DEBT WATCH-

AFD bolsters Iraq’s wastewater treatment: The Iraqi government has secured two credit facility arrangements from the French Development Agency (AFD) to the tune of EUR 130 mn (c. USD 148 mn) for two wastewater treatment projects, according to a statement issued on Tuesday. The first agreement will add EUR 30 mn in funding for a sewage project in Anbar Governorate’s Al Khalidiya district, bringing its total funding to EUR 110 mn. A sewage project in Al Diwaniyah Governorate’s Al Hamza district clinched the remaining EUR 100 mn.

Not AFD’s first financing of regional waste management projects: AFD agreed to provide EUR 68 mn in financing and EUR 2 mn in grants to upgrade Egypt’s East Alexandria Treatment Plant last month. The development financing agency also earmarked EUR 50 mn in financing and a EUR 1.5 mn grant to expand Cairo’s Yellow Mountain Wastewater Treatment Plant.

GREEN FINANCE-

Morocco secures EUR 65 mn from EBRD: The European Bank for Reconstruction and Development (EBRD) is extending up to EUR 65 mn to Banque Marocaine pour le Commerce et l’Industrie (BMCI) to support green on-lending, according to a press release on Tuesday. The financing package is part of the EU’s Morocco Decarbonisation and Climate Resilience program and includes a EUR 1.75 mn allocation from the Green Climate Fund (GCF) and EUR 2.4 mn from Canada through the EBRD’s High-Impact Partnership on Climate Action.

Dual financing structure: BMCI will direct the funds as sub-loans to SMEs and large firms to help them adopt cleaner tech and boost sustainability. BMCI will also receive technical assistance and investment incentives under the EBRD’s Green Economy Financing Facility, funded by the EU and the GCF.

EBRD 💚 Morocco: EBRD extended a EUR 110 mn senior loan to Betoya Industriel and Logistic Zone to develop a climate-resilient economic zone within the Nador West Med industrial port complex in March. It also extended a EUR 200 mn loan to Moroccan fertilizer giant OCP Group to build two new desalination plants last November.

MINING-

Saudi Arabia taps Fleet Space, Tahreez to explore minerals: Saudi Arabia’s Ma’aden has signed a four-year exploration contract with a JV between Australian space exploration company Fleet Space and Saudi security company Tahreez, according to a press release issued on Tuesday. The agreement will see Fleet Space deploy its environmentally sensitive ExoSphere technology to deliver real-time 7 km-deep subsurface 3D models. The company will also utilize its low Earth orbit satellites, smart ground sensors, and advanced AI models to identify promising areas for exploration drilling.

ICYMI- The trio is building upon a partnership agreement originally signed in January for exploration in the Arabian Shield.

Ma’aden’s big ambitions: Mining giant Ma’aden said last year it wants to grow 10x by 2040 to become one of the world’s largest mining companies, targeting both mining JVs abroad and Saudi Arabia’s untapped mineral resources, which were reported last year to be worth as much as USD 2.5 tn — 90% more than the last forecast in 2016.

CARBON MARKETS-

Egypt’s voluntary carbon trading market rebranded as the Egyptian Climate Exchange (EGCX), according to an EGX statement (pdf) released on Monday. The rebranded market will now also accommodate more types of sustainability-linked financial instruments (not just carbon credits) —including energy attribute certificates(EACs), which track and verify the origin of renewable energy.

New players dipped their toes in the market: Apparel manufacturer Concrete purchased carbon credits representing 500 metric tons of carbon dioxide from the Egyptian Biodynamic Association (EBDA) in a transaction valued at EGP 500k. The transaction was the sixth carbon trade in the market since it launched in August last year, and it brought the total volume of traded carbon certificates to 5.5k.

Background: The EGCX — previously dubbed as Africa’s first voluntary carbon market — allows companies to issue, sell, and buy voluntary carbon certificates in Egypt and Africa to offset emissions. Notable participants to date include Isis Organic, and Daltex.

