KSA’s Waja Group is looking to assemble and market EVs in Egypt

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WHAT WE’RE TRACKING TODAY

TODAY: A busy M&A heavy day in the region

Good morning, friends, and happy International Earth Day to you. We have a hefty issue this morning with several M&A updates, laying it heavy on the mining acquisition side. But first…

OUR NEXT CONFERENCE IN CAIRO-

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It’s a massive consumer opportunity and a regional export hub of tomorrow.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that sees Saudi Arabia, Egypt, and the the UAE at the heart of a more vital Middle East economy — and provide an early, actionable roadmap for those who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks. It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

*** Interested in attending? Tap or click here to let us know. Seating is limited.

#1- Acwa Power, Irena partner on global renewable energy transition: Saudi renewable energy giant Acwa Power inked an agreement with International Renewable Energy Agency (Irena) to “drive the worldwide transition to renewable energy sources,” according to a statement released on Thursday. The two will look into how to “mobilize finance and investment in renewable energy projects and support infrastructure, facilitating the development, storage, distribution, transmission, and consumption of renewables.” They will also exchange data on necessary infrastructure investment for renewable energy, green hydrogen, solar and others.

IN OTHER KSA NEWS- Single-stock options (SSOs) on Saudi mining giant Ma’aden’s stock began trading yesterday, according to a statement released on Thursday. The contracts will be cleared by the Securities Clearing Center Company (Muqassa). Tadawul launched SSOs in November as its third derivatives product.

What’s this SSO of which you speak? The instrument allows investors to hedge their equity portfolios — and traders to speculate on whether the underlying asset.

#2- Egypt's private sector eyes renewables for its operations: Twenty private companies in Egypt have expressed interest in implementing renewable energy projects using the P2P (Private to Private) system, Al Arabiya reported on Thursday, citing sources from the Electricity Ministry. This initiative is part of the first phase of involving the private sector in Egypt's transition to a competitive electricity market. The Egyptian Electric Utility and Consumer Protection Regulatory Authority has approved the regulations for the P2P mechanism and there is strong demand from companies to start projects within the current year, with some aiming to implement projects exceeding 1 GW over two years with investments of over a USD 1 bn.

What we know: The interested companies include Infinity, Scatec, Alcazar, AMEA Power, EDF, El Sewedy, Enara, and KarmSolar, the report adds. Officials from these companies say they have reached preliminary agreements with fertilizer, ceramic, and cement factories to supply them with electricity from renewable sources.

#3-Iraq plans to enact renewable energy law: The Iraqi Parliament's Electricity and Energy Committee is discussing moving ahead with its Renewable Energy Regulation Bill, according to a statement published last week. The Parliament meeting aimed to establish a legal framework for electricity production, address climate change in line with international commitments, and promote sustainable development. The committee recommended proceeding with the bill's legislative process and expressed readiness to receive further input from Council members.

About the law: The new law aims to develop and improve Iraq's renewable energy sector, enhance energy efficiency, and consider the establishment of a national emissions trading company linked to the Renewable Energy and Energy Efficiency Regulatory Authority. Last month, the committee reviewed contributions from advisory bodies, including various ministries and committees, and recommended expediting the legislation process according to the legal protocols of the Council of Representatives, emphasizing the urgency of its enactment.

REFRESHER- Iraq aims to sign 3.7 GW in renewables contracts this year: Iraq is planning to ink agreements to establish 3.7 GW of renewable energy by year end. The country has already signed three agreements to generate 2.4 GW of renewable energy, 500 MW of which should be operational by summer. The country is also tapping Saudi's Acwa Power for a 1 GW project in Najaf city, and UAE's Masdar for another 1 GW project in its western regions.

