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RIYADH: Europe’s energy companies’ debt has soared to $1.7 trillion during this year amid a global energy crisis. 

Zooming in, Saudi Abdul Latif Jameel Energy’s unit Fotowatio Renewable Ventures has started work on one of Britain’s largest battery storage projects. 

Looking at the bigger picture

• Europe’s energy companies’ debt has soared to $1.7 trillion during this year amid a global energy crisis fueled by the Russian invasion of Ukraine. Their overall debt has jumped over 50 percent compared to before 2020, according to Bloomberg. 

Through a micro lens:

• German gas giant Uniper has applied to extend its $2 billion credit line with state-owned lender KfW Group after drawing down the full amount, according to Bloomberg. This happens in response to supply shortfalls of Russian gas, increasing the urgency for a government bailout. 
• Saudi Abdul Latif Jameel Energy’s unit Fotowatio Renewable Ventures has started work on one of Britain’s largest battery storage projects in partnership with UK developer Harmony Energy. Located in Essex, the Clay Tye site will have a total power capacity of 99 megawatt/ 198 megawatt hour, according to Trade Arabia.