SolarQuarter Middle East - Nov Dec Issue 2020

Empowering, Insightful, Engaging

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TALKS SOLAR ENERGY IS HERE TO STAY! THE MIDDLE EAST IS BLESSED WITH IDEAL SOLAR CONDITIONS"

INSIGHTS SOLAR PV TO GENERATE $182 BILLION INVESTMENT IN MIDDLE EAST RENEWABLES BY 2025

QUICK BYTES "ONE OF THE PRIMARY KEY FACTORS DRIVING THE DEMAND FOR SOLAR ENERGY (ROOFTOP OR CARPORT) IS COSTEFFECTIVENESS."

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18 Solar PV to Generate $182 Billion Investment in Middle East Renewables by 2025

LAURENT LONGUET Chief Executive Officer SirajPower

IN CONVERSATION

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KAMIL SAYOUR,

ALI KANZARI,

Managing Partner, Solera

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H.E SAEED MOHAMMED AL TAYER, MD & CEO, DEWA EPDA

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EMOBILITY + | JAN FEB ISSUE 2020

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PG 37

SOLAR ENERGY

MIDDLE EAST NEWS UNDER THE SPOTLIGHT

DEWA COMMISSIONS NEW 132/11KV SUBSTATION AT AL QUSAIS INDUSTRIAL AREA Dubai Electricity and Water Authority (DEWA) has inaugurated a new 132/11kV substation at Al Qusais Industrial Area, in collaboration with Wasl Properties. This is part of DEWA’s efforts to provide a state-of-the-art infrastructure to meet growing demand and the needs of the domestic, commercial, and industrial sectors. The substation has a conversion capacity of 150 megavolt-amperes with 2,400 metres of 132kV ground cables to connect it to DEWA’s grid.

The project, at a total cost of AED 97 million, included over 1.6 million safe working hours without injuries, despite the obstacles associated with the coronavirus epidemic during the final phases of the project. The latest technologies were used to follow work progress remotely, according to the highest standards of health, safety, and security.

MASDAR ACHIEVES FINANCIAL CLOSE ON LANDMARK 100 MW NUR NAVOI SOLAR PROJECT IN UZBEKISTAN Masdar, a subsidiary of Mubadala Investment Company and one of the world’s leading renewable energy companies, announced the financial close of the Nur Navoi Solar Project – Uzbekistan’s first successfully-financed independent power producer (IPP) solar project. Loan and guarantee agreements to finance the 100megawatt photovoltaic plant were signed in a virtual ceremony with representatives from Masdar, Uzbekistan’s Ministry of Investments and Foreign Trade (MIFT), the International Finance Corporation (IFC), Asian Development Bank (ADB), the World Bank Group (WBG) and the European Bank for Reconstruction and Development (EBRD). This landmark project will drive the development of Uzbekistan’s independent power producer market, and enable us to increase the share of renewable energy in the energy mix,” said Shukhrat Vafaev, Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan. “By opening new markets for private investment we can support energy sector reform, integrate renewables into the grid and address climate change challenges.

| MIDDLE EAST | SEPT-OCT ISSUE 2020

TAQA AND MASDAR-LED CONSORTIUM ANNOUNCE FINANCIAL CLOSING FOR THE WORLD’S LARGEST SOLAR POWER PLANT Abu Dhabi National Energy Company (TAQA) and Masdar – alongside partners EDF and JinkoPower announced the successful financial closing of the Al Dhafra Solar Photovoltaic (PV) Independent Power Producer (IPP) project. The record-breaking project, located approximately 35 kilometers from Abu Dhabi city, will have a capacity of 2 gigawatts and supply power to the plant’s off-taker, Emirates Water and Electricity Company (EWEC).

Once operational, the Al Dhafra Solar PV IPP will be the world’s largest single-site solar power plant, using approximately 3.5 million solar panels to generate enough electricity for approximately 160,000 homes across the UAE. Financing for the project will come from seven international lenders, following the signing of the power purchase agreement in July. Earlier in the year, the competitive bidding for the project led to one of the most competitive tariffs for solar power, set at AED 4.97 fils/kWh (USD 1.35 cents/kWh).

PG 4

MIDDLE EAST NEWS

MASDAR AND ATLANTIC COUNCIL EXPLORE OPPORTUNITIES FOR US-UAE COOPERATION ON GLOBAL CLEAN ENERGY DEPLOYMENT Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, was joined by Carlos Pascual, Senior Vice President for Global Energy at IHS Markit, during the latest episode of the Abu Dhabi Sustainability Week (ADSW) Web Series, which was held in partnership with the Atlantic Council. Joining the episode from Jakarta, Indonesia, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar said: Masdar and its Indonesian partners recently kicked-off South-East Asia’s largest floating solar PV project and one of the largest in the world. This is a tremendous step for a nation that relies heavily on coal and diesel generation, but this is only the beginning. According to the International Renewable Energy Agency, the transition towards a decarbonized global energy system will require scaling up investments in the energy sector by an additional US$15 trillion by 2050, with a total of US$110 trillion being invested in the global energy system during that period.

DEWA’S INNOVATION CENTRE AT THE MOHAMMED BIN RASHID AL MAKTOUM SOLAR PARK IS A PIONEERING PLATFORM CONTRIBUTING TO NATIONAL CAPACITIES IN RENEWABLE AND CLEAN ENERGY Dubai Electricity and Water Authority’s (DEWA’s) Innovation Centre at the Mohammed bin Rashid Al Maktoum Solar Park is a pioneering global hub for renewable and clean energy innovation that is expected to shape the global future of sustainable energy. Through the Innovation Centre, DEWA aims to support innovation and creativity in clean and renewable energy, promote sustainability, develop Emirati talent and enhance the country’s competitive advantage in this promising sector. The Innovation Centre’s research on solar power supports the Dubai Clean Energy Strategy 2050, which aims to diversify the energy mix and provide 75% of Dubai’s total power capacity from clean energy sources by 2050. The Innovation Centre is the first and largest government centre to receive the ‘Done by Youth’ seal from the Federal Youth Authority.

