Latest news with #JameelAlRamahi
Al Etihad
4 days ago
- Business
- Al Etihad
Masdar and Iberdrola's East Anglia THREE Offshore Wind Project secures £3.6 billion in financing
24 July 2025 14:06 ABU DHABI (ALETIHAD) Masdar, a global clean energy leader, and Iberdrola, one of the world's largest energy companies, have announced the financial close for the 1.4-gigawatt (GW) East Anglia THREE offshore wind farm. This significant transaction marks one of the biggest offshore wind deals of the decade. The project has secured approximately £3.6 billion (€4.1 billion) in financing from 23 banks and the Danish Export Credit Agency (EIFO). This makes it the largest financing facility ever signed by Masdar and one of the biggest for offshore wind globally to date. The financing facility was oversubscribed by more than 40%, demonstrating strong lender confidence in the project and its partners. The total project costs are estimated at approximately €5.2 Jameel Al Ramahi, Chief Executive Officer of Masdar, highlighted the significant investor interest, stating it "reflects our position as a global leader in sustainable finance and investor appetite for high-quality renewable energy assets that deliver impact at scale".He added that the announcement is a crucial step forward in their partnership with Iberdrola and in the UK's clean energy off the Suffolk coast in the UK, East Anglia THREE is set to become one of the world's two largest offshore wind farms when it commences operations in Q4 2026. It is expected to generate enough clean energy to power 1.3 million British and Iberdrola co-invested in the project earlier this month, each holding a 50% stake and sharing co-governance of the asset. The project benefits from long-term revenue security through a 15-year CPI-linked Contract for Difference (CfD) awarded in the UK Government's AR4 and AR6 auctions, as well as a Power Purchase Agreement (PPA) with Amazon signed in 2024. Over 2,300 jobs are anticipated during the construction phase, with an additional 100 long-term roles throughout its operational co-investment is a key milestone in the €15 billion strategic partnership established between Masdar and Iberdrola in December 2023. This alliance, one of the largest bilateral partnerships in the global clean energy sector, aims to accelerate clean energy deployment across vital markets including the United Kingdom, Germany, and the United States. Twenty-four leading credit institutions have committed financing, including BBVA, HSBC, ING, NatWest, SMBC, MUFG, Bank of China, Crédit Agricole, CaixaBank, Santander, BNP Paribas, Helaba, Barclays, ANZ, Rabobank, FAB, ICO, Abanca, Kutxabank, Standard Chartered Bank, Bank of Ireland, CIC, and Siemens Bank. Crédit Agricole CIB and MUFG served as financial advisors, while A&O and Shearman provided legal counsel to the borrower.
Al Etihad
16-07-2025
- Business
- Al Etihad
Tadweer acquires 'Waste-to-Energy' stake from Masdar
16 July 2025 11:15 ABU DHABI (WAM)Abu Dhabi Future Energy Company PJSC – Masdar, one of the world's leading renewable energy companies, Wednesday announced the divestment of its stake, subject to customary closing conditions, in the Sharjah Waste-to-Energy plant to Tadweer Group, a leader in unlocking the value of move also brings Tadweer Group together with BEEAH, the region's sustainability and innovation pioneer, as joint venture partners in the Emirates Waste-to-Energy company, which owns and operates the Sharjah Waste-to-Energy acquisition by Tadweer Group of Masdar's stake is a strategic decision to allow the two organisations to focus on their respective core business strategies. Masdar is continuing to ramp up its clean energy capacity, while Tadweer Group is focusing on its UAE operations and international expansion to support its ambitions to become an international leader in sustainably unlocking the value of Group and BEEAH will now synergise their waste management expertise for the sustainable operations of the Sharjah Waste-to-Energy plant, while paving the way for future projects through their Emirates Waste-to-Energy joint Sharjah Waste-to-Energy project was inaugurated in 2022 under the Emirates Waste-to-Energy company as the first commercial-scale waste-to-energy plant in the Middle East. It plays a vital role in diverting waste from landfills and converting it into electricity, supporting the UAE's broader sustainability the Emirates Waste-to-Energy joint venture, BEEAH and Tadweer will jointly own and operate the plant, including going forward