KSA’s PIF puts down an extra USD 1.5 bn for Lucid Motors snapping up more shares

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WHAT WE’RE TRACKING TODAY

TODAY: Lucid gets a lifeline | EBRD funds Aeolus, Scatec solar farms

Good morning, ladies and gents. The news cycle is giving us a breather today, but earnings season rolls on with a splash of big investment news from PIF and Lucid. First, Chinese solar companies continue to struggle across the pond…

THE BIG CLIMATE STORY OUTSIDE THE REGION- SunPower throws in the towel on US operations: Chinese solar manufacturer SunPower has officially filed for bankruptcy in the US’ state of Delaware, listing its US assets and liabilities with a value between USD 1 to 10 bn. The company plans to wind down operations and has agreed to sell its Blue Raven Solar installation subsidiary and other units to US-based Complete Solaria for USD 45 mn. SunPower is seeking court approval for its bankruptcy by the end of September.

What caused its downfall? High interest rates and subsidy changes in California, the largest US market for solar, were a couple of the factors that hindered growth, Bloomberg writes. The company also defaulted on a credit agreement in 2023, restated earnings, and faced significant internal turmoil, including replacing its CEO, restructuring operations, and losing its accountant firm. SunPower's 2020 shift from manufacturing to rooftop installations backfired as inflation and high interest rates increased costs for consumers. Prior to filing for bankruptcy, the company halted new installations and shipments, leading analysts to lower share-price targets to USD 0.

The story grabbed ink in the international press: Reuters | Bloomberg | The Wall Street Journal | CNBC

WATCH THIS SPACE-

#1- Acwa will go live with four projects this year: Saudi Arabia’s renewables giant Acwa Power is set to commence commercial operations for four major projects worth USD 3.1 bn by the end of the year, according to the company’s investor report (pdf). The projects include three solar plants,the 1.5 GW Sudair solar plant — which the firm received the commercial operation certificate for in January — the 80 MW Laylaa solar plant, and the 700 MW Ar Rass PV plant, while the fourth is the Red Sea Global multi-utility project.

About the projects: The USD 1.5 bn Red Sea Global project will have a 340 MW solar plant with 1.2 GWh of battery storage, a 32.5k cbm per day desalinated station, a 18.3k cbm per day wastewater treatment plant, a 11.8k tons per year municipal solid waste processing plant, and district cooling with a capacity of 32.5k refrigerator tons (RT). The USD 924 mn Sudair solar plant is one of the largest single-contracted solar PV plants globally and the largest of its kind in Saudi. The USD 105 mn Layla project located in Riyadh is 40% owned by Acwa who is also developing the USD 450 mn Ar Rass solar station with the PIF-backed Badeel.

The company is doing more: The company added 10.5 GW of renewable power and 400k cbm per day of water to its portfolio through new agreements, the report added. Additionally, nearly 1.5 GW of power and 76k cbm per day of desalination capacity reached initial or commercial operations last year.

#2- Egypt mulls more green bonds: Egypt’s Finance Ministry is considering issuing EGP-denominated green bonds and sukuk in the local market to address the budget deficit, Asharq Business reports, citing comments made by Finance Minister Ahmed Kouchouk at a press conference yesterday. No further details were disclosed regarding why the ministry is resorting to local markets instead of international ones. Kouchouk‘s comments come days after the European Bank for Reconstruction and Development SEMED managing director Heike Harmgart signaled Egyptian local banks are gearing up to issue green bonds between this month and September.

It’s been a hot topic for some time: The Egyptian government was reportedly considering issuing green bonds worth USD 700 mn this year by an Electricity Ministry-affiliated body. The government was planning to bring in USD 3-5 bn from sovereign green issuances over the next five years at the time.

Not Egypt’s first: In 2020, Egypt’s maiden green bond issuance brought in USD 750 mn and was almost 5x oversubscribed, attracting some USD 3.7 bn worth of orders for the bonds, pointing to growing appetites for climate-friendly securities worldwide. Local banks in Egypt are also gearing up to issue green bonds between this month and September.

