Masdar acquires Greece’s major renewables player Terna Energy

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WHAT WE’RE TRACKING TODAY

TODAY: Masdar snaps up 70% of Greece’s Terna + Rivian closes in on 6.6 bn federal loan to build EV plant

Good morning, nice people. We have a bumper issue this morning with news piling in from every corner of the region across a range of subsectors, but first, a fizzle and pop happened at the UN plastic waste treaty talks…

THE BIG CLIMATE STORY OUTSIDE THE REGION- Plastic waste treaty talks end with no agreement: Negotiators failed to reach an agreement yesterday on how to curb plastic pollution after week-long negotiations — in what was slated to be the last round of talks — ended. A coalition of 102 nations — led by the Pacific Small Island Developing States, Panama, the European Union, and 38 African countries — are pushing for legally binding plastic production caps, while oil-producing nations, including Russia and Saudi Arabia, prefer to focus on the end-side of the plastics lifecycle by tackling waste management.

What went down: Disagreements on the approach lingered until the last minute when the meeting’s chair Luis Vayas Valdivieso presented a revised document (pdf) on Sunday that highlighted the wide divide on key issues such as production caps, managing plastic products, and financing for developing countries. The latest draft includes various options for key sections, including targeted bans on a few materials, a compromise to set production targets at a future conference or to drop the idea altogether. A reconciled text was not reached, with the anti-production-caps bloc holding ground on the argument that caps fell outside the mandate of the treaty. The Saudi delegation argued that capping production “penalizes industries without addressing the actual issue of plastic pollution.” Both the US and China were absent from the stage on the last day leaving their stance unknown.

What now? The delegates agreed to meet again next year at an unspecified time for another round of talks and negotiations.

HAPPENING THIS WEEK-

The Conference of the Parties (COP16) to the United NationsConvention to Combat Desertification will kick off today in Riyadh and run through to Friday, 13 December. The summit will convene leaders and officials from 196 member-states and territories to advance actions and hold ministerial dialogues on resilience and finance, focusing on policies, tech and innovative funding mechanisms.

The World Energy Storage Conference will open its doors tomorrow in Doha and run through to Thursday, 5 December. The event will gather scientists, researchers, engineers, policymakers, and industry experts to discuss advancements and challenges in energy storage technology. The full agenda can be found here.

WATCH THIS SPACE-

#1- Egypt is seeking the EU’s technical and financial support to address the impact of the bloc’s imminent Carbon Border Adjustment Mechanism (CBAM), according to a statement released on Saturday. CBAM is the world’s first CO2 border tax and will require firms exporting steel, cement, aluminum, electricity, fertilizers, and hydrogen into the EU to report CO2 emitted during manufacturing and eventually charge pollution fees on those products by 2026.

REMEMBER- The CBAM will have a bigimpact on Egyptian industry and export revenues: The EU is Egypt’s largest trading partner, accounting for 31.1% of the country’s exports in the 2022-2023 fiscal year, according to data (pdf) from the central bank. EU-bound exports of aluminum accounted for 79% of Egypt’s total aluminum exports in 2022, along with 36.7% of iron and steel exports, 30.6% of fertilizer exports, and 4.1% of cement exports, according to World Bank data.

ICYMI- Egypt is already preparing for EU exports: Egypt’s Export and Import Control Authority has set up a lab to measure carbon emissions from the biodegradation of various exported products, the launch of which was revealed at a February meeting with EU officials to discuss the impacts of the CBAM on Egyptian exports to the EU.

IN OTHER EGYPT NEWS- Egypt’s Arab Contractors held talks with Algerian Energy and Mines Minister Mohamed Arkab to explore cooperation in energy, mining, and renewable energies, according to a statement published last week. The talks explored avenues for collaboration and investment between Algerian and Egyptian companies including Sonatrach, Sonelgaz, and Sonarem in areas including the development of minerals processing facilities, and electricity interconnections and production.

#2- The UAE to get one or two large-scale solar projects every year until 2030, the National reported last week citing Energy Minister Suhail Al Mazrouei. The country is now seeing “probably the highest demand” for energy as the economy continues to grow, Al Mazrouei said. The push is also part of an overall effort to achieve net zero by 2050 and 30% energy from renewables by 2030. UAE currently generates around 6 GW of renewable energy and targets to increase this to at least 15 GW by 2030.

UAE’s solar capacity is rising: The Emirates Water and Electricity Company (Ewec) invited developers and consortiums to submit an Expression of Interest (EOI) for the development of the 1.5 GW Zarraf solar PV IPP in Abu Dhabi’s Al Dhafra Region in October. This followed previous projects, including the now-operational 2 GW Al Dhafra solar PV, the under-development 1.5 GW Al Ajban solar PV, and 1.5 GW Khazna solar PV, which is still in the tendering process.