Developed by a team of young Emiratis, the Centre supports the next generation of innovators in clean energy technologies while focusing on developing national capabilities. The Innovation Centre will be an educational platform that hosts events, conferences, seminars, and workshops. It will build a strong collaboration with schools, universities, start-ups, and local and international organisations for research, knowledge-exchange, and organisation of exhibitions.

| MIDDLE EAST | SEPT-OCT ISSUE 2020

SIRAJPOWER SUCCESSFULLY COMMISSIONS AN 850 KWP SOLAR ROOFTOP PLANT FOR KENT COLLEGE DUBAI The solar installation for Kent College Dubai’s school building in Nad Al Sheba, Dubai, is expected to generate 1.5 GWh of renewable energy per year, minimizing over 1,000 metric tons of CO2 annually.

This is SirajPower’s first project in the education sector and currently the largest in scale in Dubai. This project brings several educational opportunities for the school and the students. In addition to this solar rooftop plant, a 500 kWp solar carport is also being constructed by SirajPower within the school grounds.

SAUDI ARABIA’S AMKEST GROUP SIGNS JOINT VENTURE AGREEMENT WITH PACIFIC GREEN Pacific Green Technologies Inc. (PGTK) has recently signed a joint venture agreement with Amr Khashoggi Trading Co. Ltd. (Amkest Group) to incorporate a company in Saudi Arabia for the sale of Pacific Green environmental technologies.

“Saudi Arabia under its Vision 2030 strategic framework, which calls for 9.5 GW of the Kingdom’s energy to be supplied through renewables by 2030, is set to undergo rapid growth.”, Commenting on the partnership, Scott Poulter, PGTK’s CEO, said.

“Pacific Green’s technologies, particularly in the solar power, desalination and battery energy storage system sectors, provide the perfect solution to the Kingdom’s growing demand, and we are excited to leverage Amkest Group’s hard-earned relationships to contribute toward the goals of Vision 2030.” he added.

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MIDDLE EAST NEWS

MASE TO OPERATE, MAINTAIN AND MANAGE AL KAWN’S SOLAR PV PLANTS MASE, the leading regional solar operations and maintenance firm, and Al Kawn Radio & TV Broadcasting, a principal owner and operator of radio and TV broadcasting platforms in Jordan, announced the signing of an operations, maintenance and asset management contract for two commercial-scale solar PV plants located in Al Sult and Ras Al Naqab, Jordan. The plants, developed and owned by Al Kawn, are interconnected to the local distribution networks on a wheeling arrangement. They have been financed by the Cairo Amman Bank under a commercial loan agreement. The plants, which have a combined installed capacity of 280 kWp, are fitted with the latest bi-facial panel technology and cutting-edge Huawei string inverters. Under the contract, MASE will carry out turnkey operations, maintenance and management services comprising preventative, predictive and corrective maintenance to ensure the plant’s long-term performance and optimal availability. MASE will also carry out asset management services comprising periodical management reporting and to ensure compliance with owner, grid and lender requirements.

AMANA SOLAR REDUCES 80 % OF THE ENERGY LOAD OF TRILOGI’S MEGA DISTRIBUTION CENTER WAREHOUSE Amana Solar, a UAE-based sustainable energy provider for businesses, has successfully implemented a 3,515 kWp rooftop solar installation at Trilogi’s Mega Distribution Center (DC) warehouse in Jebel Ali Freezone, which enables the growing logistics business to swiftly switch to clean energy while significantly reducing its energy costs by around AED2.45 million in the first year of operation. Amana Solar, a UAE-based sustainable energy provider for businesses, has successfully implemented a 3,515 kWp rooftop solar installation at Trilogi’s Mega Distribution Center (DC) warehouse in Jebel Ali Freezone, which enables the growing logistics business to swiftly switch to clean energy while significantly reducing its energy costs by around AED2.45 million in the first year of operation.

800 MW 3RD PHASE OF THE MOHAMMED BIN RASHID AL MAKTOUM SOLAR PARK PROVIDES CLEAN ENERGY TO MORE THAN 240,000 RESIDENCES IN DUBAI The 3rd phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, is one of the largest solar projects in the world. It has a capacity of 800 MW using photovoltaic solar panels and provides clean energy for over 240,000 residences in Dubai. Dubai Electricity and Water Authority (DEWA) built the 3rd phase of the solar park using the Independent Power Producer (IPP) model in partnership with a consortium led by Abu Dhabi Future Energy Company (Masdar) and EDF Group, through its subsidiary EDF Énergies Nouvelles at an investment of AED3.47 billion. The facility is the first of its kind in the Middle East and North Africa region to use singleaxis solar tracking to increase energy generation. It also uses other innovative technologies, including cleaning robots for photovoltaic panels to increase the plant’s efficiency.

| MIDDLE EAST | SEPT-OCT ISSUE 2020

DUBAI’S MOHAMMED BIN RASHID AL MAKTOUM SOLAR PARK TO HAVE LARGEST ENERGY STORAGE CAPACITY IN WORLD On its completion, the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, that Dubai Electricity and Water Authority, DEWA is building largest energy storage capacity in the world. It will allow 15 hours of energy availability around the clock. The 950 MW 4th phase is the largest investment project in the world that combines Concentrated Solar Power, CSP, and photovoltaic solar power with investments totalling AED15.78 billion based on the Independent Power Producer, IPP, model. It uses three hybrid technologies to produce clean energy: 600MW from a parabolic basin complex (three units of 200MW each), 100MW from a solar power tower (based on Molten Salt technology), and 250MW from photovoltaic solar panels. This phase will provide clean energy for 320,000 residences and will reduce 1.6 million tonnes of carbon emissions a year.

STERLING AND WILSON TO CONSTRUCT EGYPT’S KOM OMBO SOLAR PLANT ACWA Power, Saudi company has agreed with India’s Sterling and Wilson that it will take over the construction work of the 200 MW Kom Ombo solar plant inplace of Mahindra. ACWA Power was in negotiations with Sterling and Wilson and two Chinese companies, but the Indian company was the preferred contractor, Informed sources have told Daily News Egypt. It has already worked with ACWA Power to implement projects in Morocco, with a capacity of 170 MW, it added. The contract for Kom Ombo solar power plant is due to be signed before the end of this month, sources said.