#4- “Reality check” needed on fossil fuel phaseout, JP Morgan says: The world needs a “reality check” about its transition away from fossil fuels as it may take much longer than anticipated to achieve net zero targets, The Financial Times writes, citing a recent global energy report sent by JP Morgan to clients. The recent shift in the macroeconomic environment necessitates a reevaluation, as the estimated annual cost of USD 3 tn to USD 4 tn for the energy transition is now set against a backdrop of increased government debt and structural changes in geopolitics, JP Morgan’s head of global energy strategy Christyan Malek says in the report.

Things aren’t going according to plan: The transition to renewable energy should be measured in decades or generations — not years — due to insufficient returns on investment in renewables and the potential for social unrest if energy prices surge, JP Morgan argues. Energy consultancy Wood Mackenzie has made similar warnings, saying that higher interest rates will make the net zero transition more difficult and costly, which will particularly affect renewables and nuclear power due to their high capital intensity and low returns.

But not everyone agrees: Despite JP Morgan’s warnings, Rocky Mountain Institute energy strategist Kingsmill Bond says that renewable energy “is much cheaper and more efficient than fossil fuel energy, which is why almost all electricity generation capacity now being built is solar or wind.” Bond argues that energy infrastructure spending is expected to grow annually by only 2%, as funds are increasingly redirected from oil and gas ventures toward renewable projects.

#5- WB locks in USD 11 bn in climate pledges: The World Bank Group (WB) has received a total of USD 11 bn for its new financial instruments: the Portfolio Guarantee Platform, hybrid capital mechanism, and the new Livable Planet Fund, according to a statement released on Friday. Countries including Belgium, France, Japan, and the US have contributed to the Portfolio Guarantee Platform while the UK, Denmark, Germany and others committed to hybrid capital, which offers shareholders and partners a chance to invest in bonds with unique leveraging potential. Pledges allocated to both instruments could generate up to USD 70 bn over the next decade. Japan has also made the first contribution to the Livable Planet Fund.

And more: The World Bank Group has enacted a set of reforms and introduced creative financial tools as part of the review of the Capital Adequacy Framework, as suggested by the G20 Expert Group, according to the statement. These include modifying the loan-to-equity ratio to unlock USD 40 bn from the International Bank for Reconstruction and Development balance sheet over the next decade and increasing the bilateral guarantee limit by USD 10 bn. It will also publish a comprehensive report for rating agencies to better evaluate its value and the Bank’s financial strength to maximize the benefits of callable capital.

About the initiatives: The Portfolio Guarantee Platform will provide a shared approach to risk, making World Bank financing more accessible. The Livable Planet Fund will enable contributions from governments, philanthropies, and other partners to encourage cross-border cooperation and address shared challenges.

#6- The US is set to introduce new guidelines for carbon offsets to bolster market confidence and ensure genuine emissions reductions, Reuters reported on Friday, citing US top climate diplomat John Podesta. The guidelines will require “real, additional, permanent emissions reductions.” Companies will be encouraged to prioritize direct emission reductions over purchasing offsets. This initiative follows the Energy Transition Accelerator (ETA) program launched in 2022 to aid developing countries in the clean energy transition through private finance. The Center for Climate and Energy Solutions (C2ES) will serve as the ETA secretariat and former secretary of state John Kerry will act as the advisory group chair. "If we do not mobilize the private sector we do not win this (climate) battle," Kerry said. "We need high quality carbon markets to drive action."

ALSO-US to impose tariffs on Chinese solar panels: The US is reportedly planning to reverse a two-year-old tariff exemption on a dominant solar panel technology from China and other countries, in response to a request by South Korea's photovoltaic cell manufacturer Hanwha Qcells, Reuters reported last week, citing sources close to the White House. The request aims to protect Hanwha Qcells' USD 2.5 bn expansion of its US solar manufacturing presence from competition by cheaper Asian-made products.

Good news for US manufacturers: Duties on imports of bifacial panels, which are crucial for utility-scale solar projects, could benefit the growth of over 40 solar equipment factories planned in the US since the country’s Inflation Reduction Act was enacted in 2022, according to Reuters. Solar manufacturers like US-based First Solar have seen their shares go up following the news.

