Within a span of six weeks following its earlier accomplishment in late September, the Huasun Himalaya G12-132 HJT solar module received certification from Germany headquartered TÜV SÜD, a third-party testing and certification institution. The Himalaya G12-132 module is constructed using double-sided microcrystalline G12-20BB HJT solar cells produced at Huasun’s Xuancheng Phase IV HJT Cell Project.</p>
<p><a href="https://www.mercomindia.com/plug-power-reports-hydrogen-supply-challenges-mount" target="_blank" rel="noopener"><strong>Plug Power, a U.S.-based hydrogen fuel cell company, recorded a net loss of $283.48 million during the third quarter of the financial year 2023, a year-over-year increase in losses by 66% from $170.76 million.</strong></a> Plug’s finances took a hit as the North American hydrogen supply faced unexpected challenges, causing delays in plan executions and service margin improvements. The company believes that this hydrogen supply obstacle is a temporary issue, particularly with the anticipation that the facilities in Georgia and Tennessee will operate at full capacity by the end of the year.</p>
<p><a href="https://www.mercomindia.com/exxonmobil-drills-for-first-production-for-2027/" target="_blank" rel="noopener"><strong>Global energy and petrochemicals company ExxonMobil Corporation initiated the lithium drilling process in southwest Arkansas, in the United States, which houses significant reserves of lithium, commonly used in electric vehicle (EV) batteries.</strong></a> By 2030, the company aims to be producing enough lithium to supply the manufacturing needs of well over a million EVs annually. Committed to becoming the leading lithium producer, the company will utilize direct lithium extraction technology to separate the mineral from the saltwater, which will then be converted to onsite battery-grade material.</p>


Daily News Wrap-Up: Draft Eligibility Criteria For Accredited Carbon Verification Agencies

<p>Saudi Arabia&#8217;s energy major <a href="https://www.acwapower.com/en/" target="_blank" rel="noopener">ACWA Power</a> has announced the financial close for the 1.5 GW Sudair solar project developed under the Public Investment Fund (<a href="https://www.pif.gov.sa/en/Pages/default.aspx" target="_blank" rel="noopener">PIF</a>) renewable energy program.</p>
<p>Located at Sudair Industrial City, the Sudair Solar photovoltaic (PV) project will be built at the cost of SAR 3.4 billion (~$905 million). A 25-year power purchase agreement for the project was signed with the Saudi Power Procurement Company.</p>
<p>The renewables arm of Larsen &amp; Toubro’s Power Transmission &amp; Distribution Business had <a href="https://mercomindia.com/lt-set-up-1-5-gw-project-saudi-arabia/" target="_blank" rel="noopener">secured</a> the engineering, procurement, and construction contract from the consortium of ACWA Power and the Water and Electricity Holding Company, a subsidiary of the PIF, for the Sudair Solar PV Project in April 2021. The first phase of the project is expected to begin producing power during the second half of 2022.</p>
<p>The solar PV project will deploy bifacial modules with tracking technology. The plant is expected to generate power equivalent to powering 185,000 homes, offsetting nearly 2.9 million tons of CO2 emissions per year.</p>
<p>Saudi Aramco Power Company (<a href="https://www.aramco.com/en/creating-value/products/power-systems" target="_blank" rel="noopener">SAPCO</a>), a 100% subsidiary of Aramco, has joined the consortium with ACWA Power and Water &amp; Electricity Holding Company (Badeel), owned by the Public Investment Fund. SAPCO acquired a 30% stake in the special purpose vehicle Sudair One Renewable Energy Company. ACWA Power and PIF will each hold a 35% stake. ACWA Power is 50% owned by PIF.</p>
<p>Renewables and utility sector is one of the 13 priority sectors that PIF identified as a key focus area in its Strategy 2021-2025 which focuses on unlocking the private sector&#8217;s capabilities and aims to increase local content contribution to 60%, including PIF and its portfolio companies, in addition to expanding opportunities for local companies to partake in the Fund&#8217;s projects.</p>
<p>The project represents a crucial milestone in PIF&#8217;s initiative to develop 70% of Saudi&#8217;s renewable energy by 2030.</p>
<p>The financing for the project is based on the principles of limited recourse project financing, with the senior debt structured as a soft mini-perm facility with a tenor of 28 years. The financing structure also features equity bridge facilities provided by local and international banks supporting the sponsor group&#8217;s equity investment in the project.</p>
<p>Senior lenders and mandated lead arrangers include Mizuho Bank, Riyad Bank, Korea Development Bank, Arab Petroleum Investments Corporation (APICORP), Al Rajhi Banking &amp; Investment Corporation, and Standard Chartered Bank.</p>
<p>Bank Al Bilad, Saudi British Bank, and SMBC International provided the equity bridge facilities.</p>
<p>Recently, ACWA Power <a href="https://mercomindia.com/acwa-power-114-million-200-mw-solar-project/" target="_blank" rel="noopener">received</a> a $114 million financing package for the 200 MW Kom Ombo solar project in Egypt. ACWA also <a href="https://mercomindia.com/daily-news-mw-csp-project/" target="_blank" rel="noopener">began</a> construction on the 100 MW Redstone concentrated solar power project following the financial close of ZAR 11.6 billion (~$824.61 million) in investment. The Redstone project is the largest renewable energy investment in South Africa to date.</p>


saudi

Get the most relevant India solar and clean energy news.

RECENT POSTS