ALSO- The UAE’s Green Coast is mulling a USD 50 mn renewables and infrastructures investment push in Egypt over the next three years, CEO Mohamed Abdulghaffar Hussein told Asharq Business on Thursday. The Dubai-based company specializes in renewable energy and sustainability, as well as real estate and investment management by forging international partnerships.

#4- We are one step closer to a common Arab electricity market: Arab nations are set to sign two agreements to establish a common Arab electricity market during a two-day session of the Arab Ministerial Council for Electricity that kicked off yesterday at Egypt’s new administrative capital, according to a statement released on Saturday. The agreements will cover the founding principles of the joint market and its institutions and the legislative framework for its enforcement, including harmonizing national laws to ensure proper governance of the market.

The unified market aims to connect and harmonize the energy systems of 22 Arab countries by 2038, with phased implementation starting 2025, Arab League Energy Director Jamila Matar previously said. The market is expected to operate on a commercial mechanism, enabling energy exchange by utilizing surplus electricity from member states. The initiative, Matar added, could draw on the Gulf electricity interconnection project as a model for success.

There’s more on regional cooperation: Also on the agenda is a document outlining a green hydrogen strategy for the Arab region as well as the launch of an Arab Green Hydrogen Network, according to a separate statement. The meeting will also discuss supporting the localization of the manufacturing of electricity transmission and distribution equipment in the Arab world. Lastly, the meetings will see the pilot launch of the energy exchange project between Jordan, Saudi Arabia, and Egypt.

#5- ICJ to hold hearings on states’ climate obligations: The International Court of Justice (ICJ) is beginning hearings (pdf) today on the obligations of countries to combat climate change, Reuters reported on Friday. The process, driven by small island states, aims to address the consequences for nations contributing to global warming. The court’s opinion, expected in 2025, will provide a non-binding advisory opinion on the responsibilities of states to protect the climate under international law and the potential liability of large emitters for damages to smaller nations.

What to expect? Starting today and until 13 December, the ICJ will hear from 98 countries and 12 international organizations, including major greenhouse gas emitters like the United States, China, and the OPEC group. Vanuatu — a Pacific island nation severely affected by climate change — will be the first to present its arguments. The ICJ’s advisory opinions are non-binding, but they hold significant legal and political weight and are expected to influence climate litigation globally, Reuters reports.

#6- Carbon markets could be looking up: Trading firm Trafigura Group is gearing up for growth in the carbon credits market on the back of new global regulatory frameworks set to make the financing instrument go mainstream, Trafigura’s global head of carbon trading Hannah Hauman told Bloomberg last week. The company is already working on new offset projects, including a recently-announced USD 500 mn carbon credits investment to restore African woodlands.

The outlook: Despite a recent slump in the voluntary carbon market due to greenwashing allegations, lack of regulations, and declining prices, regulatory developments in Europe, the US, and Asia are creating a more structured market. COP29’s recently advanced rules for a new UN-guided market also provided a clearer framework for countries to participate, burnishing an increasing regulatory clarity that could drive demand for carbon credits, particularly those based on emissions removals.

Some experts are still wary: Inconsistent definitions and the potential for an “anything goes” market under Article 6.2 could undermine climate action, Kleinman Center for Energy Policy’s senior fellow Danny Cullenward told Bloomberg. Commenting on the COP29 agreement, Carbon Market Watch policy expert described the rules as “weak,” blasting the approach as one that defers “consequences” for later rather than “preventing them.”

WORTH READING-

Northvolt’s recent bankruptcy proves overcoming China’s EV dominance needs more than substantial public subsidies and strong market demand, Semafor wrote last week. That could mean that the survival of European and American battery manufacturers needs a new strategy, Semafor wrote.

What went wrong? Northvolt aimed to differentiate itself from Chinese competitors by attempting to reach a competitive edge in emerging battery technologies like recycling and sodium-ion batteries instead of the China-dominated lithium-ion battery market. To do this while also maintaining its current clients, the company recklessly burnt through money, overextending itself with multiple facilities and technologies, clean tech investment firm Generate Capital president Bill Sonneborn told Semafor.

An underrated ‘pervasive mistake’: Another fatal mistake was not investing enough in the human resources necessary to sustain the massive operational expansion and focusing instead on the “nerdier pursuit of intellectual property,” Sonnebord said. This mistake is “pervasive” in the climate tech sector, he added.

