Latest news with #EnBW
Saudi Gazette
4 days ago
- Business
- Saudi Gazette
Saudi Arabia launches green hydrogen export value chain to Europe
Saudi Gazette report RIYADH — Saudi Arabia has launched a strategic value chain to export green hydrogen and renewable energy to Europe, marking a major step in its efforts to become a global clean energy hub. The move was formalized on Sunday as ACWA Power signed a series of agreements and memoranda of understanding (MoUs) with leading international partners during a high-level workshop in Riyadh. Held under the supervision of the Ministry of Energy and attended by Minister of Energy Prince Abdulaziz bin Salman, the Renewable Energy and Green Hydrogen Export Workshop brought together top officials from Saudi Arabia, Greece, France, and Germany, as well as executives from global energy firms and national institutions. The agreements aim to establish a robust framework for developing large-scale renewable energy projects in the Kingdom dedicated to export, and to create transmission corridors linking Saudi Arabia and Europe. The initiative is also part of the Kingdom's leading role in the India-Middle East-Europe Economic Corridor (IMEC), reinforcing its strategic position connecting East and West.A multi-party MoU was signed between ACWA Power and major European firms, including Edison S.p.A. (Italy), TotalEnergies Renewables SAS (France), Zhero Europe B.V. (Netherlands), and EnBW (Germany), to assess market demand and technical feasibility for electricity MoUs were signed with HVDC cable and transmission specialists such as CESI, Prysmian, GE Vernova, Siemens Energy, and Hitachi to support infrastructure development across borders.A Joint Development Agreement was also concluded with Germany's EnBW to collaborate on the Yanbu Green Hydrogen Hub, which is set to begin operations in 2030. The project will be a fully integrated complex with renewable energy generation, desalination, electrolysis, ammonia conversion, and a dedicated export terminal.
Argaam
4 days ago
- Business
- Argaam
ACWA Power pens deals to export renewable energy, green hydrogen to Europe
ACWA Power Co. and international partners signed today, July 20, several agreements and memorandums of understanding (MOUs) to build an integrated system for exporting renewable energy and green hydrogen from Saudi Arabia to Europe. According to a statement by Saudi Arabia's Ministry of Energy, the deals underscore the Kingdom's global logistics ambitions and its leadership in the India-Middle East-Europe Economic Corridor. The MoUs include a multilateral agreement with European firms such as Italy' Edison, France's TotalEnergies, Netherlands' Zenobe, and Germany's EnBW, with the aim of exporting Saudi renewable electricity to Europe. The partners will assess market potential after conducting a joint feasibility study, in alignment with Europe's clean energy goals. ACWA Power also signed MoUs with some power interconnection firms, appointing Italy's CESI as an independent advisor. Meanwhile, Prysmian, GE Vernova, Siemens Energy, and Hitachi will support developing advanced cross-border transmission corridors via high-voltage tech. A joint development deal with Germany's EnBW was also sealed to build the first phase of the Yanbu Green Hydrogen Hub, with an eye to begin commercial operations in 2030.
Yahoo
17-07-2025
- Business
- Yahoo
Venture Global (VG) Ends 2 Straight Gains. Here's Why
Venture Global, Inc. (NYSE:VG) is one of the . Venture Global dropped its share prices by 6.15 percent on Monday to end at $16.78 apiece as investors appeared to have taken profits following two straight days of gains buoyed by its recent LNG purchase agreement with a European firm. In a statement last week, Venture Global, Inc. (NYSE:VG) said it entered into an agreement with Securing Energy for Europe GmbH (SEFE), under which the latter's subsidiary, SEFE Energy GmbH, will secure an additional 0.75 million tons per annum (MTPA) of LNG from Venture Global, Inc.'s (NYSE:VG) CP2 LNG for a contract period of 20 years. The announcement amends the existing sales and purchase agreement signed by the companies in 2023, increasing the total volume of LNG purchased by SEFE from CP2 LNG to 3 MTPA. Venture Global, Inc. (NYSE:VG) is expected to become Germany's largest LNG supplier, with a combined 5 MTPA of 20-year offtake agreements signed with SEFE and EnBW. A technician installing a replacement part on a specialty vehicle, surrounded by a team of professionals. In addition to its existing long-term agreements, it also supplied Germany with almost 80 cargoes of LNG from its Calcasieu Pass and Plaquemines LNG facilities, which are capable of powering 8 million German homes for one year. While we acknowledge the potential of VG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
16-07-2025
- Business
- Yahoo
EnBW completes $3.6bn capital increase for energy transition
German utility Energie Baden-Württemberg (EnBW) has completed a rights issue capital increase raising proceeds totalling €3.1bn ($3.62bn). The company's shareholders acquired 53,556,139 new shares at €58 each under the rights issue. The funds raised will support EnBW's investment plan scheduled between 2024 and 2030. The company plans to invest up to €50bn in transforming the energy system to achieve climate neutrality. A budget of €26bn is allocated for projects between 2025 and 2027, focusing on enhancing transmission and distribution grids and developing renewable energy sources such as wind and solar farms. Investments are also planned for hydrogen-ready gas-fired power plants, infrastructure for a hydrogen core network, and for further expanding electromobility solutions. These investments by EnBW aim to secure long-term sustainability while maintaining affordability and reliability in energy supply across Germany's southwest region. EnBW CEO Dr Georg Stamatelopoulos stated: 'The successful capital increase marks a key milestone in the implementation of our investment programme. It also demonstrates the great confidence that our shareholders have in our clear strategy for the future and the long-term growth potential of our company. 'We would particularly like to thank our two main shareholders – the state of Baden-Württemberg and Zweckverband Oberschwäbische Elektrizitätswerke – together with the shareholder associations and individual investors. They all support EnBW's long-term course as Germany's largest integrated energy provider.' To streamline the process of raising capital, EnBW utilised an EU prospectus regulation provision for simplified documentation over traditional securities prospectuses. Following filing in the commercial register, EnBW's share capital will stand at €845m ($986m) divided across 330 million shares. The new shares are anticipated to begin trading on 18 July 2025. EnBW's deputy CEO and chief financial officer Thomas Kusterer stated: 'The capital increase significantly increases our financial headroom. Together with operating earnings, which is the most important pillar, participation models and debt funding, we are thus laying the basis for investments planned through the end of this decade. 'We are therefore delighted by the confidence and support shown by our shareholders and by the fact that we have been able to successfully complete the transaction within such a short space of time.' In June 2025, HL Group entered a ten-year power purchase agreement with EnBW. From 2026, the logistics giant will procure 80 gigawatt-hours of electricity annually from the He Dreiht offshore wind farm located in the German North Sea. "EnBW completes $3.6bn capital increase for energy transition" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
15-07-2025
- Business
- Reuters
EnBW rakes in $3.6 billion via capital increase
FRANKFURT, July 15 (Reuters) - German utility EnBW ( opens new tab on Tuesday said it had raked in 3.1 billion euros ($3.6 billion) in proceeds from a share sale aimed to bolster its ambitious investment programme in energy networks and renewables. The company said it sold nearly 54 million shares at a price of 58 euros per share, a 9% discount to the current share price. "The capital increase significantly increases our financial headroom," finance chief Thomas Kusterer said. "Together with operating earnings, which is the most important pillar, participation models and debt funding, we are thus laying the basis for investments planned through the end of this decade." ($1 = 0.8562 euros)