#3- Chinese battery manufacturers are feeling the crunch: Firms operating in China’s battery industry are still struggling to maintain their market shares on the back of overcapacity, low demand, and decreased prices which are expected to stay down throughout the year, Bloomberg reported, citing a report by BloombergNEF. Smaller producers are at risk of having their plants downsized, delayed or canceled while only two producers — Contemporary Amperex Technology and BYD — make up over 50% of the market. Prices are expected to stay low throughout the rest of the year until the industry sheds less established manufacturers whose profit margins are dwindling.

Battery makers are relying on utility scale energy storage to stay afloat: Battery manufacturers in China have turned to the energy storage market — which has maintained more resilient demand compared to EVs — to try and secure their shares in the sector. However this approach isn’t sustainable, BNEF says, projecting that the energy storage market’s growth will be unable to offset the EV slowdown within the next three to five years. The EV industry is set to reach overcapacity of six times later this year, only dropping at the end of the decade to four and a half times if no new projects are announced.

WORTH READING-

#1- Insetting could minimize economic loss for climate-sensitive businesses: Insetting — investing in nature-positive solutions to decarbonize your own supply chain — could help firms reduce nature-related risks predicted to cost them bns, according to Reuters. Given that 52% of global GDP comes from industries reliant on nature, several big conglomerates including Nestle are looking into insetting as an alternative to offsetting, focusing on decarbonizing their own operations through different initiatives such as reforestation.

SOUNDSMART- Insetting vs. Offsetting: Insetting requires a company to tackle their emissions only through their own activities, while offsetting on the other hand involves a company purchasing carbon credits or outsourcing the climate initiatives to bring them to a neutral status, the World Economic Forum explains. Offsetting as a practice has been under scrutiny for some time as uncertainty remains on whether or not the Science Based Targets initiative will accept it as a contribution to meeting net zero targets. As a result of increased doubt around the authenticity of the carbon market, insetting has been rising in popularity in the corporate world.

Nature and business go hand in hand: Despite climate impact reporting becoming common-place amongst businesses, nearly 70% of companies said they do not measure the impact of their value chains on biodiversity. The reason for this is that it is difficult to assess and quantify a company’s impact across its value chain and even more difficult to understand the complexity of ecosystems which is needed to assess impact.

But it’s not that simple: What counts as insetting is still vague, and lacks quantification standards, Reuters writes. While different climate regulatory bodies — such as the GHG Protocol, Gold Standard, and Verra — are working on their own insetting frameworks, a lack of standardization will lead to contradictory results and opinions.Additionally, many companies do not possess the ability to thoroughly trace their value chains, or have their value chains overlap which other stakeholders, which raises the question of who will benefit from insetting.

#2- Big Oil is not happy with the IEA’s anti-fossil fuel stance: Opec is increasingly butting heads with the International Energy Agency (IEA) in response to recently appointed IEA head Faith Birol pushing for a faster transition away from fossil fuels, the Financial Times wrote in a deep dive on Birol. Calling the IEA a “progressive echo chamber,” energy policy maker at the America First Policy Institute Carla Sands and her colleagues believe the organization is no longer neutral. FT expands on how the IEA and Opec were once aligned with their energy forecasts, but have since entered strong opposition over disagreement on when or if the world will hit peak oil demand, and whether the energy transition will destabilize energy security.

DANGER ZONE-

Offsets market enters controversy again as one third of credits fail approvals: 236 mn carbon credits (32% of the market) failed to meet the Integrity Council for the Voluntary Carbon Markets (ICVCM) requirements to qualify for a Core Carbon Principles (CCP) label, striking the already contracting market with more uncertainty, Bloomberg reported. Only 27 mn credits (3.6% of the market) have been approved for the CCP label. The ICVCM says current offsetting structures do not properly assess whether or not the carbon credits revenues are effective in incentivizing the projects.

REMEMBER- The carbon credits market has never been void of criticism: The Science-Based Targets initiative (SBTi) — the world’s leading arbitrar on corporate net-zero targets — recently called carbon credits largely “ineffective.” SBTi's current policy allows carbon offsets only after companies have exhausted other emission reduction efforts, focusing primarily on direct emission cuts. The decision came after CEO Luiz Amaral was asked to step down after receiving backlash for loosening the guidelines on carbon offsets. Last month, over 80 climate nonprofits came together to warn against the use of carbon credits as a tool to offset emissions.