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MIDDLE EAST NEWS

PROMINENT LOCAL GROUP OF COMPANIES TO IMPLEMENT SOLAR PROJECTS ACROSS UAE SirajPower, UAE’s leading distributed solar energy provider, is in collaboration with Al Ghurair Group, one of the largest diversified family business groups in the Middle East, to implement solar systems across their facilities in the UAE. As a first initiative, SirajPower has been appointed to design, construct, operate, and maintain a 1.8 MWp solar rooftop plant for Gulf Extrusions’ facility located at Jebel Ali in Dubai. The aluminum rails that will be used to mount the solar PV panels will be manufactured by Gulf Extrusions.

The project covers 4,500 solar panels that will annually produce/generate 3 GWh of clean energy, and offsetting over 2,000 metric tons of CO2 emissions, corresponding to more than 8,000,000 kilometers driven by an average vehicle passenger (or equivalent to more than 35,000 trees seedlings grown for 10 years). Al Ghurair Group is the latest addition to SirajPower’s impressive and continuously growing portfolio of blue-chip names in the UAE – over 170 solar plant assets across the country to date. This is a new collaboration with one of the most influential local and regional family businesses with six decades of heritage embarking on the UAE’s promising path to sustainability and renewable energy.

ECOPPIA ANNOUNCES IPO AFTER SUCCESSFULLY COMPLETING ITS PUBLIC TENDER PHASE Ecoppia Scientific LTD., (TASE: ECPA), the pioneer and world leader in robotic solutions for photovoltaic solar, launched an initial public offering (IPO) on the Tel Aviv Stock Exchange (TASE), after successfully completed the public tender phase. Ecoppia secured $82.5 million from leading institutional investors with a company valuation of $300 million. During the public tender phase, Ecoppia marked yet another meaningful achievement as public demand reached $76.74 million, despite the fact that the company offered shares for just $1.5 million. During the institutional tender, Ecoppia received $144.7 million in demand, yet accepted only $83.3 million.

Discount Capital Underwriting along with Barak Capital and Orion led the initial offering. Ecoppia offers fully autonomous, water free robotic cleaning solutions for PV modules, ideally for large scale PV installations located in dry and arid regions. Deployed globally in utility-scale sites operated by leading energy players on three continents, Ecoppia’s solutions clean 10 million panels every night and have been field-proven to keep solar panels at a year-round peak performance while minimizing O&M costs.

SCHNEIDER ELECTRIC PLANS TO PUMP ADDITIONAL INVESTMENTS IN EGYPT Schneider Electric an Energy and automation digital solutions provider plans to put additional investments in Egypt, Mohamed Abdel Wahab,Executive Director of the General Authority for Investment and Free Zones (GAFI) said in a statement. GAFI’s official said that the France-headquartered company plans to expand its existing business in 10th of Ramadan City, According to the statement, Schneider Electric discussed with Abdel Wahab installing a new distribution center to serve both the Egyptian and African markets. | MIDDLE EAST | SEPT-OCT ISSUE 2020

EGYPT’S ELSEWEDY ELECTRIC WINS $93MLN POWER UPGRADE CONTRACT Elsewedy Electric, leading wires and cables and integrated energy solution provider in Egypt has announced a consortium with Japan’s Toyota Tsusho. It has secured an EPC contract worth $93 million for upgradation of the electricity distribution network in the North Cairo region. Scope of work for Elsewedy Electric includes engineering, procurement and installation of all the project components, as per the deal. To digitise the network it will also complete the installation of 500,000 smart meters, DMS, AMI and RTU in addition to the smart ring link panels and provide smart solutions. This project will help in upgrading the electricity infrastructure in Egypt as well as cutting the electricity loss, theft and enhancing the quality of the network, Elsewedy Electric stated.

EGYPT’S BENBAN PARK OBTAINS REDUCE COSTSHARING BILL The 32 solar developers taking part in Egypt’s Benban park obtained a reduced cost-sharing bill, Al Borsa News reported. This was followed by an agreement between the Egyptian Electricity Transmission Company (EETC) and the operating companies, according to sources. According to the news portal, The bill will now stand at EGP 1.6 billion, which will be paid across six installments over a five-year period. The reduced amount reportedly totaled EGP 300 million. Benban Solar Park is a photovoltaic power station with a total capacity of 1650 MWp which corresponds to an annual production of approximately 3.8 TWh. It is located in Benban in the western desert, approximately 650 km south of Cairo and 40 km northwest of Aswan.

PG 7

MIDDLE EAST NEWS

MOODY’S UPGRADES SAUDI ELECTRICITY COMPANY RATINGS TO A1 Moody’s Investors Service, the bond credit rating business of Moody’s Corporation, has recently upgraded the ratings of Saudi Electricity Company (SEC) to A1 from A2.The main reason is due to increased government support to the company. The upgrade to A1 highlights Moody’s revised assumption of government support to Very High from High and the action is underpinned by a proposed new regulatory framework set to be implemented on 01-01-2021.

The new framework will offer a more transparent and predictable compensation mechanism for SEC than is currently the case and will lead to more stable and predictable cash flows for most of the company’s operations. The framework will allow SEC to recover its operational costs and earn a fair rate of return of 6.0% on its investments under a regulated asset base model with control periods of three years. However, Moody’s recognizes the need for an operating track record under the new regulatory framework, especially when it comes to the timeliness of payments, the rating agency stated.

MENA’S RE INVESTMENT TO REACH $97 BLN IN 5 YEARS Arab Petroleum Investments Corporation (Apicorp) announced on Wednesday that over the next five years $97 billion of the $237 billion investment will be in the renewables sector of the Middle East North Africa region. It also recently announced that it has signed a $50 million revolving construction facility with the Yellow Door Energy, an UAE-based sustainable energy provider to develop solarPV plants in the region. Apicorp said in a statement that, The first utilisation of the financing will be for solar photovoltaic (PV) projects in Jordan, where Yellow Door Energy is currently operating and building 79MW of solar PV projects across the country — the largest such portfolio of any company operating there.