Not everyone supports the tariffs: The move has sparked division within the US solar industry, with some installers and developers advocating for the exemption to support cheaper imports and keep project costs from rising, the newswire writes. The Solar Energy Industries Association has recommended boosting the quota of tariff-free imported solar cells to aid companies in assembling American-made panels.

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CIRCLE YOUR CALENDAR-

The UAE will host the Connecting Green Hydrogen MENA event from Tuesday, 23 April to Thursday, 25 April in Dubai. The event will explore green hydrogen partnerships, policies, and practices in the region, in parallel to a showcasing of the latest in the clean fuel’s technology.

Oman will host the Oman Sustainability Week from Sunday, 28 April to Thursday, 2 May in Muscat. The event will focus on exploring investment opportunities and implementing best practices in sustainability within the energy, water, and environmental sectors.

Saudi Arabia will host the Saudi Water Forum from Monday, 29 April to Wednesday, 1 May in Riyadh. The forum will facilitate dialogue among water sector leaders, experts, and stakeholders to address challenges and share expertise. It will feature presentations by key entities in the water industry focusing on integrated solutions, showcasing successful water projects, and promoting investment opportunities for sector development.

The UAE will host The Electric Vehicle Innovation Summit from Monday, 20 May to Wednesday, 22 May in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.

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

KSA’s Waja Group is looking to assemble and market EVs in Egypt

Waja Group is setting out to manufacture EVs in Egypt under a framework agreement signed with the Egyptian government-owned automaker Arab Organization for Industrialisation (AOI), according to two separate statements here and here. This appears to be Waja’s first venture in Egypt.

What we don’t know: There’s no publicly available information about the size, ownership split, brand portfolio, or production plans of the JVs. Waja boasts a portfolio of three companies working in the construction, communication, and IT sectors, but it is unclear how its expertise will be laverged within the scope of this project.

The agreement will see the business partners launch a new JV to produce, sell and market EVs for local consumption “at competitive market prices,” in Egypt along with a focus on potential exports to other Arab and African countries.

The first phase of manufacturing will unfold at one of AOI’s existing factories in Egypt, and phase two is set to kick off once the JV’s new facility is ready to go online.

IN CONTEXT- The AOI assembles Jeep vehicles and produces everything from home appliances to license plates, plastic and woven products. It is also involved in megaprojects including Egypt’s railway upgrade and water treatment plants.

Taqa’s Naturgy bid could hit resistance in Spain + Algeria, reports suggest

Could Spain and Algeria throw a wrench in Taqa’s potential Naturgy takeover? The Spanish and Algerian governments are each considering potentially blocking or otherwise negotiating more preferential terms for Abu Dhabi National Energy Company’s (Taqa) potential acquisition in Spanish gas producer and renewable energy player Naturgy, according to separate reports from Spain’s El Debate and Algerian newspaper Echorouk El Yawmi over the weekend.

Spain is considering its options: Spain’s Sánchez government is reportedly looking to “facilitate” Taqa’s takeover bid for 100% of Naturgy, on the condition that Taqa would then sell back 10-15% of the company to the Spanish government, El Debate reports, citing sources it says have firsthand knowledge of the matter. The government is reportedly looking to ensure it maintains a stake in Naturgy, which it considers to be a “strategic company” since it is Spain’s main gas supplier, El Debate says. If the government is unable to reach an agreement to that effect, it could move to block the transaction altogether, according to El Debate’s sources.

Enter the “anti-takeover shield”: Spain introduced legislation back in 2020 (pdf) introducing a system known as the “anti-takeover shield” that granted the government the right to veto foreign investors’ acquisitions of companies deemed to be “strategic.” The regulation applies to the acquisition of a stake of 10% or more of listed companies, or acquisitions valued at EUR 500 mn or more for unlisted companies. The rules were initially introduced during covid-19, when foreign investors were vying for acquisitions to capitalize on market volatility that saw company valuations plummet, according to Chambers and Partners. With these rules in place, the Spanish government has the authority to block Taqa’s takeover bid for Naturgy, El Debate explains.

