Three out of four projects approved by the OPEC Fund for International Development (OFID) in 1Q 2023 were climate-focused, according to a statement released last week. OFID revealed its climate action investment strategy last September, aiming to channel 40% of all new financing into climate mitigation and resilience projects in the energy, smart city, food and water security, and transport sectors.

The details: OFID provided a EUR 50 mn loan to Armenia to fund climate mitigation and energy efficiency projects in the country, the statement notes. The fund also greenlit a similar USD 150 mn loan to Colombia, and a USD 20 mn green financing facility to bolster climate action-focused reforms for land development, consumer data protection, and fishing regulations in the Seychelles. OFID also backed a USD 25 mn loan to back Niger’s Solar Plant Development and Electricity Access Improvement Project (RANAA) earlier this month in a bid to boost renewables in the West African country.

Siemens Energy drums up capital to acquire Gamesa: Siemens Energy sold shares worth USD 1.33 bn to institutional investors in a bid to drum up capital to finalize its acquisition of wind turbine maker Siemens Gamesa, Reuters reported last week. Siemens sold some 72.7 mn shares at EUR 17.32 apiece last week to help fund the EUR 4 bn takeover, the newswire notes. Siemens Energy currently holds nearly 97.8% of Gamesa’s share capital, according to a statement.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Mercedes plans to spend USD bns to upgrade its factories in China, Germany, and Hungary to prepare for its full transition to EVs by 2035. (Reuters)
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