AGILITY ANNOUNCES NEW SOLAR PROJECTS IN DUBAI AND JORDAN; AIM TO REDUCE CARBON FOOTPRINT BY 5%

MOHAMMED BIN RASHID INAUGURATES 3RD PHASE OF DEWA’S SOLAR PARK Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has recently inaugurated Dubai Electricity and Water Authority’s, DEWA’s, Innovation Centre and the 800MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park which is the largest single-site solar park in the world. With a planned total capacity of 5,000MW by 2030, the Park features an investment of AED50 billion. PM also visited the site of the 950MW fourth phase of the solar park, the world’s largest Concentrated Solar Power, CSP, project, being developed at an investment of AED15.78 billion using the Independent Power Producer, IPP, model. The fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, which is also the world’s largest single-site investment project, combines CSP with photovoltaic solar panels. The project features the world’s tallest solar power tower that will be 262.44 metres high.Sheikh Mohammed bin Rashid Al Maktoum was welcomed

by Saeed Mohammed Al Tayer, MD & CEO of DEWA.

Agility, a leading global logistics provider based in kuwait announced solar projects in Dubai and Jordan that will eventually cut the company’s carbon footprint in the region by 5%. At Agility’s regional headquarters in Dubai, the solar photovoltaic (PV) plant involves installation of 17,500 panels at three sites with the capacity to generate nearly 8 megawatts of power at peak. Installation will include a 5.45 MW system at two sites in the Jebel Ali Free Zone (JAFZA), and a 2.6 MW system at the Dubai Investment Park. Once complete, Agility’s solar PV system will generate enough electricity to cover 60% of the energy requirements at the sites and save an estimated 8,838 tons of CO2 each year, roughly equivalent to the emissions generated by trucking 18,000 fully-loaded containers from Dubai to Abu Dhabi. In Jordan, the solar photovoltaic plant will encompass 1,945 panels at Agility’s warehouse in Aqaba, with a capacity of 788 kilo-watt peak. The solar plant will generate enough electricity to cover 100% of the energy requirements and save an estimated 900 tons of CO2 each year.

| MIDDLE EAST | SEPT-OCT ISSUE 2020

PG 8

MIDDLE EAST NEWS

NEW UTILITIES CONTRACT SET TO POWER RED SEA PROJECT WITH 100% RENEWABLE ENERGY The Red Sea Development Company secures multinational investment in its first public-private partnership for utilities package focused exclusively on environmentally responsible renewable energy, water production, wastewater treatment and district cooling.

The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has awarded its highest-value contract to date to a consortium led by ACWA Power to design, build, operate and transfer The Red Sea Project’s utilities infrastructure. The contract marks a significant step forward for The Red Sea Project, establishing it as the region’s first tourism destination powered solely by renewable energy. A tourism project of this size, powered solely by renewable energy, has never been achieved on this scale anywhere in the world.

OMAN’S PDO COMPLETES SOLAR CAR-PARK PROJECT IN MUSCAT A solar car park project launched by Petroleum Development Oman (PDO) at Mina al Fahal in Muscat has been completed. According to Oman Daily Observer, A PDO official commented that this will pave the way for ‘green energy’ and power the head office and surplus electricity will be fed back into the local grid. Speaking on the sidelines of the Environmental Forum 2020, held recently under the auspices of Dr Khalfan bin Said al Shueili, Minister of Housing and Urban Planning, PDO’s Executive Director of External Affairs and Value Addition, Engineer Abdulamir bin Abdul Hussein al Ajmi, said the company has installed sufficient numbers of solar panels atop car parks at its Mina Al Fahal complex. Al Ajmi stated that “We have completed the project that generates power from the parking lots in the Mina al Fahal area and we have succeeded in installing thousands of photovoltaic panels whose production capacity exceeds 10 megawatts (MW) at peak output,”. The electricity output will meet a large part of the demand at Mina Al Fahal while any surplus will be channeled into the grid, he added

SIRAJPOWER BUILDS 60 KWP SOLAR ROOFTOP PLANT AT MIRDIF VILLA COMPLEX The 60 kWp solar rooftop plant at Mirdif Villa Complex was built by SirajPower with breathtaking efficiency – in only 3 weeks, without compromising quality and safety. Through the close collaboration of the SirajPower Team with Green Coast Real Estate’s Facilities Management Team, the solar installation is now in good stead to power the two complexes comprising of 14 villas.

In its first year of operation, the solar plant will generate 100 MWh of solar energy, reducing more than 70 metric tons of CO2, which is equivalent to more than 8 million smartphones being charged. SirajPower, announced that it has started to provide operation and maintenance (O&M) services to all solar plant owners in the region beyond its owned portfolio. Through its O&M services, SirajPower will handle the operation, cleaning, and maintenance of solar systems allowing clients and plant owners to focus on their core business.

The move also comes as SirajPower continues to champion the commercial, industrial and residential sectors (solar rooftop and carports) thanks to the strong and extensive solar experience built for nearly half a decade.

NEW UTILITIES CONTRACT SET TO POWER RED SEA PROJECT WITH 100% RENEWABLE ENERGY Research by UBS, the world’s largest wealth manager, concludes that while the transformation from non-renewable to renewable energy sources is underway, its speed may be overestimated. In a new report entitled The Middle East at a crossroads: The energy transition, the company’s Chief Investment Office expects crude oil and gas prices to trend higher in coming years. | MIDDLE EAST | SEPT-OCT ISSUE 2020

PG 9

MIDDLE EAST NEWS

ABU DHABI’S DOE AND EAD MEET TO ENSURE SUSTAINABILITY AND PROMOTE JOINT TASKFORCE COLLABORATIONS The Abu Dhabi Department of Energy (DoE) and the Environment Agency – Abu Dhabi (EAD) held a meeting recently to discuss the progress made by the joint Taskforce they had formed to promote collaboration among them to ensure the sustainability of natural ecosystems and preserve the terrestrial and marine environment of the emirate. The Taskforce was formed during a meeting that brought the two entities together on January 23, 2019 and has met five times prior to the meeting. Attendees sought to further define the Taskforce’s role, responsibilities, and areas of cooperation, as well as to exchange data and coordinate efforts to develop policies, regulation frameworks, and strategic plans of mutual interest. The meeting’s agenda also included developing mechanisms of coordination to implement projects and studies, identifying key areas of challenges, and outlining new work streams for potential collaboration in 2020 and 2021.