THE SCORECARD-

KSA recycles 100k electronic devices as part of e-waste reduction strategy: In collaboration with the International Telecommunication Union (ITU), Saudi Arabia has recycled over 100k electronic devices as part of its digital sustainability strategy, according to a report (pdf) by the Saudi Communications, Space and Technology Commission. The strategy includes e-waste reduction in three countries and enhancing the circular digital economy as part of the Green Digital Action initiative launched at COP 28 with the ITU and 40 partners.

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CIRCLE YOUR CALENDAR-

The UAE will host the World ESG Summit from Tuesday, 20 August to Wednesday, 21 August in Dubai. The summit will gather experts and industry leaders to explore new ways to integrate Environmental, Social, and Governance (ESG) principles into business practices.

Turkey will host the International Conference on Clean and Green Energy Engineering from Saturday, 24 August to Monday, 26 August in Izmir. The event will gather researchers and professionals to share advances in clean energy. It will also offer a platform to discuss the latest research, practices, and applications in clean and green energy engineering.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

PIF puts down an extra USD 1.5 bn for Lucid Motors

PIF extending loan facility + acquiring more shares in Lucid: A unit of the Public Investment Fund (PIF) is pouring a total of USD 1.5 bn in US luxury EV manufacturer Lucid, according to a statement (pdf). The Saudi sovereign wealth fund’s Ayar Third Investment has reached an agreement with Lucid to take USD 750 mn worth of convertible preferred stock via private placement, and commit an additional USD 750 mn through an unsecured delayed draw term loan facility (DDL).

The proceeds will finance the company’s capex and working capital, among other things, the statement reads.

What we don’t know: The statement doesn’t provide details on the conditions for the conversion or the implied price per share at which Ayar is buying in, nor does it disclose the withdrawal limits or periods for the DDL.

Lucid has not yet tapped the DDL, which could signal that the company is keeping it as a fall-back option if it needs more funding to tap into. Lucid CEO Peter Rawlinson said in March that his company cannot depend on the “bottomless wealth” of its Saudi owner and therefore needs to raise funds this year. “It’s inevitable we need to raise in the future, it’s just a question of when,” Rawlinson told the salmon-colored paper. “We need to pick our moment.”

REMEMBER- This is Ayar’s second investment in Lucid this year, after it took USD 1 bn in convertible preferred stocks last March to fund the EV maker's capex and working capital.

SOUND SMART- Convertible preferred stock is essentially a kind of hybrid between equity and a bond. There are three keys here: “Preferred” means that Ayar gets dividend payments if Lucid starts making them, just like regular preferred stock. But Ayar is also locking in upside: It’s not buying common stock in the company. If the value of Lucid’s shares go above the price at which Ayar bought in, it can — if it wants — swap its convertible preferred stock for ordinary shares and book the difference in value as gain on the investment.

What about delayed draw term loans? These operate like any other loan facility, only with the caveat that they are withdrawn in set intervals — allowing for withdrawal periods every three, six, or nine months — within certain limits, which are both agreed in advance. Lenders could also link withdrawal periods with certain KPIs, if they wish.

LUCID IS STILL IN THE RED-

The EV maker reported a net loss of USD 665.8 mn in 2Q 2024 while revenues for the quarter rose 32.9% y-o-y to USD 200.6 mn, according to its latest earnings release (pdf).

On a six-month basis: Lucid recorded USD 1.29 bn in losses in 1H 2024, while revenues increased 24.3% in the first half of the year to USD 373.3 mn in 1H 2024.

Delivery rates + liquidity aren’t looking too bad: Lucid delivered about 2.4k vehicles in this quarter, up 70.5% compared to 2Q 2023, and expects to manufacture approximately 9k vehicles in 2024. The company ended 2Q with USD 4.28 bn of total liquidity and an additional USD 1.5 bn commitment by a PIF affiliate in order to fund its plans until the end of 2025.