with plans to increase its power output from 30 MW to 60 MW, while doubling processing capacity for hard-to-recycle waste and displacing twice the volume of Jameel Al Ramahi, Chief Executive Officer of Masdar, said, 'We are proud of the impact this project has had within the UAE, and we extend our sincere thanks to BEEAH for their valued partnership since the inception of our Emirates Waste-to-Energy joint venture."As we transfer our stake, we are confident that Tadweer and BEEAH will continue to advance the project with strong leadership and a clear strategic vision.'Ali Al Dhaheri, Managing Director and Chief Executive Officer of Tadweer Group, said, 'Acquiring this high-performing asset will further enhance Tadweer Group's capabilities and support the UAE's ambition to become a global leader in sustainable waste management and energy conversion. We look forward to working with BEEAH to build on the strong foundations it has laid working alongside Masdar.'Khaled Al Huraimel, Group CEO of BEEAH Group, said, 'We thank Masdar for having partnered with us in the Emirates Waste-to-Energy joint venture and their support on the Sharjah Waste-to-Energy Plant, our inaugural, groundbreaking project. We look forward to further building on these accomplishments alongside Tadweer Group as a joint venture partner, marking a new chapter of growth and waste-to-energy innovation for the nation and the region.'The finalisation of this agreement underscores the partners' commitment to advancing the UAE's sustainability agenda. The organisations will continue to collaborate on innovative initiatives within the clean and renewable energy sector, reinforcing the nation's role in driving the global energy transformation and contributing to a more sustainable future.
Al Etihad
24-03-2025
- Business
- Al Etihad
Masdar to expand Endesa Partnership in Dh1.4 billion renewable energy transaction, strengthening presence on Iberian Peninsula
24 Mar 2025 22:59 MADRID (WAM)Abu Dhabi Future Energy Company PJSC – Masdar, the UAE's clean energy leader, announced today an agreement with Endesa S.A. to acquire a 49.99 percent stake in four solar plants in Spain, with a total capacity of 446 megawatts (MW). The transaction, which is subject to regulatory approvals and other conditions, would see Masdar invest Dh702 million (€184 million) for the stake in the assets, which have an enterprise value of Dh1.4 billion (€368 million).These operating assets mark a significant milestone in Masdar's continued growth in the Iberian Peninsula and across Europe, and further its commitment to advancing the region's renewable energy ambitions. The proposed acquisition follows last year's agreement between Masdar and Endesa to partner in a portfolio of over 2GW of solar assets, with the potential to add 0.5GW of battery storage, in one of Spain's biggest renewable energy transactions in recent Jameel Al Ramahi, Chief Executive Officer of Masdar, said: "This acquisition further reflects Masdar's commitment to supporting Europe's decarbonisation goals and advancing the global energy transformation. It also marks another significant step in our strategic expansion in the Iberian Peninsula and Europe, adding to our growing portfolio on the continent. Strengthening our partnership with Endesa positions us to unlock new renewable energy opportunities across Europe and beyond, while driving sustainable growth and boosting prosperity.''With this transaction, we are renewing the cooperation launched last year with a major player such as Masdar,' Flavio Cattaneo, Enel Group CEO, said. 'The agreement signed today demonstrates our commitment to accelerate the energy transition also in partnership with large international industrial groups, in line with our Strategic Plan.'Masdar's continued partnership with Endesa is expected to play a significant role in helping Spain meet its National Energy and Climate Plan (NECP) targets. Last year, Masdar also acquired Saeta, an established renewables platform with an operating portfolio of 745MW of predominantly wind assets, and a 1.6GW development pipeline in Spain and Portugal. This latest transaction brings Masdar's total operational capacity in the Iberian Peninsula to 3.2GW. Masdar is committed to supporting the EU reach its 2050 net-zero targets. Last month, Masdar and global energy leader Enel Group, to which Endesa belongs, signed a Memorandum of Understanding (MoU) to explore potential renewable energy opportunities in countries including Italy, Spain, and Germany.