TAQA GROUP REPORTS NET INCOME OF AED 1.3 BILLION FOR FIRST NINE MONTHS OF 2020 Abu Dhabi National Energy Company PJSC “TAQA”, a regionally leading, fully integrated utilities company and one of the UAE’s largest publicly listed companies by market capitalization, has reported its first consolidated pro-forma financial results following its transaction with Abu Dhabi Power Corporation (ADPower). Group revenues of AED 30.8 billion were 7% lower than the prior year period, primarily due to lower commodity prices and production volumes within the Oil & Gas segment.

EBITDA was AED 12.0 billion, down 17%, mainly reflecting lower revenues. Net income (TAQA-share) decreased to AED 1.3 billion, which reflected a significantly lower contribution from the Oil & Gas segment, including a AED 1.5 billion post-tax impairment charge taken in Q1 2020. Capital expenditure was AED 2.8 billion, a decrease of 20% primarily due to lower spend in the Oil & Gas segment.

TATA POWER WINS GOLD AND SILVER AT THE 9TH ACEF ASIAN LEADERS FORUM & AWARDS Tata Power, India’s largest integrated power utility has always been committed towards empowering the lives of underprivileged communities in an effective and sustainable way. Recognising this effort, the company was bestowed with two Gold Awards and one Silver Award at the recently held 9th ACEF Asian Leaders Forum and Awards, 2020 for ‘Excellence in CSR’ and ‘Excellence in Branding & Marketing’. Founded in 2012-13, the ACEF program is organised by a team of professionals from India, Srilanka and UAE and is guided by the Advisory Members from Branding, Marketing and Creative Agencies based in India, US, Australia, Singapore, UAE and Srilanka.

Our programs are focused on Customer Engagement Actiities, Branding, Marketing, CSR, Rural Marketing, Properties (Hospitality & Real Estate), HR and are planned for India, Srilanka, GCC Continent and Asia Pacific Regions.

| MIDDLE EAST | SEPT-OCT ISSUE 2020

FIRST HALF-YEAR MOMENTUM CONTINUES AS REVENUES AND PROFITS RISE STEADILY FOR TRINA SOLAR Trina Solar Co., Ltd. released its third-quarter reports for 2020, revealing that first-half momentum has held up, with revenues and profits both rising steadily. In the first three quarters, the company reported total realized income of RMB 19.93 billion, a year-on-year increase of 18.66%, with third-quarter realized income accounting for RMB 7.38 billion. Shareholders enjoyed a stake in realized net profits of RMB 832 million, a year-on-year increase of 118.94%. Antonio Jimenez, Managing Director and Vice President, Trina Solar Middle East & Africa commented: “We take pride in our success as it shows our commitment to bringing technological revolutions in the photovoltaic industry and contribution to the sustainable development of the solar industry globally and specifically across the Middle East and Africa. We always strive to accelerate the adoption of solar power in the region, reduce overall costs of power consumption, and add value to our customers and benefits to the communities we operate in.”

NEW CLIMATE AND ENVIRONMENT EXPO & FORUM TO BE INTRODUCED AT WORLD FUTURE ENERGY SUMMIT 2021 As climate change continues to be one of the greatest challenges facing mankind today, and in light of research revealing a fast-emerging market opportunity valued at US$7.1 trillion, the World Future Energy Summit has announced the introduction of a new Climate and Environment Expo & Forum, hosted in partnership with the UAE Ministry of Climate Change and Environment (MOCCAE). The platform is dedicated to the climate change adaptation and resilience market.

PG 9

INSIGHTS SOLAR PV TO GENERATE $182 BILLION INVESTMENT IN MIDDLE EAST RENEWABLES BY 2025

Frost & Sullivan's recent analysis, Solar PV Dominating Investment Opportunities in Renewable Sector across the Middle East, 2025-2025, reveals that the pressure to lower greenhouse gas (GHG) emissions is compelling the Middle East—the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Iran, Iraq, Jordan, and Lebanon—to embrace renewable energy.

With a 57GW capacity addition—solar photovoltaic (PV), concentrated solar power (CSP), and wind—by 2025, the region is estimated to witness an 18-fold growth of the current capacity, thereby receiving an investment of $182.3 billion. Despite this, the COVID-19 crisis has adversely impacted the renewable energy market through supply chain disruptions, delays in tendering processes, crashing oil prices, and government restrictions.

Qatar and Saudi Arabia are hubs of polysilicon production. Solar cell manufacturing and solar panel assembly are key areas to consider for investment.

Going forward, in terms of value, solar PV investments are expected to contribute the most, at 67.4% of the opportunity size for the next five years, followed by solar CSP investments at 17.5%."

The sectors that have traditionally used fossil fuelbased energy in the region are responsible for GHG

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emissions. They are expected to turn to solar energy during the next few years, which presents immense growth prospects for the market participants, such as: Exploring, innovating, and investing in new storage solutions.

Integrating waterless robotic solar panel cleaners that don't cause damage to solar panels.

Lobbying to make local investments more profitable.

More subsidies, incentives, exemptions, and preferential pricing for local procurement are areas to explore.

Using artificial intelligence (AI) and digital analytics to handle renewable power generation's intermittency. Hence, vendors can tap into opportunities exposed by the penetration of technology in the solar PV space.

Solar PV Dominating Investment Opportunities in Renewable Sector across the Middle East, 2020–2025 is the latest addition to Frost & Sullivan's Energy & Environment research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

By : Frost & Sullivan

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INCONVERSATION

KAMIL SAYOUR, MANAGING PARTNER, SOLERA

In an exclusive interview with SolarQuarter Middle East, Kamil Sayour - Managing Partner, Solera talks about RE services offered by his company along with its recent technological advancements, O&M challenges and future outlook on the solar sector in the region.

Please tell our readers in brief about the renewable energy services offered by Solera in the Middle East Market.

Solera has introduced a new concept for rural electrification called the SunSquare. It is a solar powered services hub that provides electrification for productive use and essential services like healthcare, telecom, education, agricultural processing and entertainment.

Since inception in late 2018, SunSquares have enabled the introduction into rural villages of cold storage based food retail, prenatal medical checks fully equipped with sonar capabilities and blood analysis tools and has brought telecom coverage in both voice and data to remote areas. SunSquares have also attracted local entrepreneurs to launch businesses based on the newly available electrification changing both their lives and that of their communities.