REMEMBER- The EV industry has been slowing down: Lucid Motors’ shares were down 31% in March compared to the beginning of the year. BYD experienced its slowest quarterly bottomline growth in two years in April due to the slowdown in the momentum of EV sales, leading to a 6.1% drop in the company’s Hong Kong shares. Many experts have expressed that the US appetite for EVs — which rose to a peak during covid — has fallen off.

EBRD to provide EUR 25 mn in funding for Aeolus + Scatec’s Tunisian solar projects

We have financial details on Scatec + Aeolus’s solar project in Tunisia: The European Bank for Reconstruction and Development (EBRD) and the French development agency, Proparco, are lending Japan’s Aeolus — a subsidiary of Toyota’s investment arm Toyota Tsusho Group — and Norwegian renewables developer Scatec EUR 25 mn for the construction of two 60 MW solar power plants in Tunisia, according to a press release.

The breakdown: The EBRD's financing package includes a EUR 12.5 mn loan, a EUR 8.2 mn concessional tranche from the Bank’s Clean Technology Fund (CTF), and another EUR 4.6 mn tranche from its Global Environment Facility.

Japan is aiding Africa’s green energy transition: The solar plants, also supported by Japan's Joint Crediting Mechanism (JCM) program, aim to provide low-cost green electricity and are expected to cut annual CO2 emissions by up to 108k tons once operational, according to the statement. Aeolus was founded as “a joint venture to promote renewable energy business in Africa,” and this marks its first investment since the company was established in March.

ICYMI- Aeolus acquired 49% ownership of the two projects earlier this week, after it signed a partnership agreement with Scatec to jointly develop and own the latter’s EUR 79 mn Sidi Bouzid and Tozeur solar projects. The tender for the plants entered its final stages back in May.

Empower’s 2Q revenues are up while bottomline dips

Empower’s net income dips in 2Q: The UAE’s Emirates Central Cooling Systems Corporation (Empower) recorded a 4.9% y-o-y dip in net income to AED 224 mn in 2Q 2024, compared to AED 235.6 mn in the same period last year, according to a financial statement (pdf). The company’s revenues jumped 11.4% to AED 813.8 mn.

On a six-month basis: Empower’s net income dropped 3.3% y-o-y in 1H to AED 389.5 mn, compared to AED 402.9 mn in 2023. The company’s revenues rose 10.3% to AED 1.35 bn for the same period.

Behind the numbers: Empower’s jump in revenues is driven by the increasing demand for sustainable cooling solutions with real estate developers and owners driving the adoption of district cooling systems, the company said in a separate press release (pdf). Rising occupancy rates in various real estate sectors, especially residential, and the expansion of the company's project portfolio also contributed to its revenue growth. Empower’s total connected capacity jumped to around 1.53 mn refrigerator tons (RT) after adding over 20k RT during 1H of the year.

The outlook: The company expects to grow its capacity in the UAE and expand into neighboring countries as the global district cooling market — currently valued at USD 28.3 bn in 2023 — is expected to reach USD 51.9 bn by 2031, the recent financial statement notes.

Making strides in the energy sector: Empower won four energy awards during the International District Energy Association Annual Conference and Exhibition. It was also awarded its sixth Gold rating for its Business Bay 05 district cooling plant by the United States Green Building Council.

Sabic partners with the Fujian Government for a thermoplastics plant

GREEN INDUSTRY-

Sabic signs agreement for thermoplastics plant: Saudi petrochemicals giant Sabic signed a potential investment agreement with the Fujian government to build an engineering thermoplastics compounding plant in China's Fujian Province, according to a statement. The new plant will produce advanced materials like Lexan polycarbonate and Cycoloy blends, catering to electronics, automotive, and emerging sectors including solar energy. Thermoplastic compounds are versatile materials combining the properties of plastics and rubbers, making them easy to mold, recyclable, and energy-efficient. The new plant will work in collaboration with Sabic’s existing operations in China.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

