Abu Dhabi Future Energy Company (Masdar) has announced the closing of its acquisition of a 50% stake in Terra-Gen Power Holdings II from Energy Capital Partners (ECP). The company is said to be one of the largest independent renewable energy producers in the United States.

ECP, a private investor in power and renewable assets in the United States, has fully exited its position in Terra-Gen in connection with the closing of the transaction. Igneo Infrastructure Partners (Igneo), a global infrastructure investment manager, retains its existing 50% stake in Terra-Gen, said a statement from Masdar.

Before the Terra-Gen acquisition, its US portfolio of utility scale wind, solar and storage assets had a generating capacity of more than 1.4GW.  The U.S. market and Terra-Gen’s scalable platform will play important roles as Masdar executes its plan to build 100GW of capacity in its global renewable energy portfolio by 2030.

Terra-Gen’s gross operating portfolio currently comprises 3.8GW of wind, solar and battery storage projects, including 5.1GWh of energy storage facilities across 30 renewable power sites throughout the U.S., predominantly in California and Texas, the statement outlined.

Terra-Gen is currently developing more than 12GW of wind, solar and battery storage projects in the US. Its development activities include projects in California, Texas and New York. The project pipeline includes 386MW of Texas wind and California solar, and 512MWh of California energy storage facilities, with commercial operations anticipated in 2025.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President and Chairman of Masdar said, “The UAE and US have long been partners in efforts to advance clean energy, a collaboration culminating in the Partnership for Accelerating Clean Energy (PACE) agreement. Masdar has a strong track record of supporting US renewable energy projects, and the acquisition of Terra-Gen reaffirms this long-standing commitment. We are now on target to surpass our goal of having 10GW of integrated renewable generation capacity in the US by 2030. This transaction unlocks further economic opportunities from green growth and aligns with the global ambition to triple renewable energy capacity, in line with the historic UAE Consensus reached at COP28.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar noted, “Terra-Gen’s experienced management team and scalable platform make it the ideal partner, as we work to increase our presence and investment in the US as part of Masdar’s commitment to a long-term strategy in this important market. We look forward to partnering with Igneo to enhance Terra-Gen’s capabilities and position it as a leading developer, owner and operator of reliable and clean renewable energy in the US.”

Jim Pagano, CEO of Terra-Gen stated, “The finalisation of this deal cements a strong relationship between Masdar and Terra-Gen. Masdar is a great partner for Terra-Gen because of our shared focus on developing clean energy projects and our commitment to decarbonisation. We look forward to working with them to expand and build on our pipeline of U.S. projects.”

Niall Mills, Managing Partner and Global Head of Igneo concluded, “Terra-Gen has been a strong platform for Igneo in the US since our investment in 2020. We see tremendous potential to continue driving growth and creating long-term value in the US renewable power sector through the capable and experienced team at Terra-Gen, and we look forward to partnering with Masdar on this exciting next phase of expansion.”

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Source: ME Construction News

In response to growing interest in its forthcoming ED&I Summit and Awards event, the Middle East Consultant (MEC) editorial team has made the decision to split the event, and attach the awards component to its annual Middle East Consultant Awards gala dinner. The move will expose ED&I winners to the broader Middle East Consultant audience, the MEC team confirmed.

The ED&I Awards will now take place on 14 November, with excellence in the 10 dedicated ED&I categories being recognised ahead of the Middle East Consultant Award categories. Paul Godfrey, Head of Content at MEC also confirmed that the deadline for nominations for the ED&I Awards has been extended to 25 October.

“We have experienced a remarkable level of interest in the forthcoming ED&I Awards, which have attracted a number of very strong entries. Given the calibre of the companies now involved, we’ve taken the decision to move the awards from the evening of 9 October, and instead make them an integral part of the Middle East Consultant Awards on 14 November. This ensures nominees will have the best possible showcase for demonstrating leadership in the ED&I agenda, and they will now be able to highlight their achievements to a larger audience,” said Godfrey.

To read about the categories for the ED&I Awards and to nominate, please click here.