IN CONTEXT- Spanish protectionism is on display right now as the government there looks to ensure Saudi telecom operator Stc doesn’t become the largest single shareholder in mobile network outfit Telefonica, EnterpriseAM Saudi has reported.

Algeria is reportedly also not too keen on the agreement, and could move to block the transaction, Echorouk says, without providing further details. Algerian state-owned oil company Sonatrach holds a 4.1% stake in Naturgy and is a major international partner of the Spanish energy company. Naturgy purchases Algerian gas, which is transported through the Medgaz pipeline from Algeria’s Beni Saf to the South of Spain. Sonatrach holds a 51% stake in the pipeline, with Naturgy holding the remaining balance.

Background: Taqa is in discussions with Naturgy’s two largest shareholders — CVC and GIP — to potentially acquire their stakes in the Spanish company. The company confirmed it is discussing “a potential cooperation in relation to Naturgy” with the company’s largest shareholder, Criteria Caixa last week.

It’s been a busy week for Masdar in the EU

Masdar + Hidroelectrica to jointly invest EUR 1.5 bn in new renewables projects: UAE renewables giant Masdar and Romanian state-owned utility company Hidroelectrica agreed to form a joint venture to develop solar and energy storage projects, extending their partnership by three years, Hidroelectrica said in a statement released on Friday.

In detail: The JV — set to be registered by the end of June — will see the two companies collaborating on the development of onshore and floating solar projects and battery energy storage systems in Romania for three years, with an investment of EUR 1.5 bn, Romanian Energy Minister Sebastian Burduja said. The JV’s pilot project will see Masdar develop floating solar plants on seven reservoirs in the middle and downstream sections of the Olt river in Romania, Hidroelectrica CEO Borbèly Kàroly is quoted as saying by Balkan Green Energy News.

Ownership of the JV will be split 50-50 between Masdar and Hidroelectrica, Kàroly reportedly said.

The partnership could venture beyond Romania: With the extension of the JV, the firms agreed to explore potential business in other renewable energy segments — including wind power — and implement them in other countries outside Romania, Kàroly said.

The firms might potentially extend the JV for another term if it proposes final investment decisions for a total of at least 2 GW in greenfield or brownfield projects, according to the news outlet.

Background: Masdar signed a joint cooperation agreement in March last year with Hidroelectrica to deploy offshore wind energy and floating solar energy projects totalling 2 GW in Romania.

IHC arm has its eyes on another Zambia mine acquisition

IHC’s International Resources Holding bids for Konkola Copper Mines in another Zambia acquisition: The International Holding Company’s (IHC) mining investment arm, International Resources Holding (IRH) reportedly bid over USD 1 bn for Mumbai-based Vedanta's stake in Zambia's Konkola Copper Mines, Reuters reported on Friday, citing people with knowledge of the matter. IRH has presented a non-binding offer to acquire London-based mining company Vedanta Resources' 51% stake in the mines, Reuters says, with talks still ongoing.

IHC is doubling down on securing critical metal supplies from Africa: The natural resources extractive company snagged a 51% stake in Zambia’s Mopani Copper Mines for USD 1.1 bn last month. IRH is also reportedly looking to bid for private equity player EMR Capital's 80% stake in Zambia’s Lubambe Copper Mine.

Stop in the tracks? Vedanta — which owns an 80% stake in KCM — is considering retaining its majority ownership of the Zambian copper field, owing to its longstanding desire to retain the assets under its belt, the sources said. The company hired Standard Chartered to seek investors with a minority interest in KCM, as opposed to IRH’s aim for a controlling stake.

