Latest news with #NationalRenewableEnergy
Gulf Today
3 days ago
- Business
- Gulf Today
Aljomaih Energy leads financial close of Rabigh 2 Solar Project
The Rabigh 2 Solar Independent Power Plant (IPP) has successfully reached financial close on May 15, 2025, under Round 5 projects of Saudi Arabia's National Renewable Energy programme (NREP), which is led and supervised by the Ministry of Energy. The project is being developed by a consortium comprising Aljomaih Energy & Water Company as the lead developer and TotalEnergies Renewables SAS as the consortium partner, underscoring the strong collaboration between leading local and international energy companies. Located in Rabigh, Makkah Province, the Rabigh 2 Solar IPP is implemented under a Build, Own, Operate (BOO) model and will boast a generation capacity of 300 MW. The Saudi Power Procurement Company (SPPC) will purchase the electricity generated over 25 years. The project is financed with a total value of SAR 825 million, supported by a consortium of lenders including Al Rajhi Bank, ADCB, SMTB, and DBS Bank (Hong Kong). Once operational, Rabigh 2 will be capable of powering approximately 53,000 residential units. In this context, Ibrahim Mohammed Al Abdulaziz Aljomaih, Chairman of the Board of Directors at Aljomaih Energy and Water Company, stated: 'Rabigh 2 Solar IPP reflects our unwavering commitment to supporting the Saudis'ambitious Vision 2030, the National Renewable Energy programme and the Saudi Green Initiative. At Aljomaih Energy and Water, we are proud to collaborate closely with relevant governmententities to advance Saudi Arabia's clean energy transition.
Yahoo
29-01-2025
- Business
- Yahoo
TotalEnergies Inks 15-Year PPA With STMicroelectronics in France
TotalEnergies SE TTE and STMicroelectronics STM have signed a physical power purchase agreement (PPA) to supply renewable electricity to STMicroelectronics sites in France. This includes research and development, design, sales and marketing and large-volume chip PPA is a 15-year contract, which started in January 2025 and represents an overall volume of 1.5 terawatt hours (TWh). It demonstrates TotalEnergies' ability to provide long-term, innovative and clean-firm power solutions tailored to its customers' renewable energy (including the guarantee of origin) generated by two new 75-megawatt (MW) wind and solar farms run by TotalEnergies will be supplied to STMicroelectronics. This power comes with structuration services to transform intermittent production into a constant volume of green kind of PPA is being offered for the first time in France. One of the main reasons behind the agreement's success was the wind and solar projects' beneficial effects on the local community and environment. To reach net zero by 2050, TotalEnergies is developing a world-class, cost-competitive portfolio that combines flexible assets like combined-cycle gas turbines and storage with renewable energy sources like solar, onshore and offshore wind. The idea is to provide clean, reliable electricity to its the end of 2024, TotalEnergies' gross renewable electricity generation installed capacity had reached over 24 gigawatts (GW). With further growth, the company plans to produce 35 GW of power in 2025 and more than 100 TWh of net electricity by December 2024, TotalEnergies' Saudi developer, Aljomaih Energy and Water Company, signed a 25-year PPA with the Saudi Power Procurement Company related to the 300 MW solar power project, Rabigh the same month, TTE, along with its partner OQ Alternative Energy, the National Renewable Energy Champion, announced the signing of landmark agreements to develop 300 MW of renewable energy projects in Oman. The electricity will be delivered through long-term PPA to Petroleum Development Oman, the leading exploration and production company in the Sultanate. Along with TTE, other companies like BP plc BP and Equinor ASA EQNR are also set to lower emissions and increase renewable energy has set an aggressive energy transition plan to capitalize on the mounting demand for clean energy. By 2030, it plans to reduce emissions from operations by 30-35%. It has set an ambitious goal of developing 50 GW of net renewable energy generating capacity by long-term (three to five years) earnings growth rate is 4%. The Zacks Consensus Estimate for 2025 earnings per share (EPS) indicates a year-over-year increase of 5.3%.EQNR is investing actively in renewable energy projects, including power generation from solar and wind energy. Equinor aims to attain profitable growth within renewables and expects a production capacity of 4-6 GW by 2026 and 12-16 GW by long-term earnings growth rate is 5.35%. The Zacks Consensus Estimate for 2025 EPS indicates a year-over-year increase of 6.4%. In the past month, shares of TotalEnergies have risen 6.8% compared with the industry's 8.2% growth. Image Source: Zacks Investment Research The company currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report STMicroelectronics N.V. (STM) : Free Stock Analysis Report BP p.l.c. (BP) : Free Stock Analysis Report Equinor ASA (EQNR) : Free Stock Analysis Report TotalEnergies SE Sponsored ADR (TTE) : Free Stock Analysis Report To read this article on click here. Zacks Investment Research Sign in to access your portfolio