Godfrey added, “We believe the ED&I Awards deserve the biggest showcase that the MEC brand has in its portfolio, and that’s the Middle East Consultant Awards!”

The ED&I Summit will continue as planned on 9 October at the Habtoor Grand Resort, JBR, Dubai, the MEC team emphasised. Click here to register.

The ED&I Summit & Awards are sponsored by:

Gold Partner: AECOM, AtkinsRéalis
Associate Partner: TBH Consultancy
Strategic Partner: KEO International Consultants
Supporting Partner: Climatize, Cundall and HKA

Read more about the ED&I Summit and Awards by clicking here.

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Source: ME Construction News

KASCO Developments, the latest venture by the KASCO Group, has officially launched in the  UAE. Having been involved in real estate since 2008, the group has a portfolio of delivered projects such as Waves Tower by KASCO, KASCO Residence, KASCO Tower, and Gulf Oasis.

Building on the group’s longstanding success across multiple sectors, KASCO Developments aims to innovate and create lifestyle driven, premium residential spaces. In the short term, the company will be focused on launching, selling, and delivering its first three projects. Dubai areas of particular interest to the new company include Business Bay and Al Jaddaf, the firm said in a statement.

In the short term, the company will be focused on launching, selling, and delivering its first three projects, with an initial investment of over $326mn. Dubai areas of particular interest to the new company include Business Bay and Al Jaddaf.

“KASCO Developments will differentiate itself in Dubai’s soaring market by prioritising client well-being and an inspiring living experience. Its philosophy, captured by the slogan Inspire Your Soul, goes beyond traditional opulence, blending design, functionality, and an inspiring atmosphere,” said Mustafa Al Kaissi, Chairman of KASCO Developments.

“We plan to create spaces that inspire and elevate lifestyles. This is not just about luxury but about crafting homes where design, energy, and quality align to offer a unique living experience. We are bringing the values of professionalism, reliability, and premium quality that have always been at the heart of the KASCO Group to our new real estate ventures,” added Issa Abdul Rahman, CEO of KASCO Developments.

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LEOS Developments has announced its latest addition to the Weybridge Collection, Weybridge Gardens 3, The Alps Edition, in Dubailand. The project is being developed at a cost of US $58.5mn and draws inspiration from the French Alps and Western Europe’s ski resorts, offering alpine and modern urban living in Dubai.

The development aims to blend the rustic charm of mountain living with contemporary comfort, providing residents with a serene escape amidst the city’s energy, said a statement.

Weybridge Gardens 3, The Alps, offers a variety of indoor and outdoor amenities and will be home to 208 units split between studio, one- and three-bedroom apartments. Each unit will feature terraces, providing residents with outdoor spaces. Three-bedroom apartments will feature a private plunge pool on each terrace, the developer confirmed.

The project’s amenities include a lobby, a co-working space, a rooftop swimming pool with cabanas and pool loungers, outdoor seating areas, changing rooms, a sauna and a hammam, an outdoor cinema, a-fully equipped gymnasium, a Zen garden with a waterfall, an urban farm, a pizzeria and BBQ area, LEOS Davinci Art Academy, Dance Studio and Boxing Academy, concierge services via the LEOS app and 24-hour security.

The development is located near Sheikh Mohammed Bin Zayed Road in Dubailand, and will span three million square feet.

“Weybridge Gardens 3, The Alps, marks our third project in the Weybridge family of world-class residential communities in Dubailand. Seamlessly merging the serene beauty of the French Alps with the modern vibrancy of Dubai, each Weybridge community offers a meticulously crafted unique living experience. As a British-born international developer with a global vision, we endeavor to set new benchmarks for quality communities in Dubailand,” says Mark Gaskin, Chief Operating Officer of LEOS Middle East & Asia.

“Since our launch, we’ve successfully unveiled and almost sold-out on all previous projects – Hadley Heights, Weybridge Gardens, Cavendish Square, and Weybridge Gardens 2. LEOS is dedicated to exceeding client expectations, delivering on our promises, and ensuring timely completion,” Gaskin added.

