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Good morning, friends. The news cycle has picked up with some significant developments across the region as we inch closer to the weekend. THE BIG CLIMATE STORIES- The Egyptian Cabinet is mulling over a proposal by an unnamed leading foreign company looking to set up a mega green hydrogen facility in the country and the […]
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Posted inGREEN HYDROGEN
Egypt is evaluating a proposal for a new mega green hydrogen facility + issues more golden licenses for renewables projects
The Egyptian Cabinet is evaluating a proposal by an undisclosed international company looking to set up a mega green hydrogen facility, according to a statement. The statement did not name the company presenting the proposal or provide a timeframe for the planned project. What we know: The plant’s production capacity is estimated at 400k tons […]
Posted inM&A WATCH
QIA gives India’s Adani Green a shot in the arm by acquiring a 2.7% stake
The Qataris have officially grabbed stakes in Adani Green: The Qatar Investment Authority (QIA) has acquired a 2.7% stake in India’s Adani Green Energy for c. USD 474 mn in a block transaction, Bloomberg reports, citing stock exchange data. The transaction saw QIA’s unit INQ Holding grab over 42.6 mn shares in Adani’s green energy […]
Posted inUncategorized
Posted inGREEN FINANCE
EU signs off on EUR 307 mn financing agreement for Tunisia-Italy interconnector
Tunisia-Italy interconnector moving forward: The European Commission (EC) has signed off on a EUR 307 mn (c. USD 336 mn) financing agreement for Tunisia’s planned Elmed electrical interconnection project with Italy, according to a statement. The interconnector’s expected launch date has not been revealed. The project: The 600 MW subsea interconnector — to be developed […]
Posted inRENEWABLES
KSA’s AETCON awarded USD 155 mn Neom HDVC contract
An update to the Neom power transmission line: Saudi Arabia’s Arabian Electrical Transmission Line Contracting (AETCON) has won a USD 155 mn contract to construct a high-voltage direct current (HVDC) transmission line connecting Saudi Arabia’s net zero city Neom to other areas in the country, Utilities Middle East reports. The contract was awarded by the […]
Posted inEARNINGS WATCH
Lucid’s revenues increase 35.5% y-o-y while net losses deepen by 71.2%
Saudi Arabia’s Public Investment Fund-backed EV maker Lucid’s net losses increased by 71.2% y-o-y in 2Q 2023 y-o-y to USD 766.6 mn, according to an earnings release (pdf). This comes despite the company’s revenues increasing by 35.5% y-o-y in 2Q to USD 150.9 mn on the back of 1.4k vehicles being delivered — some delivered […]
Posted inMOVES
Ahmed Fateen appointed commercial VP for UAE, Oman, and Bahrain
Schneider Electric has appointed Ahmed Fateen (LinkedIn) as the channel commercial vice president serving the UAE, Oman and Bahrain markets, Trade Arabia reports. Fateen will be responsible for expanding Schneider’s operations across the three Gulf markets, overseeing commercial strategy, business development, and customer integration, the newswire said. Fateen was previously vice president of power systems […]
Posted inAROUND THE WORLD
New Zealand, BlackRock are partnering up for a climate infrastructure fund
New Zealand, BlackRock join forces to reach 100% renewable electricity: New Zealand’s government and top US fund manager BlackRock are partnering up to launch a NZ 2 bn (c. USD 1.22 bn) climate infrastructure fund to invest in renewable energy projects in the country, Reuters reports. “This is the largest single-country low-carbon transition investment initiative […]