UAE’s NMDC to invest USD 500 mn in offshore wind expansion: The UAE’s National Marine Dredging Company (NMDC) is planning to invest USD 500 mn in offshore wind projects via its engineering, procurement, and construction (EPC) arm NMDC Energy, CEO Ahmed Al Dhaheri told The National last week.

What we know: The investment covers the acquisition of jack-up barges for tower, blade, and turbine installation and a cable-laying vessel for offshore wind projects. No timeline was disclosed for the launch of the investment.

The rationale: NMDC Energy is making bullish moves on offshore wind as a major revenue stream, with Al Dhaheri saying it has “potential” and could have “a good share of our business and of our revenue moving forward.”

Challenges ahead: Rising costs, supply chain constraints, and shifting political support for wind energy — with the US recently pausing new US offshore wind leases — pose industry risks. Still, Al Dhaheri remains optimistic, noting that “a number of projects are already sanctioned and lined up for execution.”

NMDC Energy has been busy expanding into new markets, revealing plans in November to scale up its operations in the UAE, Saudi Arabia, India, and Taiwan, and entering new markets in Europe, North and West Africa, and Southeast Asia.

IN OTHER REGIONAL INVESTMENT UPDATES-

Africa50 rallies up efforts for green investments in the continent: The Casablanca-based pan-African infrastructure investor Africa50 is setting up a regional investment vehicle to finance off-grid power projects and a USD 500 mn fund to invest in climate-friendly projects, Bloomberg reported on Wednesday. The two initiatives mark the infrastructure investor’s first facilities fully dedicated to green projects in a bid to attract more financing from some USD 2.3 tn managed by African institutions.

The first fund — the Africa Solar Facility (ASF) — will invest USD 200 mn in distributed renewable energy businesses, covering home systems and off-grid and mini-grid projects. The fund is sponsored by the International Solar Alliance, which tapped Africa50 back in December to manage and implement the ASF facility.

The second USD 500 mn-strong facility will focus on renewable energy and low-emission mobility projects, devoting USD 400 mn for project development and USD 100 mn for project preparation. Africa50 plans its first close for the fund in 1H of 2025, and hopes that the facility can lead to the mobilization of up to USD 10 bn investments in the sector down the road, Bloomberg reported, citing Africa50 CEO Alain Ebobisse.

More is coming: Africa50, the Nigerian Sovereign Investment Authority, and UN-backed Sustainable Energy For All are also planning another fund based in Nigeria to support renewable energy distribution.

Who’s involved? Shareholders include the African Development Bank and the Moroccan central bank. Sixteen African sovereign wealth funds and commercial banks, and the IFC have backed the infrastructure fund.

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