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MANAMA: The Kingdom of Bahrain has launched an initiative to finance renewable energy in the Kingdom.
On Saturday, the Minister of Electricity and Water, Abdul Hussain bin Ali Mirza, launched for the first time in the Kingdom of Bahrain a sustainable energy financing initiative. "The sun"Which is a financial product under the Ijarah Muntahia property regime for solar energy units, according to the Bahrain News Agency (BNA)"He said.
Mr Mirza welcomed the initiative of Bahrain Commercial Facilities Company and took the lead in launching this product, stressing that it was important to encourage the use of clean energy as this would have a positive effect on reducing the costs of using traditional electricity and preserving the environment by providing this new financial product..
The minister said the new product would help fund renewable energy projects and said the Kingdom of Bahrain was keen to take advantage of the project by creating a center for sustainable energy under the authority of the government. Minister of Electricity and Water and adopting national targets for renewable energy..
It is hoped that this new product will help reduce costs immediately, up to 20% of the total consumption of conventional electricity.
Saudi Arabia aims to achieve 5% of total energy production by 2025, or 250 megawatts by 2025, and reach 10% in 2035 and 6% to increase energy efficiency by 2025..
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