Not entirely off the table: Vedanta is looking to raise USD 1 bn over five years for a Konkola-based deep mining project and USD 300 mn to settle local debts, which might make it look favorably to IRH’s bid. In 2019, the company entered into legal disputes with the Zambian government, which ended with its forced liquidation of KCM, a capital shortage and near operational standstill. Vedanta only recently gained back ownership of the copper assets in last September after pledging to invest USD 1 bn in Zambia.

KSA’s Manara eyes First Quantum’s copper mines stake

Manara Minerals Investment — backed by Saudi sovereign fund the Public Investment Fund — is eying a stake in Zambia's First Quantum Minerals copper mines Sentinel and Kansanshi, Bloomberg reported on Thursday, citing sources it said are familiar with the matter.

Global interest: The UK’s Rio Tinto and Japan’s trading houses Mitsui and Sumitomo are also considering acquiring a stake in the mines. Chinese state-owned Jiangxi Copper, First Quantum’s second-biggest shareholder, also held talks with the company earlier this year to offload a stake in the mines, Reuters reported at the time. The interest in the mines is driven by the anticipated surge in demand for copper, which is essential for EVs and renewable energy infrastructure, Bloomberg adds.

About the mines: First Quantum owns 100% of the Sentinel mine and 80% of the Kansanshi mine, and Zambia’s government owns the rest of the latter, according to Reuters. The mines could be valued at USD 6 bn.

A USD 1 BN INVESTMENT IN PAKISTAN?

Manara is also said to be close to a USD 1 bn investment in Barrick Gold’s Reko Diq copper and gold mining project in Pakistan, Bloomberg reported on Thursday. A preliminary agreement could be made public in a matter of weeks. The news comes after recent discussions between Crown Prince and Prime Minister Mohammed bin Salman and Pakistani Prime Minister Shehbaz Sharif and a visit to Pakistan by Foreign Minister Prince Faisal bin Farhan.

We knew this was coming: Saudi was reportedly looking to snap up stakes in the mines last November. Barrick said back in July it was open to selling shares to a Saudi company and started talks earlier this month. Emirati consulting firm RB&A is advising Pakistan on the sale and will value the state’s stake by the end of December, suggesting a transaction may be unlikely before then.

About the project: The copper-gold mine is 50% owned by Canadian mining firm Barrick Gold, which in August said it could invest as much as USD 10 bn to tap into the project’s full potential. Pakistan’s government and the state of Balochistan own the remainder of the mine’s shares. The Reko Diq project, located in the Balochistan region, is expected to start production in 2028, Bloomberg reported.

We have more details on Algeria’s six new solar-powered desalination plants

The Algerian Energy Company plans to break ground on six solar-powered seawater desalination plants next year, Director General Mohamed Boutaba told Al Sharq Business last Thursday. The plants will boast a production capacity of 1.8 mn cubic meters a day, according to the outlet. The use of solar energy to power the plants will reduce the costs of operation by around 30%. The plants are set to become operational between 2027 and 2028.

What we know: Once all plants are operational — in addition to another five currently being built with a capacity of 1.5 mn cubic meters per day set to launch in December — Algeria’s water production capacity is expected to rise to 5.4 mn cubic meters per day in 2028 to meet 60% of the country’s drinking water needs at subsidized prices, Boutaba added. The country has invested USD 4.5 bn in its desalination sector to address water scarcity.

Algeria’s answer to the water crisis: Climate change induced droughts are leading to a water crisis in Algeria, and water demand is set to increase to 12.9 bn cubic meters by 2030 as the population grows.

UAE signs CEPA agreements with Columbia and Costa Rica

The UAE signed an economic and trade agreement with Colombia in the latest in a series of agreements aimed at boosting the UAE’s non-oil foreign trade, Wam reported on Thursday. The countries’ trade hit an all-time high of USD 53.1 mn in 2023, with the two countries cooperating in a variety of sectors, including renewable energy, aviation, hydrogen, freezones, and AI.