"SOLAR ENERGY IS HERE TO STAY! THE MIDDLE EAST IS BLESSED WITH IDEAL SOLAR CONDITIONS COUPLED WITH VAST AREAS OF FREE TO USE LAND THAT MAKE THE GENERATED ENERGY AMONGST THE CHEAPEST IN THE WORLD" What are the major challenges faced in Operations and Maintenance of solar hybrid (solar + storage) plants especially in the MENA region?

Please highlight the recent technological advancements that Solera has made in the field of Installation and O&M of Solar Projects

The main challenge for O&M in the MENA region is panel cleaning. A combination of high dust conditions and scarce water form a challenging cleaning problem. This is further complicated by the lack of real precedent or data for best practices in the region. This however will rapidly change as we start accumulating data from the newly installed mega projects on the best cleaning ROI including frequency of cleaning, the use of waterless robots vs water based techniques and optimal angles and orientations for soiling.

Solera has used a unique plugand-play design for its SunSquare services hubs. As SunSquares are installed in rural Africa, it is mandatory to optimize both transport and skilled manpower required on site. Therefore, we have developed an easy to assemble, plug and play design that can be installed and commissioned in minimal time and requiring only basic tools te set-up. We have also developed our own inhouse software and hardware tools that enable remote monitoring and troubleshooting of the SunSquare from our central offices. We then rely on a multi-tiered network of operations engineers going from first-responder local operators up to centrally dispatched experts.

Solar has had great success in the utility scale recently with, for example, the Benban solar complex in Egypt being recognized as one of the major solar successes lately

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What is your holistic view on the market dynamics of solar business in the Middle East region?

Solar has had great success in the utility scale recently with, for example, the Benban solar complex in Egypt being recognized as one of the major solar successes lately. There is a need now for a regulatory framework to support the expansion of solar into the commercial and industrial (C&I) sector. For this to happen, there's a need for wheeling, net-metering, tax and customs regulations to unlock the significant potential of this sector. Once this framework is in place, there's an appetite for clients, EPCs and financiers alike.

How do you see the solar sector progressing in the Middle East market in the next 5 years?

Solar energy is here to stay! The Middle East is blessed with ideal solar conditions coupled with vast areas of free to use land that make the generated energy amongst the cheapest in the world. Middle Eastern countries will continue diversifying their energy mix through increasing the solar share on the utility scale. A solar boom in residential and C&I will follow soon after but will take time for the necessary regulation to be put in place and become mature.

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INCONVERSATION

ALI KANZARI, SENIOR EXPERT IN ENERGY EFFICIENCY & PRESIDENT AT CSPV - RENEWABLE ENERGIES

In an exclusive interview with SolarQuarter Middle East, Ali Kanzari, Senior Expert in Energy Efficiency & President at CSPV Renewable Energies threw light on Tunisia’s solar ambitions and plans. His overview on Tunisia’s solar policy, business environment, financing initiatives and further development plans will help readers to understand the region in detail.

How has the renewable sector in Tunisia performed under Covid crisis?

The Covid-19 pandemic is having a major impact on energy systems around the world, curbing investments and threatening to slow the expansion of key clean energy technologies. It causes a strong disruption in the development of renewable energies. The global pandemic has imposed unprecedented constraints on social and economic activity – particularly on mobility – with severe impacts on energy use.

Global energy demand is expected to contract by 6% in 2020, the largest drop in more than 70 years.

Renewable power sources have so far demonstrated resilience in the face of the Covid-19 crisis.

The share of renewables in global electricity supply reached nearly 28% in the first quarter of 2020, up from 26% during the same period in 2019. The negative impacts of COVID-19 on the clean-energy economy have

"TUNISIA HAS DEDICATED ITSELF TO GENERATING 24% OF ITS ELECTRICAL ENERGY FROM RENEWABLE ENERGY SOURCES IN 2025,30% IN 2030."

been amply chronicled in recent months. A struggling economy will reduce demand for wind and solar development, and may limit the availability of tax equity financing.

Furthermore, restriction of movement of non-essential workers has caused delay in construction activity on renewable projects, as a result of the disruption of supply chains, the installation of distributed solar PV has dramatically reduced in the country. Supply chain disruptions, construction delays and macroeconomic challenges increase the uncertainty about the total amount of renewable capacity growth in 2020 and 2021. Due movement restrictions and closure of ports, renewable energy developers are facing significant challenges in obtaining equipment and are unable to access project sites.

The slow pace of economic recovery, heightened pressure on public budgets, and the poor financial health of the energy sector overall, further exacerbate the policy uncertainties and financing challenges that were already

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present. While renewables in several markets were already facing financing, policy uncertainty and grid integration challenges at the beginning of 2020, COVID-19 is now intensifying these concerns.

Almost half of the wind and solar PV projects in development for the next five years are tied to planned – but not finalised. The Covid-19 crisis will in fact impede clean energy transition progress, particularly in heavy industries with tighter margins and fewer scalable technologies available to abate emissions, as attention is focused on reviving production levels and keeping companies financially buoyant.

Please give us a brief overview of the policy & business environment of Tunisia's Solar Market .

To face the problem of energy dependence and to fight against climate change, Tunisia launched the Tunisian Solar Plan in 2009. The country aims to install 3.8 GW of renewable energy capacity by 2030.

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To achieve these objectives, the government has passed the law N°12-2015 on electricity production from renewable energies in 2015. This law completes the existing regulatory framework and provides a legal framework for the development of large-scale renewable energy projects. The 2015-12 law distinguishes three main support mechanisms for renewable energy projects (GIZ, 2019):

Currently, what is the situation of financing of the large scale solar projects in the region?

Tunisia also offers a large range of incentives and subsidies for renewable energy projects. Among these include: Fonds Tunisien de l’Investissement (Tunisian Investment Fund, FTI): a public fund created in 2016, which provides grants to projects in some specific sectors including renewable energy.

The FTI can also invest in equity in some projects.

Project d’Intérêt National (Project of National Interest): qualification criteria on investment size (> EUR 16 Million) or job creation (500 jobs). The project stipulates grants and tax reductions, following the approval of the Conseil Supérieur d’Investissement. In the framework of this project, the state also might finance a part of infrastructure work.

