Lebanon Issues 11 Licenses for Small-scale Solar Power Projects

Solar panels are seen at the Desert Stateline project near Nipton, California, US August 16, 2021. REUTERS/Bridget Bennett
Solar panels are seen at the Desert Stateline project near Nipton, California, US August 16, 2021. REUTERS/Bridget Bennett
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Lebanon Issues 11 Licenses for Small-scale Solar Power Projects

Solar panels are seen at the Desert Stateline project near Nipton, California, US August 16, 2021. REUTERS/Bridget Bennett
Solar panels are seen at the Desert Stateline project near Nipton, California, US August 16, 2021. REUTERS/Bridget Bennett

The Lebanese government has issued licenses to 11 companies to construct solar power plants capable of producing 15 megawatts each, energy minister Walid Fayyad said on Thursday at a news briefing.

The companies, which include both local and international firms, would have a year to secure funding, the minister said.

The stations would only partly contribute to Lebanon's energy demands, which exceed 3,000 MW, Reuters reported.

Fayyad said their construction would be a "good sign" to an international community that has been asking Lebanon to reform its energy sector. The sector has widened the country's public debt by tens of billions of dollars.

Lebanon suffers chronic power outages and the economic crisis left Lebanon's government unable to operate its power plants or subsidize fuel imports for private operators.

Solar production would cost between 3.6 and 5.7 cents per kilowatt hour, Fayyad said, compared to the 10 to 15 cent cost of production via fuel.

The minister said he would travel to Syria on Sunday to iron out a deal to import Egyptian gas and Jordanian electricity via Syria, in a project backed by the US and with World Bank financing.



Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

Saudi Arabia's Public Investment Fund (PIF) completed on Monday a $7 billion inaugural murabaha credit facility.
In a statement, PIF said the credit facility is supported by a syndicate of 20 international and regional financial institutions.
PIF head of the Global Capital Finance Division and head of Investment Strategy and Economic Insights Division Fahad AlSaif said: “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia”, the Saudi Press Agency reported on Monday.
This financing complements PIF’s successful sukuk issuances over the past two years, the statement added. It also underpins PIF’s strong financial position, as well as its best-practice approach to debt financing.
PIF is rated Aa3 by Moody’s with stable outlook and A+ by Fitch with stable outlook. PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.