EVs are gaining popularity in UAE: Around 73% of UAE residents prefer EVs, with 61% interested in hybrid vehicles for future purchases. Fuel cell EVs are also gaining traction at 50% and biogas vehicles are at 40%. (Al Bayan)
Al Sharqi slashed emissions in 2023: UAE’s logistics services provider Al Sharqi Shipping has received the Maersk ECO Delivery CO2e Saving Certificate for 2023. Utilising Maersk’s ECO Delivery Ocean services, the company was able to reduce its greenhouse gas emissions by 3.5k tons, representing a 84.64% decrease compared to its conventional fossil fuel alternatives for shipping. (Statement)

Singapore’s Sembcorp will pour USD 528 mn into green energy initiatives

Sembcorp to invest USD 528 mn in green energy: Singapore’s renewables giant Sembcorp Industries announced a SGD 700 mn (USD 528.5 mn) investment in green energy initiatives to establish itself as a leading low-carbon firm, according to a press release. The company aims to develop low-carbon industrial parks in Asia, including Vietnam and Indonesia, and explore partnerships for an asset management platform. The funding will come from a mix of operating cash flow, project financing, internal funding, and capital recycling.

Sembcorp is active in the region: The company’s affiliate Sembcorp Utilities partnered with Chinese solar module manufacturer JinkoSolar to develop Oman’s Manah 2 solar plant in March last year. A JV established by Sembcorp Utilities and Jinko Power secured approval for its share capital to be listed on the Third Market of the Muscat Stock Exchange in September 2023. The JV was issued a license with a share capital of RO 500k (USD 1.3 mn) comprising 500k shares by Oman’s Ministry of Commerce, Industry, and Investment Promotion.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

South Africa renewables plans impeded by rejected grid access: A bid by renewable power generators to access South Africa’s grid was rejected by its regulator, putting a wrench in the country’s Renewable Energy Independent Power Producer Procurement Program. Investors have also been discouraged due to delays and losses stemming from a lack of grid allocation. (Bloomberg)

Magnetic levitation can revolutionize how cars work

Cars could start running on magnets: Researchers have developed new magnetic levitation (maglev) technology that could eliminate the need for traditional engines and batteries in cars, The Financial Daily reported, citing a study by the Quantum Machine Unit at the Okinawa Institute of Science and Technology (OIST). The tech could help produce cars that can glide by using magnetic fields that propel vehicles without friction.

How does it work? OIST’s maglev system only requires energy at start-up to initiate the magnetic field. This allows vehicles made of diamagnetic materials — materials repelled by magnetic fields like graphite — to float above the track and move without further electrical or mechanical thrust. It also eliminates friction, allowing the car to move without engines, batteries, or other propulsion methods.

But there are challenges ahead: Challenges for scaling the technology for practical use include reducing kinetic energy at the surface level and preventing energy loss in the graphite immersed in the magnetic field. The material’s durability and efficiency also needs to be improved, along with developing infrastructure that can support the technology, the researchers concluded in the study.

CALENDAR

AUGUST 2024

12-16 August (Monday-Friday): Mastering Renewable & Alternative Energies, Dubai, UAE.

20-21 August (Tuesday-Wednesday): The World ESG Summit, Dubai, UAE.

24-26 August (Saturday-Monday): International Conference on Clean and Green Energy Engineering, Izmir, Turkey.

24-26 August (Saturday-Monday): International Summit on Non-Renewable and Renewable Energy, Valencia, Spain.

SEPTEMBER 2024

16-18 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi, UAE.

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh, Saudi Arabia.

23-25 September (Monday-Wednesday): Powerlec Bahrain 2024, Manama, Bahrain.

25-26 September (Wednesday-Thursday): Green Steel Summit, Dubai, UAE.

OCTOBER 2024

1-3 October (Tuesday-Thursday): Water, Energy and Environment Technology Exhibition, Dubai, UAE.

1-3 October (Tuesday-Thursday): Cairo Sustainable Energy Week, Cairo, Egypt.

2-3 October (Wednesday-Thursday): World Green Economy Summit, Dubai, UAE.

10-12 October (Thursday-Saturday): The IEEE International Conference on Artificial Intelligence & Green Energy, Yasmine Hammamet, Tunisia.