With an eye on big green funds: Colombia aims to reel in USD 600-700 mn in investments in sectors including green hydrogen and the digital economy, Wam reported on Thursday, citing Columbia’s Trade, Industry, and Tourism Minister Germán Mendoza. The agreement aims to bolster trade and services between Colombia and the UAE by eliminating or reducing tariffs on most products and removing unnecessary trade barriers. The agreement should also enable the adoption of biodiversity standards and focus on nature reserves.

UAE also inked a CEPA agreement with Costa Rica: The UAE and Costa Rica have signed a Comprehensive Economic Partnership Agreement (CEPA) agreement to boost bilateral trade and investments, Wam reported on Thursday. The CEPA aims to eliminate tariffs, reduce trade barriers, and promote the exchange of goods, capital, and ideas to foster cooperation in the private sector. The CEPA provides the UAE with enhanced market access, making 98% of tariff lines duty-free or with reduced tariffs for sectors including aluminum, polyethylene, and heavy machinery. It also opens up opportunities for Emirati service providers in the Costa Rican market across numerous sectors like renewable energy, food security, education, and manufacturing.

ALSO-The UAE is looking to boost ties with Uzbekistan across the energy, renewable energy, infrastructure, and transport sectors, Energy and Infrastructure Minister Suhail bin Mohammed Al Mazrouei said during a high-level visit to Uzbekistan, Wam reports. Al Mazrouei met with senior Uzbek officials, including the foreign minister, investment minister and deputy prime minister. The Abu Dhabi National Energy Company (Taqa) is considering investing in renewable energy projects in Uzbekistan, Al Mazrouei also said.

Alkhorayef to develop and rehabilitate four sewage treatment plants

WATER TREATMENT-

Alkhorayef bags O&M contracts for sewage treatment plants: Alkhorayef Water and Power Technologies signed SAR 1.7 bn long-term operation and maintenance contracts with the National Water Company for four sewage treatment plants, according to a Tadawul filing released on Thursday. Alkhorayef will design, test, commission, operate, maintain, then hand over the existing Al Hafuf 1, Al Oyun and Al Omran plants and establish the new Al Hafuf 2 plant. The rehabilitation process for the plants is set to raise the plants' capacity to 472k m3/day and will be completed in 36 months over two phases.

Not their first sewage venture: Alkhorayef also signed a five-year operation and maintenance contract for King Saud bin Abdulaziz University for Health Sciences’ sewage treatment plant in 2022.

SOLAR-

Egypt getting a mixed-power generation center: Egypt's TEDA has inked a cooperation agreement with China’s electric utility company Zhejiang Energy International to build a power generation center that will rely on various sources of energy, according to a statement on Friday. The center will include a 400 MW/220 KV substation, a 200 MW gas-fired power station, and a 100 MW photovoltaic power station. The statement did not disclose the value or timeline of the project.

RECYCLING-

DMB launches new recycled aluminum rods: The UAE’s Ducab Metal Business (DMB) has introduced green aluminum rods to its portfolio to align itself with the EU’s CBAM regulation, according to a statement released on Thursday. The rods are manufactured using recycled aluminum to slash carbon emissions. Aluminum is a highly recyclable material and each ton of recycled aluminum saves 9 tons of CO2 emissions and 4 tons of bauxite, the statement notes.

About DMB: Established in 2020, DMB is a subsidiary of Emirati manufacturing business Ducab Group, according to its website. The company supplies copper and aluminum solutions made in the UAE worldwide.

AGRICULTURE-

Tabuk to establish hydroponic greenhouses for Neom food company: Saudi Arabia’s Tabuk Agricultural Development Company (TADCO) has inked an MoU to plan, develop construct, and operate hydroponic greenhouses for Topian, Neom’s food company, according to a statement on Thursday. The greenhouses will be located on 100 hectares of land on TADCO’s site in Saudi Arabia’s Tabuk region, and it will be used for the production of fruits and vegetables.The agreement has a period of one year.