The completion date for Weybridge Gardens 3, The Alps is set for Q3 of 2026.

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Source: ME Construction News

Private steel manufacturer Conares has announced a partnership with Interstar Education Services and Al Saraya Engineering Consultants for the development of Victory Heights Primary School in the City of Arabia, Dubai. The move is said to highlight Conares’ ongoing commitment to sustainable development and its contribution to the region’s infrastructure through high-quality steel solutions.

As part of the collaboration, Conares will supply its specially made 18m rebar for the construction to Al Talaqi Building Contractor, who will execute the construction, ensuring the school meets all regulatory standards and delivers a modern, sustainable environment for students. In the construction phase, Conares has supplied 994 metric tonnes of rebar to Al Talaqi Building Contractor.

Al Saraya Engineering Services and Consultants is undertaking the architectural design, in collaboration with R&D Studio, and planning of the facility with Interstar Education Services, overseeing the educational aspects of the school and management of the new campus.

“Victory Heights Primary School will address the increasing demand for quality primary education in Dubai’s growing communities. We are excited to partner with Conares, a leader in the steel industry, to build a school that not only provides an outstanding educational experience but also adheres to the highest standards of sustainability,” said Dinesh Kothari, Chairman of Interstar Education Services.

Victory Heights Primary School will cater to approximately 850 to 900 students, offering the British curriculum. The school will include a wide range of facilities, including sports ground, swimming pools, and extensive outdoor areas. The project aims to meet the standards of accessibility, safety, and eco-friendliness, said a statement.

Commenting on the partnership, Bharat Bhatia, Chairman and CEO of Conares noted, “We are proud to be part of this landmark educational project. At Conares, we have always believed in contributing to the community by supporting projects that enhance the lives of future generations. The use of our 18m rebar, the longest in the industry, will not only optimise the construction process but also ensure the highest quality and cost-efficiency, reducing material wastage and contributing to environmental conservation.”

Denis Furtado, Project Manager at Al Talaqi noted, “The use of locally produced steel from Conares has provided both cost-effective and reliable materials for the project, while reducing transportation expenses. We are on track to complete the construction by June 2025, ensuring that the school opens its doors to students in a timely manner.”

Sunil Lau, Managing Director of Al Saraya Engineering Consultants, shared his and R&D Studio’s vision for the school’s design. He said, “Our plan for Victory Heights Primary School is centred around creating a modern, inspiring, and safe environment for students. With innovative facilities such as modern classrooms, sports areas, and outdoor spaces, the school will foster both academic learning and physical development, ensuring that the students thrive in every aspect.”

The partnership between Conares, Interstar Education Services, and Al Saraya Engineering Consultants marks a significant milestone in Dubai’s educational infrastructure development, further reinforcing Conares’ position as a key player in the UAE’s commitment to sustainable construction and innovation.

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Source: ME Construction News

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Progress of The Orchard Place residential community in Jumeirah Village Circle (JVC) is advancing, with the construction of Tower C now underway following its groundbreaking. The first phase comprising Towers A and B is progressing ahead of schedule, with ongoing construction updates reflecting significant progress, the developer said.

Tower C will feature 193 units, including studios, one, two, and three-bedroom apartments, as well as two-story penthouses and townhouses with six metre height ceilings, spacious terraces, and private pools. The anticipated handover date is Q4 2026. The third phase of the project – Towers D and E – is set to launch this November.

“We are delighted to see the remarkable progress of The Orchard Place, a project that embodies our commitment to delivering exceptional living experiences in Dubai. With Tower C now under construction and the first phase making significant strides, our vision for a luxury European-inspired community in JVC is coming to exciting fruition,” commented Sergi Voronovych, CEO, Peak Summit Development.

Located across five plots close to the up-and-coming JVC area, The Orchard Place is designed to offer residents a blend of luxury, comfort, and convenience. The community will feature green spaces, recreational facilities, and easy access to key amenities, making it an ideal for families and individuals alike.

