The UAE plans to double its renewable energy capacity by 2030/Bloombergby Bloomberg
Mubadala Investment Company-backed Alcazar Energy is preparing to sell some of its solar and wind assets in Egypt and Jordan.
The renewable-energy developer is in talks with banks on the sale, which may fetch at least $500 million.
While the Middle East is home to the world’s biggest oil exporters, governments are pushing for alternate energy solutions amid growing consumption, which is opening up opportunities for renewable-energy developers.
The UAE plans to double its renewable energy capacity by 2030, while Saudi Arabia seeks to invest as much as $50 billion in the sector over the next six years.