About Topian: Neom launched Topian in collaboration with the Ministry of Environment, Water, and Agriculture in December 2023. Topian focuses on climate-resistant agriculture, regenerative aquaculture, and sustainable food supply.

WASTE MANAGEMENT-

Tadweer + Levidian to accelerate landfill decarbonization: The Abu Dhabi Waste Management Center, more commonly known as Tadweer, has struck a partnership with UK-based climate tech firm Levidian to use Levidian’s Loop technology, which separates carbon from methane to produce hydrogen, for decarbonization projects in the UAE and globally, according to a press release. The two companies had already inked an agreement last year to implement a pilot project to decarbonize emissions from Abu Dhabi’s landfills using Levidian’s Loop technology.

CLIMATE FINANCE-

GCFC + Alterra ramp up climate investments in developing countries: The Global Climate Finance Centre (GCFC) and USD 30 bn climate fund Alterra — which was launched during COP28 — will join forces to increase climate investments in emerging and developing economies, according to a statement released on Thursday. The investments will focus on furthering low carbon, sustainable, and climate resilient projects.

REMEMBER- Alterra is making big commitments: The UAE launched Alterra to improve access to climate funding for the Global South. The venture — backed by Lunate Capital — includes the USD 25 bn Alterra Acceleration program to direct institutional capital towards climate investments, as well as the USD 5 bn Alterra Transformation program to provide risk mitigation capital and incentivize investment flows into the Global South. The venture aims to mobilize USD 250 bn in green investments by 2030. Initially, Alterra — along with BlackRock, Brookfield, and TPG — had committed USD 6.5 bn to climate-dedicated funds, some of which are earmarked for 6 GW worth of renewables in India, 1.2 GW of which will start operation in 2025.

GREEN TECH-

EU + GCC launch platform to accelerate green transition: The EU and GCC have launched the EU-GCC Cooperation on Green Transition project to facilitate collaboration in clean energy and climate action, according to a statement released on Thursday. The initiative, unveiled at the World Future Energy Summit, seeks to exchange best practices, promote green policies and technologies, and foster a business environment between green tech companies in the EU and those in the Gulf. The initiative aims to develop the infrastructure, policies, and skills necessary for significantly increasing renewable energy deployment.

SGS eyes EUR 6 mn funding round for wind-sail tech

SGS is raising funds for wind sail tech: The UK's Smart Green Shipping (SGS) is eyeing a new fundraising round for an additional EUR 6 mn following the development of their FastRig wind sail technology, The Financial Times reports. The tech aims to reduce fuel consumption in the shipping industry by up to 30%. The new funding round values the company, which is backed by Mitsui OSK Lines, Ultrabulk, and Drax, at EUR 25 mn.

About the tech: The FastRig system, designed to be retrofitted onto ships, captures wind as a supplementary power source to cut carbon emissions, the FT writes. The prototype, currently installed at the Scottish port of Hunterston, is set to be fitted onto the Pacific Grebe — a vessel used for transporting radioactive material — in September. The technology also addresses concerns about installation time and interference with loading operations by being retractable and lightweight.

Not the first to go with the wind: A dry cargo ship fitted with sails that can harness wind power set sail from Singapore to Brazil in August to study how wind energy can cut carbon emissions. The Cargill-owned vessel is retrofitted with 37.5 meters wind sails — produced by Norway’s Yara Marine Technologies — expected to cut fuel costs up to 30% on new-build vessels.

Indonesia to invest USD 1 bn in its energy transition: Indonesia's sovereign wealth fund the Indonesia Investment Authority (INA) is set to make investments of up to USD 1 bn this year with a focus on EVs and geothermal energy, The Financial Times reports, citing INA CFO Eddy Porwanto. The investments will also fund the early retirement of coal-fired power plants. The move aligns with the country's ambition to become a key player in the energy transition by leveraging its substantial nickel reserves, the largest in the world, and a center for EV production and carbon monetization.

