UAE’s ENEC signs a raft of nuclear agreements and more African expansions in renewables from Masdar and Amea Power

COP28 bows out with more nuclear and renewables: The agreements were coming in fast and heavy until the end, with a flurry of activity from UAE’s Emirates Nuclear Energy Corporation (ENEC) and more agreements from Masdar and Amea Power.

NUCLEAR-

ENECpartners with US’ Xenergy on nuclear tech: ENECsigned an MoU with US miniature nuclear reactor developer Xenergy to deploy the latest nuclear energy tech, Wam reports. The agreement aligns with Enec's recently launched Advance program aimed at accelerating decarbonization through nuclear technologies.

And there’s more: The company also signed an MoU with the UK Department for Energy Security and Net Zero (DESNZ) to collaborate on nuclear energy deployment, Wam reports. The agreement will see them partner on large-scale nuclear reactors, advanced nuclear technologies (including Small Modular Reactors), nuclear security, and supplying nuclear fuel.

ALSO- ENEC launches decarbonization roadmap: The company also partnered with the Idaho National Laboratory of the US Department of Energy to launch a roadmap aimed at reducing its carbon footprint across all activities including operations at the Barakah Nuclear Energy Plant site, Wam reports. ENEC also recently partnered with Egypt to advance the use of nuclear energy.

REMEMBER- It’s been a busy COP: ENEC partnered with Bill Gates’ TerraPower, GE Hitachi, and Kazakhstan's National Atomic Company Kazatomprom last week to boost the use of nuclear energy and explore its latest tech.

RENEWABLES-

Amea Power continues its Africa expansion: UAE renewables company Amea Power signed agreements with the governments of Uganda, Djibouti, Mozambique and Zimbabwe to develop renewables projects with a combined 200 MW generation capacity, the company’s chair Hussein Al Nuwais told Al Bayan. The new agreements bring Amea’s clean energy portfolio to a total of 5.5 GW.

The details:

• Mozambique: Amea inked an agreement with the government of Mozambique to establish a 125 MW solar farm in the East African country.
• Djibouti: The company inked a pact with the government of Djibouti to double the generation capacity of its Bara solar plant to 50 MW — up from 25 MW — and install an accompanying battery energy storage system.
• Uganda: Amea signed an agreement with the London-based Emerging Africa Infrastructure Fund to finance the development of the 20 MW Ituka solar project in Uganda’s Western region.
• Zimbabwe: The company also signed an MoU with the government of Zimbabwe to explore potential renewables projects across the country.

Amea plans to raise USD 300 mn to fuel further expansions: Amea is planning to raise USD 300 mn in a new equity funding round to support its expansion into new markets, Al Nowais said, adding that both regional and EU companies are looking to acquire stakes in the UAE firm. The company is moving forward with plans to IPO within the next three to four years, he added. Beyond Africa, Amea is currently eying investments in the clean energy sectors of Turkey, Uzbekistan and Azerbaijan, Al Nowais said.

Masdar is delivering on its green ambition in Africa: Masdar expanded its presence in African countries during COP28 in a bid to develop 10 GW of renewables projects in the continent by 2030, according to a statement released last week.

First up, renewables: Egypt-based renewable energy developer Infinity Power — a joint venture between our friends at Infinity and UAE renewables player Masdar — signed an MoU with Mozambique's Energy and Mineral Resources Ministry to set up to 1 GW of renewables projects, the statement notes. The project should offset 3.8 mn tons of CO2 during its 20-year operational period. The company is also exploring collaborating with Africa50 on a floating solar project in Mozambique. Masdar's subsidiary MW Energy also signed an MoU with Africa50 and Congo's Energy and Hydraulics Ministry to develop 500 MW of renewable energy in the Republic of Congo.

Next, geothermal:Masdar-backed Pertamina Geothermal Energy signed an MoU with the Geothermal Development Company of Kenya to collaborate on geothermal energy development in the country.

Masdar’s been heading the leaderboards at COP: The renewables giant signed MoUs with Uganda, Angola, Zambia, and Ethiopia last week to develop renewable energy projects in these countries.

FOOD AND WATER SECURITY-

The UAE backs the food sector with a new program: The COP28 Presidency has launched a two-year partnership program on water-resilient food systems under the umbrella of COP27’s Climate-Resilient Food Systems Allowance to help developing markets step up water and food systems management efforts, according to a statement.

And the UK pledges funds for water projects: The UK also committed GBP 39 mn for the newly launched Just Transitions for Water Security program, which will mobilize large-scale water investment projects across developing countries. The Global Commission on the Economics of Water estimates climate driven extreme weather will lead to a 40% shortfall in freshwater supply by 2030, with adverse effects for the agriculture sector.

Other COP progress on food and agriculture: 152 countries have endorsed the COP28 UAE Declaration on Agriculture, Food Systems and Climate Action. Governments, philanthropies, and private sector players have so far pledged USD 3 bn in climate financing toward the food and agriculture industries at COP28.

Acwa Power plans big with first int’l water desalination project: Private utility Acwa Power signed a partnership with Saudi Exim Bank for the development of its first water desalination project fully powered by renewables overseas, it said in a statement released earlier this week. The partnership was signed at the Saudi Pavilion on the sidelines of COP28 in Dubai. The statement did not disclose details related to the planned project, location and financials.

Egypt and Morocco signed an MoU to collaborate on advancing water sustainability, according to a statement. The two countries will cooperate on harvesting flood and rain water, advancing technologies for processing agricultural wastewater, adapting to the climate impact on water resources, desalination projects, and establishing water facilities.

IN CLIMATE FINANCE NEWS-

UAE, South Korea partner on climate finance: The UAE’s export agency Etihad CreditInsurance signed an MoU with the Export-Import Bank of Korea (Korea Eximbank) to boost financing for decarbonization projects in the Emirates and abroad, Al Bayan reports. Under the new program, Korean developers working on renewable, nuclear energy, and green infrastructure projects in the UAE, or with UAE partners in foreign markets, will be eligible for funding.

Dubai Future District Fund will invest AED 200 mn in green tech: Government-anchored Dubai Future District Fund will allocate 20% of its AED 1 bn (c.USD 272.3 mn) venture capital fund towards financing climate tech startups, according to a statement released last week. AED 200 mn (c. USD 54.4 mn) will be earmarked to tech startups working in the food and agri tech, building materials, and logistics sectors, the statement added. The AED 1 bn was added to the fund by UAE Prime Minister Mohammed bin Rashid Al Maktoum in 2020 when it was first launched.