Fonds de Transition Energétique (Energy Transition Fund, FTE): offers grants, equity financing and improved loan terms to firms willing to invest in renewable energies (mostly for self-consumption projects) Fiscal support, reduced VAT on “renewable energy components” and customs tariffs if there is no local equivalent available. There is also a reduced corporate income tax, depending on the firm’s income and location of the project (no tax for a few years, then reduced CIT)

Electricity production for export: currently not used; Electricity production for selfconsumption (“autoproduction”) and sale of surplus: mainly used by energy-intensive industries, either on-site (and planned offsite soon). The surplus is sold to STEG (Law 2009-7) in within the limit of 30% of the energy produced; Electricity production for the needs of the Tunisian local market sold under a Power Purchase Agreement (PPA) to be concluded between the producer and STEG for a period of 20 years, extendable for 5 years. This is divided into two regimes: The authorisation regime: Projects below 10 MW for solar energy and 30MW in Wind, awarded upon call for tender process; The concession regime: Projects over 10 MW for solar and over 30 MW for wind, awarded via concessions after calls for tenders; Also the government was enacted in April 2019 the transversal law, it is the law relating to the improvement of the investment climate. It aims at removing the administrative obstacles in order to mobilise investments and facilitate procedures. This law gives the possibility to private companies to produce electricity from renewable energy for their own needs and to sell the surplus to STEG.

What major improvements are required in rooftop solar projects in Tunisia?

The creation of an independent energy regulatory agency, under the Ministry of Energy is essential for the development of renewable projects. The features of such a regulatory entity could potentially mirror the similarly-purposed INT (Instance Nationale des

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Telecommunications). Regulatory and operational roles need to be clarified and clearly separated to avoid conflicts of interest. The state-owned energy utility STEG exerts significant influence over renewable project development by the private sector. STEG is the sole authorised off-taker of electricity produced by private projects for local consumption, and of up to 30% surplus from the selfconsumption regime. Moreover, STEG is a member of the commission tasked with granting authorisations for renewable projects for local consumption and auto-generation. Finally, STEG is the grid operator responsible for ensuring overall efficiency and reliability in Tunisia’s grid.

Administrative processes for renewable energy development should be further streamlined to reduce transaction costs and increase investment attractiveness.

Current challenges are due to delays in receiving information and responses from the grid operator STEG and in having the grid connection constructed. Some of these challenges could be addressed by simplifying procedures, introducing a one-stop shop, possibly a simple notification system for small projects, and enhancing the use of digital tools to provide information to and communicate with project developers.

How do you expect the solar sector to grow in the region in the next 5 years?

The Tunisian government has recently announced plans to invest US $1 billion towards renewable energy projects including the installation of 1,000 megawatts (MW) of renewable energy.

According to the Energy General Direction of the Tunisian Ministry of Energy and Mines, 650 MW will come from solar photovoltaic, while the residual 350 MW will be supplied by wind energy. Under new plans, Tunisia has dedicated itself to generating 24% of its electrical energy from renewable energy sources in 2025,30% in 2030.

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INCONVERSATION

H.E SAEED MOHAMMED AL TAYER MD & CEO, DEWA EPDA

In an exclusive interview with SolarQuarter Middle East, H.E Saeed Mohammed Al Tayer - MD & CEO, DEWA threw light on declining solar prices in the region, factors leading to the rise of rooftop solar, RE business models and solar PV trends in the Middle East.

How are the declining solar prices driving large scale utility projects in the Middle East?

Large-scale utility projects require a strong regulatory framework. In Dubai, we established a Regulatory & Supervisory Bureau for electricity and water (RSB) to encourage private sector investments. When Dubai Electricity and Water Authority (DEWA) started the 13MW first phase of the Mohammed bin Rashid Al Maktoum Solar Park, one of the main challenges was the price.

DEWA has put in place a full mitigation plan to meet its requirements with world records low prices in solar. In 2015, and as part of the 3rd pillar of the Dubai Clean Energy Strategy 2050, Dubai launched the ‘Dubai Green Fund’, worth AED 100 billion, to finance investments in clean energy.

DEWA achieved world-leading results by applying a successful Public Private Partnership practice known as the Independent Power Producer (IPP) model. This has

"DEWA HAS PUT IN PLACE A FULL MITIGATION PLAN TO MEET ITS REQUIREMENTS WITH WORLD RECORDS LOW PRICES IN SOLAR." been highly effective in five main directions: The first is establishing a comprehensive legal and regulatory framework to attract and protect foreign investments.

The second is that it has caused reputable international solar power companies to deliver stateof-the-art technologies without the need for our own direct investment.

The fifth has been one that has had global effect for the solar power industry, in that the various phases for the solar park have resulted in five world records for solar tariffs in the bids. In October 2019, DEWA received the lowest bid of USD 1.6953 cents per kilowatt hour (kW/h) for the 900MW 5th phase of the Mohammed bin Rashid Al Maktoum Solar Park.

Focusing on the IPP model has enabled us to divert our investments towards other areas, such as the Research and Development Centre at the solar park. The third is building Emirati capacity and skills in collaboration with international organisations and universities. The fourth, increasing efficiency: We started our journey with early generation thin film photovoltaic panels having an efficiency of 11.8% and now we reached 19% efficiency with mono-PERC solar cell technology.

DEWA is currently upscaling its solar power projects to achieve the Dubai Clean Energy Strategy 2050 to provide 75% of Dubai’s total power capacity from clean energy sources by 2050. The Mohammed bin Rashid Al Maktoum Solar Park is one of DEWA’s key projects to achieve this ambitious goal, which requires a capacity of 42,000MW of clean and renewable energy by 2050. It is the largest single-site solar park in the world based on the IPP model. The solar park has a planned capacity of 5,000MW by 2030 with investments totalling AED 50 billion. This shows the priority our wise leadership gives to clean and renewable energy projects, which has contributed to its global cost reduction.

Moreover, using self-cleaning and an advanced solar tracking system, we have increased energy yield of the plant by around 24%.

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Which factors are leading to the rise of rooftop solar in the MENA region?

What are the current and expected future Solar PV trends in the Middle East region?

