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ACWA Power Announces Commercial Production for 'Risha' Solar Power Plant in Jordan

ACWA Power Announces Commercial Production for 'Risha' Solar Power Plant in Jordan
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ACWA Power Announces Commercial Production for 'Risha' Solar Power Plant in Jordan

ACWA Power Announces Commercial Production for 'Risha' Solar Power Plant in Jordan

ACWA Power and the National Electric Power Company (NEPCO) in Jordan officially announced Wednesday that the 50 MW Risha Solar PV Independent Power Plant (IPP) has initiated commercial operations as of December 1, after completing all the required commissioning and start-up tests.

The power purchase agreement for Risha PV was initially signed by ACWA Power and NEPCO in 2017, setting the lowest tariff for renewable energy in Jordan at the time (0.042 JD/kWh).

The Risha PV IPP was developed in line with Jordan’s government ambitions to attract investment and ensure a 20 percent contribution of renewable energy in the total energy mix of the country by 2020.

“This project is estimated to generate around 115 GWh per annum and will pave Jordan’s future path for economic growth,” said Managing Director of NEPCO Amjad Rawashdeh.

“NEPCO is keen to uphold its commitment to deploying renewable energy projects while sustaining the reliability and stability of our electrical system, which is one of the finest in the region.”

Through utilizing existing infrastructure, NEPCO was able to reduce the overall costs of the project and increase its efficiency, he added.

Moreover, this project will benefit the adjacent local communities, by creating jobs, and contracting services from local companies.

“This project is one of the many investments made by ACWA Power in the Jordanian energy sector, and we are confident in the success of our partnership with them,” Rawashdeh noted.

Managing Director of ACWA PowerEng. Thamer al-Sharhan, for his part, said Jordan is a strategic stronghold market for ACWA Power, now having eight plants with over 1,600 MW power generation capacity.

“It has immense growth opportunities as it seeks to diversify its energy mix and secure sustainable power supply,” Sharhan said, adding the company looks forward to continuing its contribution to the country’s socio-economic development and the welfare of its people through the Risha PV project.

He noted that the project will be operational as per the specified timeframe in the contractual agreement.

“ACWA Power is proud to have been entrusted with the delivery of the Risha PV IPP based on our considerable international expertise in the solar power generation sector.”

Sharhan stressed that the project will be managed and operated by distinguished local talent trained at the highest industry standards of efficiency and professionalism.

The Risha PV plant is a key addition to ACWA Power’s portfolio in the renewable energy sector, he said.

The Risha PV plant is located in Risha Area, Mafraq Governorate (300km north-east of Amman).

With a capacity to power approximately 12,000 households every year, it will support the country in increasing its renewable energy capacity and reducing its reliance on costly hydrocarbon imports in addition to saving 1.5 million tonnes of carbon dioxide over 20 years.

The plant was financed by a number of renowned international and regional financial entities including the European Bank for Reconstruction and Development (EBRD), Deutsche Investitions- Und Entwicklungsgesellschaft Mbh (DEG) and Arab Bank.

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India Says Crude Oil Supplies Secured, No Payment Issues for Iran Imports

The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
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India Says Crude Oil Supplies Secured, No Payment Issues for Iran Imports

The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI

India's petroleum ministry said in a post on X on ‌Saturday ‌that the ‌country's ⁠refiners have secured their ⁠crude requirements, including from Iran, ⁠and ‌there are ‌no payment hurdles ‌for ‌Iranian imports.

India's crude oil ‌requirements remain fully secured ⁠for the coming ⁠months, the ministry added.

Business

From Asia to the Americas: Governments Race to Contain Energy Shock

A gas station in Los Angeles, California (AFP) 
A gas station in Los Angeles, California (AFP) 
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From Asia to the Americas: Governments Race to Contain Energy Shock

A gas station in Los Angeles, California (AFP) 
A gas station in Los Angeles, California (AFP) 

Governments worldwide are moving swiftly to contain the fallout from a sharp rise in energy costs, as global supply disruptions linked to the US-Israeli war on Iran rattle markets.

Surging fuel and electricity prices have prompted urgent steps to protect consumers and secure supplies, with mounting pressure on economies.

In Asia, India has taken measures to safeguard domestic supply, signaling a potential review of fuel exports if needed while prioritizing the local market. Requests from neighboring countries for fuel will be met only if surplus is available.

Authorities have also barred consumers connected to piped gas networks from using liquefied petroleum gas cylinders to manage demand. New Delhi has invoked emergency powers, directing refiners to maximize cooking gas output while cutting industrial supplies to meet household needs.

South Korea is boosting domestic energy production by easing restrictions on coal-fired plants and increasing nuclear utilization to 80 percent of capacity. It is also considering additional support vouchers for vulnerable households. To bolster supply, Seoul has begun implementing a ban on naphtha exports.

China has imposed restrictions on refined fuel exports as a precaution against domestic shortages, while allowing drawdowns from fertilizer reserves to support agriculture ahead of the spring season.

In Southeast Asia, Singapore will accelerate previously announced budget support measures to ease pressure on households and businesses. Indonesia aims to increase coal output, is weighing export taxes, and plans a biofuel program using a diesel–palm oil blend. Cambodia is importing additional fuel from Singapore and Malaysia to offset shortages.

