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UAE Focus – TAQA to reduce carbon emissions by 25%; Yellow Door Energy completes $400m equity deal
Riyadh: Abu Dhabi National Energy Company (TAQA) aims to reduce greenhouse gas emissions by 25% from 2019 levels by 2030, as the UAE seeks to achieve net-zero emissions this century.
Chief Executive Jasim Husain Thabet said in an interview with Bloomberg that the energy and water company intends to build more solar plants and close plants that use natural gas.
He explained that over the course of the decade, TAQA will build around 9 GW of solar and will close around 7 GW of conventional gas-fired power plants.
Yellow Door Energy closes $400 million equity deal
Dubai-based solar developer Yellow Door Energy has completed a $400 million equity deal that will help it finance projects worth $1 billion in the Middle East and Africa, MEED reported.
The funding was provided by the solar developer’s shareholder Actis, a UK-based private equity firm.
Through the transaction, Yellow Door Energy’s business plan will be fully funded and the management team is “now focused on executing sustainable energy solutions over the next five years,” according to a statement.
Amlak Finance cuts losses
Dubai-based Amlak Finance will use the company’s general reserves to partially reduce its accumulated losses, according to Asharq.
The real estate financier had accumulated losses of 989 million dirhams ($269 million) at the end of June, or about 66 percent of its capital.
Amlak was established in 2000 to work in the real estate finance sector in the Middle East and in 2004 transformed into a public joint stock company with an office in Egypt.
Géant UAE with Bustanica
Supermarket chain Géant has teamed up with Emirates Crop One, a joint venture between Emirates Flight Catering and the technology platform for the indoor vertical farming First Crop marketplace.
Under the partnership, Emirates Crop One or Bustanica will supply a range of products to Géant hypermarkets and supermarkets in the UAE, according to a statement.
Located near Al Maktoum International Airport in the heart of Dubai World, Bustanica’s 330,000-square-foot facility is designed to produce over 1 million kilograms of premium leafy greens annually.
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