Adenium Energy Capital and Enerwhere sign USD 10 Million investment agreement for fleet of Mobile Solar Power Systems
* Adenium is investing USD 10M in Enerwhere’s fleet of mobile solar power systems
* Enerwhere will deploy these systems to provide temporary power to labor camps, construction sites and industrial sites around the Middle East on a rental or power purchase agreement (PPA) basis
* Adding solar to diesel-powered mini-grids provides fuel and emissions savings of up to 40% with no upfront investment for the customer
* Enerwhere’s solar-diesel hybrid solutions provide financial savings of 15-20% compared to conventional diesel-only systems
Dubai, March 4th, 2015
Adenium Energy Capital is investing USD 10 Million in Enerwhere’s fleet of mobile solar power assets. Enerwhere will use these systems to provide temporary power to real estate, construction, and industrial sites in the Middle East. The agreement was signed today at the Solar Middle East exhibition in Dubai by Wassef Sawaf, Chief Executive Officer of Adenium Energy Capital and Daniel Zywietz, Chief Executive Officer of Enerwhere.
Mr. Zywietz explained the rationale for solar-diesel hybrid systems: “The development of the electricity grid is lagging behind economic growth in many growing communities and industrial areas in the Middle East, causing many commercial and industrial users to rely on expensive diesel generators to keep the lights on and machines running. Our solar-diesel hybrid systems can dramatically reduce fuel consumption, and therefore, the operating cost of these diesel mini-grids, while providing the same or even better reliability.”
Enerwhere, based in Dubai, installed its first system on the World Islands in Dubai in early 2014, providing power to a remote construction site. The company also recently completed a contract with Tourism Development & Investment Company (TDIC) on Saadiyat Island in Abu Dhabi, where a 5 MW solar-diesel hybrid system supplied 8,000 construction staff with around-the-clock electricity for 9 months. The company is currently working to apply its technologies to projects as diverse as temporary accommodation, hotels, construction site offices, concrete batching plants, mines and factories, as well as refugee camps.
Just like conventional diesel generators, Enerwhere’s innovative solar systems are fully transportable and can easily be redeployed from one site to the next within days. According to Mr. Zywietz: “The investment provided by Adenium will enable Enerwhere to substantially increase its rental fleet. Doing so will allow a much larger group of commercial and industrial customers to realize substantial fuel savings and simultaneously reduce CO2 emissions by up to 40%, all without making costly upfront investments or taking on long-term liabilities.”
“In a region with so much sunshine we have had our eye on the potential for solar-diesel hybrid systems for a while”, said Mr. Sawaf. Jeremy Crane, Chief Operating Officer of Adenium added: “After looking at a range of potential transportable solar solutions, we identified Enerwhere’s solution as, by far, the most suitable in terms of transportability, robustness, ease of use, and cost-effectiveness, all of which are essential in the temporary power sector”. Adenium’s USD 10 Million investment will build approximately 10 MW of solar systems, enough to power tens of thousands of staff at temporary accommodation, dozens of construction sites or several mines or refugee camps.
About Adenium Energy Capital
Adenium Energy Capital was launched in early 2010 as an investment company, specializing in the investment and deployment of clean and alternative energy solutions. Adenium’s mandate is to build a diversified global portfolio of clean energy assets with an initial focus on Italy, Jordan, Japan, Egypt and the United Arab Emirates. Adenium has developed and owns over 150 MW in these markets. Adenium Energy Capital is the fruit of a joint enterprise between prominent entrepreneurs, each a leader in their respective industry, with a common goal to develop a sustainable, world-class investment company focused on the promotion of clean and renewable energy investments.
For further information, please visit www.adeniumcapital.com
Enerwhere is the leading provider of innovative, transportable solar-hybrid power plants to commercial and industrial clients across the construction, oil and gas, mining, hospitality and manufacturing sectors. Enerwhere’s solar-hybrid solutions, which replace conventional diesel generators, are available either on a Power Purchase Agreement (PPA) or Rental / Leasing basis, without hefty upfront investments from users. Enerwhere can deploy its systems within weeks to anywhere in the Middle East and Africa for either temporary or permanent power applications. Enerwhere is based in Dubai, UAE.
For further information, please visit www.enerwhere.com