13-17 October (Sunday-Thursday): Cairo Water Week, Cairo, Egypt.

15-17 October (Tuesday-Thursday): EV Auto Show, Riyadh, Saudi Arabia.

15-16 October (Tuesday-Wednesday): Solar & Storage Live KSA, Riyadh, Saudi Arabia.

NOVEMBER 2024

4-8 November (Monday-Friday): World Urban Forum, Cairo, Egypt.

4-8 November (Monday-Friday): AfricanEnergy Week, Cape Town, South Africa.

6-7 November (Wednesday-Thursday): Renewable Energy Forum Africa, Tunis, Tunisia.

6-7 November (Wednesday-Thursday): Critical Mineral Africa Summit, Cape Town, South Africa.

11-22 November (Monday-Friday) United Nations Climate Change Conference or Conference of the Parties (COP29), Baku, Azerbaijan.

11-14 November (Monday-Thursday): Abu Dhabi International Petroleum Exhibition & Conference, Abu Dhabi, UAE.

18-19 November (Monday-Tuesday): G20 Summit, Rio de Janeiro, Brazil.

19-22 November (Tuesday-Friday) Aquaculture Africa 2024, Hammamet, Tunisia.

26- 27 November: (Tuesday - Wednesday): World Food Security Summit, Abu Dhabi, UAE.

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh, Saudi Arabia.

26-28 November (Tuesday-Thursday): Egypt Energy Show, Cairo, Egypt.

27-28 November (Wednesday-Thursday): RAK Energy Summit, Ras Al Khaimah, UAE.

DECEMBER 2024

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nation Convention to Combat Desertification, Riyadh, Saudi Arabia.

3-4 December (Tuesday-Wednesday): MSGBC Oil, Gas & Power 2024 conference, Dakar, Senegal.

JANUARY 2025

12-15 January (Sunday-Wednesday): World Renewable Energy Congress, Manama, Bahrain.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi, UAE.

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh, Saudi Arabia.

FEBRUARY 2025

23-25 February (Sunday- Tuesday): Global Water Energy and Climate Change Congress, Manama, Bahrain.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai, UAE.

24-27 February (Monday-Thursday): Oman Climate Week, Muscat, Oman.

EVENTS WITH NO SET DATE

2024

End-2024: Emirati Masdar’s 500 MW wind farm in Uzbekistan to begin commercial operations.

QatarEnergy’s industrial cities solar power project will start electricity production.

November: Arab Forum for Renewable Energy and Energy Efficiency, Amman, Jordan.

2025

International Union for Conservation of Nature World Conservation Congress, Abu Dhabi, UAE.

UAE to have over 1k EV charging stations installed.

Middle East Electric Vehicle Show, Sharjah, UAE.

2026

26-29 October (Monday-Thursday): World Energy Congress, Riyadh, Saudi Arabia.

UITP Global Public Transport Summit, Dubai, UAE.

Annual Meetings of the World Bank and the International Monetary Fund, Bangkok, Thailand.

1Q 2026: QatarEnergy’s USD 1 bn blue ammonia plant to be completed.

End-2026: HSBC Bahrain to eliminate single-use PVC plastic cards.

2027

MENA’s district cooling market is expected to reach USD 15 bn.

World Water Forum, Riyadh, Saudi Arabia.

2030

UAE’s Abu Dhabi Commercial Bank (ADCB) wants to provide AED 35 bn in green financing.

UAE targets 14 GW in clean energy capacity.

Tunisia targets 30% of renewables in its energy mix.

Qatar wants to generate USD 17 bn from its circular economy, creating 9k-19k jobs.

Morocco’s Xlinks solar and wind energy project to generate 10.5 GW of energy.

2035

Qatar to capture up to 11 mn tons of CO2 annually.

2045

Qatar’s Public Works Authority’s (Ashghal) USD 1.5 bn sewage treatment facility to reach 600k cm/d capacity.

2050

Tunisia’s carbon neutrality target.

2060

Nigeria aims to achieve its net-zero emissions target.

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