Fintech PR
Solarplaza: Republican sweep not expected to reduce renewables, only in worst-case scenario
HOUSTON, Oct. 2, 2024 /PRNewswire/ — Regardless of the outcome of the upcoming US elections, the investments in renewable assets like PV, wind, and battery storage will continue, experts state. The Inflation Reduction Act (IRA), a main driver of the current expansion, has broad support among both Republicans and Democrats and will remain mostly intact, creating jobs in the US and reducing the dependency on China. Only in a worst-case scenario, renewable additions would fall by almost 30% in the next ten years.
“Trump alone can’t change legislation, he needs Congress. Our overall expectation is that it is unlikely that major modifications would be made to the IRA that negatively impact solar, wind and storage. However, there remains an outside, remote chance that material modifications are made to finance tax cuts if Republicans sweep the executive branch and congress,” says Chris Seiple, vice chairman of Wood Mackenzie’s power & renewables division, and one of the keynote speakers on the Solarplaza Summit Energy Storage North America in Houston, Texas on October 29 and 30.
Renewable energy sources now cover over 30% of total US utility-scale electrical generating capacity and provided a quarter of the nation’s power generation during the first seven months of 2024. After adding a record-breaking 8.9 GW of new storage capacity in 2023, this year 12.9 GW of storage capacity will be connected, leading up to a forecasted 75 GW of added storage capacity in the 2024-2028 timeframe.
This expansion was primarily boosted by the Inflation Reduction Act (IRA), experts say. For instance, by introducing investment tax credits (ITC) for battery storage, which provides a credit of up to 30% of certain costs spent to build a facility, until 2033. “Batteries are an essential part of the renewable energy ecosystem as we move into our clean energy future,” says Andrea Herman, tax expert and associate of Latham & Watkins, one of the speakers at the summit.
One of the incentives for reaching the 75 GW of new storage capacity is the new bonus credit regime, she thinks. For instance, projects located in energy communities in specially designated areas where the government wants to incentivize growth, may be eligible for an additional 10% ITC. Also, projects that use certain US-manufactured products. Certain tax credits can be sold in the open market, for instance to investors or companies with an ESG-policy. This has opened up the market for smaller developers who want to be involved, besides the big developers, backed-up by big banks. “That’s one of the great things about the IRA. It totally changed the way taxpayers can monetize tax credits,” Herman says. “There is a lot of enthusiasm for it and a lot of jobs are created by it. Hopefully that’s something we are still willing to invest in as a nation.”
Could the upcoming US elections reshape the energy storage and trading landscape? In general, a Harris administration would continue the Biden policies. A Trump administration, however, has already announced to drop out of the Paris agreement and to dismantle the Inflation Reduction Act. “We don’t think that is true,” Seiple says. “In general there is a pretty broad support for most provisions of the IRA from both parties, although there are elements with less support, like tax credits for electric vehicles. The reason for this support is there is so much investment flowing to republican districts. The IRA supports investment in both battery storage facilities and storage manufacturing facilities, with a high concentration in swing states. All these facilities are creating jobs, generating strong support for the IRA. There’s also broad political support because it’s reducing our dependence on China for renewable energy equipment.”
However, a Trump administration would propose various tax cuts that could cost up to US $10 trillion, causing record high budget deficits. If Trump wins the presidency and Republicans win the House and the Senate, there is a possibility that there could be modifications to the IRA in order to help finance all of these tax cuts, Seiple says. In this unlikely scenario Wood Mackenzie forecasts renewable additions through 2033 would fall by almost 30% and total investment in new renewable plants would fall by US $350 billion over the next 10 years. “It’s likely we won’t see something like this, but it is not out of the question,” he says. “And it’s important to remember that even with modifications to the IRA a lot of states have renewable energy targets, mandates and policies. These state level programs will still be in place and support the industry.”
View original content:https://www.prnewswire.co.uk/news-releases/solarplaza-republican-sweep-not-expected-to-reduce-renewables-only-in-worst-case-scenario-302265493.html
Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
Photo – https://mma.prnewswire.com/media/2566075/Qatar_Development_Bank_Announcement.jpg
View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html
DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
Photo – https://mma.prnewswire.com/media/2557788/image.jpg
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Logo – https://mma.prnewswire.com/media/2449955/5026987/AIMA_Technology_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html
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