French gas and power company Engie and Dubai-based private equity firm Abraaj Group, which manages US$11 billion in assets, have agreed to develop a wind power platform in India to leverage the Asian country’s ambitious renewable energy targets.
The companies said they have identified a pipeline of wind power projects accounting for 1 Gegawatts (GW) of power. They didn’t provide any other details about their partnership.
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Read more:
Renewables are growing, but at a risk, Moody’s says
French power major Engie may sell its LNG business, says firm’s union
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India has set a target of having 175 GW from installed power capacity form renewables by the end of 2022, including 60 GW from wind power, 100 GW from solar power, 10 GW from biomass power and 5 GW from small hydro power. The country currently has an installed wind power capacity exceeding 32 GW.
The Asian country also has a goal to produce 40 per cent of its cumulative electric power capacity from non-fossil fuel based energy resources by 2030.
Power demand in India, which is growing at around 10 per cent per year, is fueling investment in renewables. India is also a signatory to the climate accord, the Paris Agreement.
“The Indian renewables sector has seen strong growth in recent times and we expect demand for power across the country will continue to increase,” said Saad Zaman, a partner at Abraaj. “Buoyed by a strong regulatory framework, the renewables sector is a significant long-term, sustainable investment opportunity for Abraaj. Wind power generation today is approaching grid parity and offers a competitive solution to lower average power pool prices.”
Abraaj, which has invested over $1bn in the energy sector, partnered in 2015 with India’s Aditya Birla Group to build a 1 GW scale solar energy platform in India. This year Abraaj acquired a majority stake in Jhimpir Power, a 50 megawatt wind power project in the Jhimpir wind corridor in Southeast Pakistan.
The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Result
Qualifier: Islamabad United beat Karachi Kings by eight wickets
Fixtures
Tuesday, Lahore: Eliminator 1 - Peshawar Zalmi v Quetta Gladiators
Wednesday, Lahore: Eliminator 2 – Karachi Kings v Winner of Eliminator 1
Sunday, Karachi: Final – Islamabad United v Winner of Eliminator 2
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
COMPANY%20PROFILE
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6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m
Winner Bella Fever, Dane O’Neill (jockey), Mike de Kock (trainer).
7.05pm Handicap $135,000 (T) 1,400m
Winner Woven, Harry Bentley, David Simcock.
7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m
Winner Fore Left, William Buick, Doug O’Neill.
8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m
Winner Rusumaat, Dane O’Neill, Musabah Al Muhairi.
8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m
Winner Benbatl, Christophe Soumillon, Saeed bin Suroor.
9.25pm Handicap $135,000 (T) 1,800m
Winner Art Du Val, William Buick, Charlie Appleby.
10pm Handicap $135,000 (T) 1,400m
Winner Beyond Reason, William Buick, Charlie Appleby.