RIYADH: On a macro level, Dubai’s energy demand has risen by 6.3 percent during the first half of 2022, signaling an economic recovery and a return of activities.
Zooming in, Cairo-based Infinity will buy Africa’s Lekela Power, in a deal that would make it the largest renewable energy company in the continent.
Looking at the bigger picture
- India’s Convergence Energy Services is planning a $10 billion contract for 50,000 electric buses in a bid to decarbonize public transport and meet net zero emissions goals, Bloomberg reported. The state-owned company was formed in 2020 to manage the solar and electric vehicle leasing business of its parent firm, Energy Efficiency Services. This happens as India plans to cut its overall projected carbon emissions by 1 billion tonnes by 2030, to achieve net zero emissions by 2070.
- Dubai’s energy demand has risen by 6.3 percent during the first half of 2022, Trade Arabia reported, citing Dubai Electricity and Water Authority’s announcement. Reaching 23,096 gigawatt-hours, the increase reflects the economic recovery in Dubai.
- The share of battery-electric cars among new registrations in Europe grew to 9.9 percent, from April to June — up from 7.5 percent a year earlier, Reuters reported. This happens as fossil-fuel powered cars lost market share and total sales dropped by more than a fifth.
Through a micro lens:
- Cairo-based renewable energy company Infinity and Africa Finance Corporation will wholly acquire London-headquartered African renewable energy firm, Lekela Power, Trade Arabia reported. Including Lekela Power’s portfolio of operational wind power projects, with a combined installed capacity of over 1 gigawatt and its 1.8 gigawatt pipeline of greenfield projects, the acquisition will make Infinity Africa’s largest renewable energy company.
- Toyota Motor Corp. will work with allied automakers to develop small electric commercial vans and light-duty fuel cell electric trucks, according to Reuters. Due to begin from January 2023, the project will see the vehicles being used to transport goods between Tokyo and Fukushima prefecture as it seeks to promote the widespread use of electrified vehicles.