Stellantis to acquire 49.5% of Argentinian solar power firm: Automaker Stellantis will acquire 49.5% of one of Argentina’s top solar power producers, 360 Energy Solar, for USD 100 mn, Reuters reported last week. Going forward, the two companies will develop new solar plants, produce green hydrogen, and establish large-scale solar storage facilities. Stellantis will use the renewable energy produced from this partnership to power two of their plants in Argentina — Ferreyra and El Palomar.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

New York presses pause on 3 wind projects: New York State has halted three offshore wind-energy projects due to a change in turbine design by General Electric Vernova, which has caused “technical and commercial complexities” for the developers. The state had provisionally approved the projects last October, but the switch from an 18 MW Haliade-X turbine platform to a smaller one has led the New York State Research and Development Authority to decide against signing final contracts. (Reuters)
Archer to launch air taxis in India next year: Archer Aviation, backed by Stellantis and Boeing, is set to initiate trials of its Midnight electric air taxi in India next year, with a commercial launch planned for 2026. The eVTOL aircraft can carry four passengers and a pilot for up to 100 miles. (Reuters)
IFC + Amundi announce closing of SEED fund: The International Finance Corporation (IFC) and asset manager Amundi have concluded the final closing of the Sustainable Emerging Economy Development Debt (SEED) Fund. The fund, which was launched at COP26 in Glasgow, has garnered USD 436 mn from institutional investors to support sustainable bonds in emerging markets, focusing on climate mitigation and the green economy. (Statement)

CALENDAR

APRIL 2024

21-24 April (Sunday-Wednesday): Protected Areas Forum (HIMA), Riyadh, Saudi Arabia.

22-24 April (Monday-Wednesday): Oman Petroleum and Energy Show, Mustac, Oman.

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Dubai, UAE.

24-26 April (Wednesday-Friday): Global Education & Training Exhibition (GETEX), Dubai, UAE.

28-29 April (Sunday-Monday) Global Cooperation, Growth and Energy for Development,Riyadh, Saudi Arabia.

28 April-2 May (Sunday-Thursday) Oman Sustainability Week, Oman International Exhibition Center, Muscat.

29 April-1 May (Monday-Wednesday) Saudi Water Forum, Riyadh, Saudi Arabia.

30 April-2 May (Tuesday-Thursday): Autonomous E-Mobility Forum, Doha, Qatar.

MAY 2024

6-9 May (Monday-Thursday): Arabian Travel Market, Dubai, UAE.

7-9 May (Tuesday-Thursday): Global Waste Forum, Algiers, Algeria.

14-15 May (Tuesday-Wednesday): Invest in African Energy (IAE) Forum, Paris, France.

14-16 May (Tuesday-Thursday): Airport Show, Dubai, UAE.

18-25 May (Saturday-Saturday) The World Water Forum, Bali, Indonesia.

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh, Saudi Arabia.

20-22 May (Monday-Wednesday): Electric Vehicle Innovation Summit, Abu Dhabi, UAE.

28-30 May (Tuesday-Thursday): Make it in the Emirates Forum, Abu Dhabi, UAE.

JUNE 2024

5 June (Wednesday): World Environment Day, Saudi Arabia.

11-12 June (Tuesday-Wednesday): International Conference on Financing Investment and Trade in Africa (FITA 2024), Tunis, Tunisia.

OCTOBER 2024

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

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

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

NOVEMBER 2024

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

11-22 November (Monday-Friday) UN Climate Change Conference, Baku, Azerbaijan.

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

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

DECEMBER 2024

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

EVENTS WITH NO SET DATE

2024

Early 2024: The 2023 US Algeria Energy Forum, Washington DC, USA.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA Congress, Dubai, UAE.

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.

2025

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

UAE to have over 1k EV charging stations installed.

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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