Peak Summit Development said it remains committed to maintaining construction standards and ensuring the timely delivery of all phases of The Orchard Place.

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Abu Dhabi Future Energy Company (Masdar) has announced the proposed acquisition of Saeta Yield from Brookfield Renewable together with its institutional partners for an implied enterprise value of US $1.4bn. Closing of the transaction is subject to customary approvals and is expected to occur around the end of 2024.

Saeta is an independent developer, owner and operator of renewable power assets with capabilities across the entire value-chain. The transaction consists of a portfolio of 745MW of predominantly wind assets – 538MW of wind assets in Spain, 144MW of wind assets in Portugal and 63MW solar PV assets in Spain – and includes a 1.6GW development pipeline. The transaction excludes a regulated portfolio of 350MW of concentrated solar power assets, which Brookfield will retain and continue to operate.

Brookfield has worked closely with Saeta’s management team to execute a business plan focused on divesting non-core assets, optimising its capital structure, and positioning the business for growth through hybridisation, repowering, greenfield development. The sale is said to be in line with Brookfield Renewable’s asset rotation strategy to recycle capital to fund growth activities.

Representing one of Spain’s largest renewable energy transactions, the deal further cements Masdar’s position in Europe’s largest renewable markets. The deal demonstrates Masdar’s commitment to the energy transition in Spain, Portugal and Europe, and advances its growth plans in the region as the company targets global capacity of 100GW by 2030. Recently, Masdar also announced an agreement with Endesa to become a partner for 2.5GW of renewable energy assets in Spain, subject to regulatory approvals and other conditions.

Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President said, “Masdar is committed to accelerating the delivery of clean energy capacity across the Iberian Peninsula and Europe. Representing one of Spain’s largest renewable energy transactions, this landmark deal with Brookfield Renewable builds on Masdar’s strong growth story, demonstrating our commitment to the EU’s wider Net Zero by 2050 target and unlocking new capacity. Matching words with actions, Masdar is further accelerating its ambitious growth plans, as well as supporting the delivery of the UAE Consensus ratified at COP28, to triple renewable energy capacity by 2030, enabling a just, orderly and equitable energy transition.”

Mark Carney, Chair and Head of Transition Investing at Brookfield added, “We are thrilled to conclude this important transaction with Masdar. As global leaders in clean energy development, Brookfield and Masdar will continue to be important players to accelerate the journey towards a net-zero economy.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar remarked, “With an operating capacity of 745MW of predominantly wind assets, and a 1.6GW development pipeline in Spain and Portugal, Saeta is a perfect complement to Masdar’s portfolio in Europe, following our recent partnership with Endesa for 2.5GW of solar energy. This deal consolidates our footprint in the Iberian market by acquiring a well-established renewable platform, with a strong operational portfolio and management team, and tangible near-term and long-term growth opportunities, supporting Masdar’s expansion plans to reach 100GW by 2030.”

Connor Teskey, Chief Executive Officer of Brookfield Renewable Partners commented, “We are pleased to have successfully supported Saeta throughout our ownership, having worked closely with the business to scale and optimise its renewable portfolio across Iberia. The company has a strong development pipeline and a top-tier management team and is well positioned to continue delivering incremental renewable energy to the region over the coming years under Masdar’s sponsorship.”

Álvaro Pérez de Lema, Chief Executive Officer of Saeta remarked, “After more than six years of successful and profitable growth with Brookfield, we are very excited to open a new chapter in Saeta’s history with the arrival of Masdar as the new controlling shareholder. We look forward to working with Masdar to take Saeta to the next phase of its growth story, further consolidating its leadership position as an independent producer of renewable energy in Iberia.”

The transaction will see Masdar acquiring portfolio of 745MW for wind assets, and a 1.6GW development pipeline in Spain and Portugal. The deal advances Masdar’s growth plans in the region, representing one of Spain and Portugal’s key renewable energy transactions, as the company targets global capacity of 100GW by 2030.