Japan will temporarily ease restrictions to expand coal-fired power generation for one year and has called for coordination through the Group of Seven and the International Energy Agency to stabilize markets. It has also asked Australia to boost liquefied natural gas output.

Elsewhere, the Philippines has suspended wholesale spot electricity trading due to price volatility and supply risks, while activating a 20 billion peso emergency fund.

Vietnam is accelerating a shift to ethanol-blended gasoline, and Australia is drawing on fuel reserves to address shortages, particularly in rural areas, while warning of prolonged economic impacts. Authorities have urged reduced fuel use, including greater reliance on public transport.

Europe acts

European Union institutions have called for temporary measures, including cuts to electricity taxes and network charges, alongside direct support for households.

Italy is considering reducing fuel levies and may impose windfall taxes on companies benefiting from the crisis. Spain is preparing aid and tax relief for households and hard-hit sectors.

In Eastern Europe, Romania has cut diesel excise duties. Serbia has reduced fees on crude oil and extended a ban on exports of oil and derivatives. Slovenia has imposed temporary limits on fuel purchases.

Greece announced 300 million euros in support for fuel and fertilizers, along with reduced maritime transport costs to ease pressure on consumers and farmers.

Americas, Africa respond

In Latin America, Argentina has postponed fuel tax increases. Brazil has scrapped federal diesel taxes, imposed a levy on oil exports and unveiled plans to support fuel imports at the state level.

In Africa, South Africa has temporarily reduced fuel taxes, Ethiopia has increased subsidies, and Namibia has cut fuel levies by 50 percent for three months. Other countries are considering similar steps.

In the Middle East and North Africa, Egypt has capped prices for unsubsidized bread and raised procurement prices for local wheat to strengthen strategic reserves.

Other measures include tax cuts in North Macedonia, energy-saving steps in Mauritius, efforts to secure additional supplies in Sri Lanka and a possible reduction in value-added tax on fuel in Poland.

The breadth of these actions underscores the scale of the global response, as governments seek to cushion households and economies from rising energy costs. Amid persistent geopolitical tensions, policymakers continue to adjust strategies to manage supply risks and price volatility.

Business

IMF Urges BOJ to Keep Raising Rates Even as Iran War Poses New Risks

FILE PHOTO: Bank of Japan Governor Kazuo Ueda attends a press conference after a BOJ policy meeting in Tokyo, Japan, March 19, 2026. REUTERS/Kim Kyung-Hoon/File Photo
FILE PHOTO: Bank of Japan Governor Kazuo Ueda attends a press conference after a BOJ policy meeting in Tokyo, Japan, March 19, 2026. REUTERS/Kim Kyung-Hoon/File Photo
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IMF Urges BOJ to Keep Raising Rates Even as Iran War Poses New Risks

FILE PHOTO: Bank of Japan Governor Kazuo Ueda attends a press conference after a BOJ policy meeting in Tokyo, Japan, March 19, 2026. REUTERS/Kim Kyung-Hoon/File Photo
FILE PHOTO: Bank of Japan Governor Kazuo Ueda attends a press conference after a BOJ policy meeting in Tokyo, Japan, March 19, 2026. REUTERS/Kim Kyung-Hoon/File Photo

The International Monetary Fund urged the Bank of Japan to continue raising interest rates, even as the Middle East war posed "significant new risks" to the country's economic outlook.

The proposal comes amid market expectations the BOJ will raise interest rates as soon as April in the face of mounting inflationary pressure from the conflict-induced spike in oil prices, and higher import costs blamed on the weak yen, Reuters said.

While growth is expected ‌to moderate, due ‌partly to the Iran war, gradual wage gains will ‌underpin ⁠consumption, the IMF ⁠said in a statement issued from Washington on Friday after the conclusion of its policy consultation with Japan.

"Risks to the outlook and inflation are broadly balanced" with inflation expected to converge to the BOJ's 2% target in 2027, the IMF said.

In the statement, the IMF said its executive board commended Japan's "strong economic resilience" to global shocks and agreed the BOJ was appropriately withdrawing monetary accommodation.

"They noted ⁠that as underlying inflation converges toward the BOJ's target, ‌gradual rate hikes toward neutral should continue" in ‌a flexible, well-communicated and data-dependent approach, the statement said.

"Directors stressed the importance of maintaining ‌a flexible exchange rate as a credible shock absorber," it added.

The BOJ ‌ended a massive stimulus in 2024 and raised interest rates several times, including in December, on the view that Japan was on the cusp of durably hitting its 2% inflation target.

The central bank has stressed its readiness to keep raising rates on the ‌expectation that underlying inflation will converge to its 2% target sometime from the second half of fiscal 2026 into ⁠fiscal 2027.

Japan's ⁠fiscal year starts in April. While rising oil prices hurt Japan's import-reliant economy, BOJ policymakers have signaled their concern they will add to inflationary pressures from years of steady wage gains and broader price increases. The BOJ's slew of hawkish communication has prodded markets to price in a roughly 70% chance of a rate hike in April.

The yen's slide towards the key 160-per-dollar level has also kept markets on alert for the chance of currency intervention by Japanese authorities. Finance Minister Satsuki Katayama issued a fresh warning against yen bears on Friday, saying Japan stood ready to act against speculative moves in the currency market. "We're ready to take all available means that are legally feasible, be it conventional or non-conventional," she told an online program on Friday evening.