INFRASTRUCTURE-

Qatar has big infrastructure plans: Qatar General Electricity and Water Corporation (Kahramaa) has signed four contracts worth almost QAR 3.1 bn (c. USD 851 mn) to expand the country’s electricity infrastructure to meet growing demand, according to a press release issued on Monday. The agreements cover upgrades of existing substations and the construction of seven high-voltage ones with the necessary underground cables and overhead transmission lines to connect them to the grid, spanning 212 km.

The contractors: The contracts were signed with Elsewedy Cables Qatar Company, Voltage Engineering, Turkey’s Best and Betash Consortium, and South Korea’s Taihan Cable & Solution, with 58.4% of the value of the contracts given to Qatari companies in line with the country’s privatization push.

SOLAR-

Nippon Energy bags solar panel factory in UAE: Japanese solar company NipponEnergy is launching an HJT solar panel manufacturing plant it recently acquired in Dubai, according to a statement here and here earlier this month. Details of the transaction were not disclosed but the factory is said to have been established in 2016. Nippon is just the latest Asian company to turn to our region for solar manufacturing, with two Chinese firms advancing two separate solar production projects just last week.

REMEMBER- The MENA region could emerge from the China-US trade war as a solarproduction hub as China and Southeast Asian green producers shift operations abroad to evade tariffs. The US is also expected to turn to the region for green tech imports as developers look to source cheaper imports after the US blasted solar producers from China, Vietnam, Malaysia, and Thailand with up to 3,500% duties. MENA’s robust local demand for solar products is also expected to spur production capacity as the region looks to hit about 100 GW of solar capacity by 2029.

INTERCONNECTION PROJECTS-

EBRD backs Gregy: The European Bank for Reconstruction and Development has signed a grant agreement with Copelouzos Group subsidiary Elica Interconnector to support feasibility studies for the planned 3 GW Egypt-Greece interconnection project (Gregy), according to a press release (pdf) issued last week. The studies would include desk research on ways to optimize the route of the submarine cable, as well as cost-benefit and technical analyses. The funding will come from the EU’s InvestEU Advisory Hub, in which the EBRD is a partner.

REMEMBER- The completion of the project’s feasibility studies is aimed at this year, with required approvals and permits slated to be secured in 2026. If the project moves as planned, construction is set to be completed in September 2029, with commissioning targeted to begin in January 2030. In January, Greece was reported to be negotiating a EUR 20 mn loan to fund its side of the feasibility and FEED studies, and the countries were reported in March to be close to securing EUR 1 bn in grant and concessional financing from European institutions.

RENEWABLES-

Iraq launches tenders for 3 GW of renewables in Wasit: Iraq’s Wasit province has opened the door for international investment in 25 renewable energy projects, targeting both solar and wind, with a combined capacity of 3 GW, according to a statement last week. Companies have been invited to submit bids starting 4 May for 30 days.

M&A-

Dubai-based Amea Power has purchased shares in Moroccan wind energy company Énergie Éolienne du Maroc, 24saa reported on Monday, citing a decree published last month in Morocco’s Official Gazette. Énergie Éolienne du Maroc launched a MAD 800 mn, 200 MW wind power project dubbed Aftissat 2 in 2023 with a 50 MW extension, according to the Moroccan Energy Ministry’s website. The company was previously held by Italy’s Italgen Maroc.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Ewec opens 2Q CEC registration: Emirates Water and Electricity Company (Ecec) has opened up registration for its 2Q 2025 Clean Energy Certificates auction (CECs). Submissions will be accepted until 13 June. (Statement)
  • Oman mandates electric + hydrogen charging in stations: Oman has issued new regulations requiring fuelling stations to provide charging points for EVs and hydrogen vehicles. Stations must also include infrastructure that supports solar energy alongside conventional electric power. (Statement)
  • Empower bags another LEED certification: The UAE’s Empower has received the Gold LEED certification from the US Green Building Council for its Dubai Land Residence Complex District Cooling Plant. The project — composed of four plants, with three more planned — is one of the company’s newest, with a capacity of 47k RT and plans to grow to 120k RT. (Press release.pdf)
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