Middle East solar projects look for investment at sixth WFES in Abu Dhabi
- United Arab Emirates: Thursday, January 10 - 2013 at 11:25
- PRESS RELEASE
30 renewable energy projects, many of them in the solar sector, will be looking for investors at the unique Project and Finance Village at the sixth World Future Energy Summit (WFES) starting next week (15 - 17 January) at the Abu Dhabi National Exhibition Centre.
At last year's WFES, projects worth over $5bn were displayed at the Project & Finance Village, and this figure is expected to reach over $8bn at next week's WFES.
ACWA Power and PassivSystems are just two companies that achieved success at the Project and Finance Village in 2012. ACWA Power, a Saudi Arabian producer of power and desalinated water, has been exhibiting in the Project and Finance Village since 2011.
In 2012, ACWA was successful in winning very competitive bids for solar thermal electricity generation projects in Morocco and South Africa. PassivSystems has a similar success story from last year, and will sign a contract with the Authority for Electricity Regulation in Oman which they directly attribute to their participation at the Project & Finance Village.
Their smart home solution, PassivEnergy, a wireless system that manages the energy use in the home and significantly reduces energy, CO2 and cost, is already attracting considerable interest for 2013. The huge interest in solar energy projects, particularly in the Middle East, is reflected in the number of projects being offered for investment at the Project & Finance Village at WFES 2013.
Almost half of the total projects are solar-related, ranging from Micc Greentec's $300,000 250KW solar project in the UAE up to the $300m 65-130MW project by Jordan's Kawar Energy. The biggest project being exhibited belongs to ACWA Power, returning to the Project & Finance Village for the third year, with its 160MW Concentrated Solar Plant (CSP) in Morocco, worth over $1bn.
However, solar is the not the only renewable energy source competing for the interest of banks, financiers, investors and innovators. Wind, geothermal, hydro and PV (photovoltaic) projects, some worth up to $400m, will also be showcasing their credentials.
The Project & Finance Village was introduced in 2011, and last year's Village at WFES 2012 attracted many projects from the Middle East, India, North Africa and other regions, providing an influential platform for project developers, entrepreneurs, banks and financiers to connect.
The theme for this year's Project & Finance Village at WFES, in association with Ernst & Young and supported by Bloomberg New Energy Finance, is 'Powering the Future of Cleantech and Renewable Energy Investments', and will have increased participation from banks, donors and cleantech entrepreneurs.
Gil Forer, Ernst & Young Global Cleantech Leader, says the Project & Finance Village at WFES 2013 is making a significant contribution to progressing global investment in cleantech and renewable energy in the Middle East.
"This is a unique forum that partners projects and investors, and the success stories from the past two years are clear proof that this connection platform is providing a major impetus for the growth of the global cleantech sector," said Mr Forer.
"In particular, the number of solar-based projects from the Middle East being exhibited at the Project & Finance Village is very encouraging, and shows that the region is starting to fully utilize its best renewable asset, the sun, in the development of cleantech and renewable energy sources that will help to meet the growing demand for power in a sustainable way," he added.
The sixth World Future Energy Summit, from 15 - 17 January 2013, hosted by Masdar, Abu Dhabi's multi-faceted renewable energy company, is the centerpiece of Abu Dhabi Sustainability Week (ADSW) and will be co-located with the inaugural International Water Summit, also hosted by Masdar.
During this time, WFES 2013 will also be the host venue for the prestigious biennial International Renewable Energy Conference in Abu Dhabi (ADIREC). ADSW will open with the third session of the Assembly of the International Renewable Energy Agency (IRENA).
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