Canadian company Brookfield is buying the renewable energy division of UK-based Banks Group, the companies announced. The size of the transaction was not disclosed, but a report in the Financial Times said it worth about $1 billion. Banks Group's Renewables unit operates 11 wind farms across Scotland and northern England with total generation capacity of 282 MW. The company also has planning permission for 15 more wind farms of capacity 307 MW and a further 580 MW of solar and wind projects in the planning stage.
ADNOC Gas has issued a $600 million contract to UK-based oil services firm Petrofac for the company's Habshan carbon capture and storage (CCS) project. The contract involves delivery of carbon capture units, associated pipeline infrastructure and a network of wells for carbon dioxide recovery and injection, Petrofac announced. CCS is used to remove CO2 produced by industrial processes, either from the atmosphere or by capturing it at the point of emission and storing it underground.
Abu Dhabi's national oil company ADNOC announced it will install a 10 tonnes per day carbon capture unit at a nitrogen fertiliser plant owned by Fertiglobe, ADNOC's joint venture with chemicals company OCI. The mobile carbon capture unit, dubbed CycloneCC, is being built in the UAE by UK-based company Carbon Clean. Oil producing nations, including the UAE, have backed carbon capture as a way to tackle emissions, but critics point out that is not a substitute for the elimination of fossil fuels.
Dubai's largest lender, the Emirates NBD Bank will raise $750 million from its first issuance of green bonds, media reports said. Reuters reported that the spread for the sale had been set at 120 basis points over US Treasuries, tighter than the earlier guidance of 140 bps after orders topped $1.90 billion. The bank has also launched a sustainable finance framework for financing projects that enable transition to a low-carbon economy and debt instruments having a positive societal impact.