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Source: ME Construction News

Honeywell has announced it is collaborating with Samsung E&A to market solutions aimed at the power plant sector globally. The initiative seeks to reduce carbon emissions and contribute to the fight against climate change.

Samsung E&A, a total solutions provider for the energy industry will use Honeywell’s carbon capture technologies to help power plants reduce carbon emissions and meet environmental goals. The companies will offer customers access to a carbon capture solution by jointly marketing Honeywell’s advanced solvent carbon capture (ASCC) technology.

“As two carbon capture leaders, our collaboration highlights the importance of cooperative approaches in reducing greenhouse gas emissions. Deploying Honeywell’s carbon capture technologies allows Samsung E&A to offer viable, more sustainable solutions for global clients during this energy transition,” said Hong Namkoong, president and CEO of Samsung E&A.

Carbon capture, utilisation, and storage (CCUS) can significantly reduce carbon dioxide (CO2) emissions, acting as a crucial stopgap during the transition from fossil fuels to lower-carbon energy sources. These technologies help to mitigate the environmental impact of various industries responsible for greenhouse gas emissions.

“Honeywell has long been a global leader in carbon capture technologies and our collaboration with Samsung E&A only further highlights our commitment to reducing emissions and tackling climate challenges. With decades of experience and a broad portfolio of carbon capture solutions, we are ready to help businesses meet growing carbon mitigation expectations and increasingly stringent environment goals by abating emissions from existing sources,” said Ken West, President and CEO of Honeywell Energy and Sustainability Solutions.

Honeywell’s CCUS technology has been developed and deployed in numerous applications globally. Between 2023 and 2030, Honeywell estimates that the company’s CCUS technologies will have a cumulative impact of mitigating 320m metric tons of CO2e.

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Source: ME Construction News

Nakheel has awarded a US $490mn contract for the construction of Como Residences on Palm Jumeirah to ALEC Engineering & Contracting.

Scheduled for handover in Q2 2028, the 75-storey residential project will stand over 300m tall and offer 81 residences, ranging from two- to seven-bedroom apartments, including a duplex penthouse. A maximum of two apartments occupies each floor, providing an exclusive lifestyle for residents, served by access-controlled elevators leading to private lobbies, said a statement.

The design of each apartment will give residents a 180-degree view of the sea and skyline, while apartments placed from level 23 and above have a 360-degree panoramic view of Jumeirah Burj Al Arab to the east and Ain Dubai to the west.

“Nakheel has a proud legacy of delivering iconic projects like Palm Jumeirah that transform Dubai’s skyline,” said Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate. “Como Residences builds on this legacy, reflecting our commitment to developing world-class destinations. This is more than just another residential development; it’s a statement of Dubai’s ambition and sets a new standard for waterfront luxury. With its limited collection of exquisite residences, breathtaking views and unparalleled amenities, Como Residences will solidify Dubai’s position as a global leader in real estate.”

Barry Lewis, Chief Executive Officer of ALEC Engineering & Contracting added, “With its curated amenities and opulent finishes that will rival those of even the most luxurious properties, Como Residences promises to stand apart as the pinnacle of urban living. We are pleased that Dubai Holding Real Estate is entrusting this iconic project to us. I am confident that given our track record of executing some of the most ambitious projects in the region, we will be able to deliver a tower that will further elevate Dubai’s world-renowned city skyline.”

In line with Nakheel’s heritage for creating waterfront living experiences, Como Residences’ architectural design is said to take inspiration from the sea that it overlooks, reflecting patterns of a seashell and providing an organic reflection of nature. A feature of Como Residences is its series of elevated private sandy beaches, with most levels of the residences featuring both communal and private pools, and the views of the sea from each apartment, the statement explained.

Residents can also enjoy rooftop infinity pool and an observation deck on the 75th floor, providing panoramic views of the Dubai skyline and the Arabian Gulf. Amenities will also include private parking, an onsite spa, gym with a view, green spaces and children’s play areas. Como Residences also features an architecturally unique entrance and main lobby with valet and concierge services, the developer noted.

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Source: ME Construction News