UAE Firms Take Giant Strides To Boost Renewables Portfolio

(MENAFN- Khaleej Times) Two UAE firms have taken major strides in cleaning up greenhouse gas emissions, with the inauguration of major renewable energy projects.

In line with the UAE's Net Zero by 2050 Target and 2050 Clean Energy Strategy, Dubai investment Real estate (DIR), a leading real estate developer in the UAE, Al Mujama, a leading owners association in the UAE, Yellow Door Energy, the leading sustainable energy provider for businesses in the Middle and Africa, and Clyde Engineering, on Monday successfully inaugurated a 1.2 megawatt-peak solar power system.

The solar power system is spread across nine residential buildings in the premier residential community of Ritaj, located in Dubai Investments Park. Over 2,000 solar panels have been installed on the roofs of the buildings, producing 1.9 million kilowatt-hours of clean electricity in the first year of operation, meeting 30 per cent of the buildings' energy consumption needs. This is equivalent to reducing carbon emission by 756,000kg per year. The project operates under a solar lease, whereby significant cost savings are realized for Al Mujama without expending its own capital investment.

Mohammed Bin Hammad, senior director of jointly owned properties at Dubai Land Department commented:“This project aligns with our strategic vision of promoting innovation in the real estate sector. By utilising the sun's energy to meet a significant portion of the needs in the Ritaj residential community, this collaboration highlights the importance of joint efforts in achieving sustainability goals.”

“By generating clean energy, we are fostering a greener, more affordable living environment that benefits communities today and secures a healthier, more resilient future for generations to come,” said Obaid Salami, general manager, Dubai Investment Real Estate.

Dubai Investment Real Estate is the real estate arm of Dubai Investments, a leading investment company listed on the Dubai Financial Market and Al Mujama is leading the way for jointly owned property in the UAE to implement solar power in its operations.

Mansoor Serkal, GM of Al Mujama, said,“We are striving to ensure all our communities are operated in the most cost effective and energy efficient manner to provide best possible value to the owners. We have been working hard with our solar developer Yellow Door Energy and our energy consultant Clyde Engineering. To-date, we have already produced savings of over 18 per cent on our community energy costs. We are dedicated to protecting our environment and are proud to have 30 per cent of our energy needs at Ritaj provided by solar power.”

Jeremy Crane, Group CEO of Yellow Door Energy, said,“Yellow Door Energy is honored to partner with Dubai Investment Real Estate and Al Mujama on this solar lease, marking a significant stride in advancing sustainability efforts in the UAE. This milestone is proudly added to our rapidly growing portfolio of successful projects in the UAE and internationally, where we have been awarded 240 megawatts of solar projects. As the leading solar developer in the Middle East and Africa, we are excited to empower businesses to transition to clean energy, lower their electricity costs and actively contribute to the UAE's Net Zero by 2050 Initiative.”

Philip Mills, CEO of Clyde Engineering, said,“Clyde Engineering congratulates the forward-thinking management of Dubai investment Real Estate and Al Mujama on the successful completion of the first JOP rooftop solar plant. This project will provide a major improvement in the carbon footprint at the Ritaj Community. This project was implemented with guaranteed solar production and zero capital expenditure from the client. Therefore, it is both a win for the environment and for the owners in Ritaj.”

The inauguration of the solar power plant marks a significant milestone in the journey towards sustainable development and energy efficiency in the UAE's real estate sector in alignment with the UAE's Net Zero by 2050 target. The collaboration integrates technological innovation and environmental stewardship to set a precedent for incorporating renewable energy solutions in residential communities and pave the way for more sustainable projects.

Meanwhile, Masdar and Infinity Power signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) to deliver a long-term supply of renewable energy generated by a landmark onshore wind project, located in Ras Ghareb, Gulf of Suez region.

Once constructed, the wind farm will have a capacity of 200MW and is estimated to produce 810,000MWh per year. Consequentially, it is predicted to avoid emissions equivalent to 403,672 tonnes of carbon dioxide per year.

As the largest African renewable energy company, Infinity Power is targeting 10GW of operational renewable energy by 2030. This target will have the capability to provide electricity to 12 million homes across the African continent by the end of this decade and would contribute a further reduction of approximately 15 to 20 million tons of carbon dioxide emissions per year.

The official signing ceremony was witnessed by Dr Moustafa Madbouly, Prime Minister of Egypt and Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President, and Chairman of Masdar. The agreements were signed by Mohamed Jameel Al Ramahi, chief executive officer of Masdar, Eng. Nayer Fouad, CEO of Infinity Power, Salah Ezzat, acting chairman of EETC and Dr Mohamed El-Khayat, CEO of NREA.

Mohamed Ismail Mansour, chairman of Infinity Power, said:“This initiative not only expands our footprint in Egypt but also signifies another big stride in bolstering our local impact in the renewables sector, creating valuable jobs. We remain committed to elevating our contributions to a cleaner, greener future.”

Al Ramahi said:“This project marks another milestone in our journey to unlocking Africa's clean energy potential, and further advancing the clean energy transition.”

Fouad added:“The addition of the Ras Ghareb wind farm to our growing roster reinforces our commitment to positioning Africa as a leader in sustainable energy. This is one of the many steps we will take as we pursue our ambition to develop renewable energy projects in every part of Africa.”

MENAFN19082024000049011007ID1108577229