According to the MENA Solar and Renewable Energy Report 2019, by MESIA (Middle East Solar Industry Association), renewable energy usage has been growing significantly over the past 12 months. This trend will continue to increase as solar power prices reach grid parity. In 2019, the global estimated additions of solar PV reached almost 138 GW. In the Middle East and North Africa, the increased industrial activity and drive towards renewables is reflected in each country’s strategy.

As a utility, we have found the IPP model to have been a highly successful means of developing Public-Private Partnerships and this is an excellent option for the expansion and installation of clean energy in the region. Innovation will continue within the model through accessing a wider and different pool of developers and financiers.

Distributed solar power has become very popular in Dubai, which we manage under our Shams Dubai initiative, and this trend is likely to continue. This procurement option allows customers to benefit from renewable generation without an upfront capital investment and benefitting from the warranties provided by knowledgeable industry players arranging the financing and taking the project execution risk.

It’s unclear though to which extent this option will gradually become available also for smaller projects.

Continuous population growth and economic development have placed pressure on existing power assets and in some cases, created a significant gap between electricity production and demand.

Affordable renewable energies in the region, mainly solar have become an obvious solution. The continuous drop in costs for solar panels is one of the factors that have contributed to reducing CAPEX of both utility-scale and distributed rooftop projects. The other enabler has been the development of distributed solar regulation in certain jurisdictions, with some of them also providing attractive feed-in tariffs or net metering schemes.

DEWA launched the Shams Dubai initiative in 2015, to encourage customers to install photovoltaic panels on their rooftops to generate electricity and export any excess to the power grid.

Shams Dubai has been very successful and by the end of October 2020, a total of 6,598 sites were connected to DEWA’s grid, with a total capacity of 252 MWp DEWA has also received additional applications for 164 MWp. This transforms energy consumers into producers and will achieve the vision of the wise leadership to manage demand and diversify energy sources within the concept of the smart and happy city.

This will ensure a sustainable future for generations to come.

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What is your outlook for the Solar sector in the Middle East for the next 5 years?

This past decade has truly been the era of solar power, with people and businesses around the world developing and manufacturing more panels, as we regularly witness and learn about new inventions and innovations that solar companies are offering to the end-users.

Manufacturing and installation of photovoltaics is also creating many new jobs.

Very soon, we will use this technology in other areas such as in infrastructure we use every day, as well as our home and office windows. In October 2020, CNN reported that solar power is poised for what could be its biggest transformation in over half a century. A group of materials called perovskites are being used to create the next generation of solar panels, which could eventually be twice as efficient as current models, and flexible enough to wrap around entire buildings.

Researchers at Oxford PV, a company spun out of the University of Oxford, made a major breakthrough in 2018. By coating silicon with perovskite they achieved 28% efficiency. The company believes it can eventually reach 40%, or higher.

Improved solar cell efficiency will enable installations to pump out more power with fewer panels, reducing costs, and the amount of land, labour and equipment needed to operate them. IRENA published a report in November 2019, entitled ‘Future of Solar Photovoltaic’ that refers to perovskites citing their advantages and current challenges. The report says: Perovskites still face some significant challenges before achieving market maturity. One of the main ones is durability.

Because the crystals dissolve easily, they are not able to handle humid conditions and need to be protected by moisture through encapsulation, for instance through an aluminium oxide layer or sealed glass plates. Another challenge for scientists is that, while they have been able to achieve high efficiency levels with small perovskites, they have not been able to replicate such effects with larger cell areas. If these barriers can be overcome, perovskite cells have the potential to change the dynamics and economics of solar power because they are cheaper to produce than solar cells, and can be produced at relatively low temperatures, unlike silicon. Apart from the use of perovskites, a number of other technology developments are ongoing.

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QUICK BYTES

LAURENT LONGUET CHIEF EXECUTIVE OFFICER SIRAJPOWER

HAS THE PANDEMIC YEAR 2020 OFFERED THE MIDDLE EAST REGION AN OPPORTUNITY TO KICK START A TRANSITION TOWARDS SUSTAINABLE ENERGY?

As with any other sector in the market, the renewable energy sector was not immune and has also been exposed to the disruptions caused by the global pandemic. However, the maturity of the market and the controlled and coordinated actions taken by the UAE Government and the business community played a vital role in mitigating any impact on the economy.

Renewable energy, especially solar, is the cheapest way to produce electricity, and it is also the best way to lower the impact of climate change on our planet. At times of crisis and economic constraints, people are often looking for ways to reduce their operational costs. We have seen a lot of major companies in the region, placing importance to save on their energy bills now more than ever. Hence, more businesses are driven to transition to solar energy.

WHICH FACTORS ARE LEADING TO THE RISE OF ROOFTOP SOLAR IN THE MENA REGION?

One of the primary key factors driving the demand for solar energy (rooftop or carport) is cost-effectiveness.

The power generated from the solar plant directly offsets the amount of electricity used for a facility/building. Additionally, solar energy makes companies more resilient. With your solar plant, you can generate clean energy without uncertainty as it’s directly produced from your roof. Moreover, a clean or green alternative is a sustainable source of energy. No greenhouse gas emissions are released into the atmosphere when solar panels are used to create electricity.

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WHAT ARE THE NEW COMMERCIALLY ATTRACTIVE RE BUSINESS MODELS IN THE MIDDLE EAST?

SirajPower pioneered the innovative concept of offering comprehensive solar financing solutions in Dubai. Companies do not have to pay the high upfront cost of solar panels, equipment, installation, and maintenance with solar leasing. There are no technical and operational obligations because your solar provider will take all the production and operation risks in a solar leasing business model. It is important to note that the solar energy provider you have to engage has significant experience and a diversified solar energy portfolio to ensure an optimum performance level in operating and maintaining a solar plant.

WHAT ARE THE CURRENT AND EXPECTED FUTURE SOLAR PV TRENDS IN THE MIDDLE EAST REGION?

Solar energy in the future may see hybrid offerings to address energy needs beyond grid-connected facilities, for instance, Solar-Diesel Hybrid that allow companies to partially replace expensive non-renewable fuel rather than remove it altogether. We may also see rising demand in other Hybrid energy systems combining solar energy with electric vehicles, hydrogen production, storage, and demand management. As SirajPower aims to be the Green Champion in the region, we will continue to optimize our business models and target emerging markets such as Saudi Arabia and Oman for solar energy uptake.

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