ICYMI- Northvolt filed for Chapter 11 bankruptcy protection in the US last month, citing a dire liquidity situation after failing to secure rescue funding, leaving it with enough cash to support operations for only a week. Northvolt secured USD 100 mn in new financing from its customer — Volkswagen-owned Swedish truck maker Scania — to support the bankruptcy process and has USD 5.84 bn of debt on the books.

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CIRCLE YOUR CALENDAR-

UAE will host the International Mangrove Conservation and Restoration Conference from Tuesday, 10 December to Thursday, 12 December in Abu Dhabi. The conference — happening in parallel to Riyadh’s COP16 on desertification — will gather global scientists and conservation experts dedicated to mangrove and coastal ecosystem restoration, seeking to share research, innovative approaches, and best practices for holistic restoration, including habitat diversity, connectivity, and climate resilience.

The UAE will host the World Energy Summit from Tuesday, 14 January to Thursday, 16 January in Abu Dhabi. The summit will host over 350 speakers including energy industry leaders and policymakers with discussions ranging from eco-waste to sustainable cities. An exhibition will also be held for showcasing green products.

Saudi Arabia will host the Future Minerals Forum from Tuesday, 14 January to Thursday, 16 January in Riyadh. The forum will gather stakeholders from over 170 countries to discuss mineral technology and exploration. Speakers will include senior government officials and CEOs from renowned mining companies Vale, Rio Tinto, and Manara.

Bahrain will host the Sustainability Forum Middle East from Tuesday, 28 January to Wednesday, 29 January in Manama. Climate experts and decision-makers will convene to discuss a number of issues ranging from decarbonization to supporting SMEs on their path to net zero. Speakers will include GCC government officials and industry leaders from the banking and industrial sectors.

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

Masdar finalizes acquisition of 70% of Greece’s Terna Energy

Masdar completes Terna acquisition: UAE renewables giant Masdar completed its acquisition of a 70% stake in Greece’s major renewables player Terna Energy for EUR 20 per share, valuing the company at EUR 3.2 bn, and marking one of the largest acquisitions in the EU renewables industry, according to a statement released on Thursday. Masdar — now Terna Energy’s majority shareholder — plans to seek regulatory approval for an all-cash, mandatory offer to buy the remaining stakes of the Greek company.

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The bigger picture: The move pushes Masdar closer to achieving its goal of 100 GW of global energy capacity by 2030, the statement says. Terna — the largest investor in Greece’s renewables sector — aims to achieve 6 GW of operational renewables capacity by 2029 while its parent company Gek Terna is focused on becoming a leader in diversified infrastructure across Greece and Southeast Europe.

ADVISORS- Masdar appointed Rothschild & Co. as financial advisor and Simmons & Simmons, Bernitsas Law, and Latham & Watkins for counsel. Gek Terna and Terna Energy were advised by Morgan Stanley, Reed Smith, and Potamitis Vekris.

REFRESHER- Masdar reached a final agreement to purchase an initial 67% stake in Greece’s Terna Energy earlier in June, with plans to buy the remaining stakes once the transaction is completed.

Terna Energy’s current portfolio: The company’s capacity sits at 1.2 GW today, operating across a diverse renewable energy portfolio of wind, solar, biomass, and hydro projects, including the 680 MW Amfilochia pumped hydro project, one of Europe’s largest.

Masdar has been on an acquisition spree this year: The company acquired Spanish renewable energy firm Saeta Yield from Canada-based investment firm Brookfield for USD 1.4 bn in September. It also snapped up a 50% stake in Spanish power firm Endesa’s solar power installations subsidiary EPGE Solar for AED 3.3 bn. Outside of Europe, it acquired a 50% stake in one of the largest independent renewable energy producers in the United States, Terra-Gen Power Holdings.

IN OTHER UAE NEWS-

Gulf Cryo pulls out of Alexandria’s hydrogen project: Industrial gas producer Gulf Cryo is withdrawing from a project to establish a hydrogen gas processing unit with the state-owned Egyptian Chemical Industries (Kima) due to “external factors,” the Egyptian company said in a disclosure (pdf) to the EGX. Kima said it is going to swiftly begin the search for an alternative developer.

About the project: Gulf Cyro and Emex for Engineering and Construction were set to establish a unit to process hydrogen gas for various uses in Egypt under an agreement signed with Kima in June 2023. The unit would have been established within a Kima factory in Alexandria, with Kima committed to supplying hydrogen gas to the alliance of the two companies. The two companies were also to be responsible for processing and marketing the gas.

Gulf Cryo is also working in other areas: The company inaugurated Saudi Aramco and Sumitomo Chemical’s carbon capture and utilization facility in Jeddah last year. The facility — designed, constructed, and operated by Gulf Cryo — is set to capture 300 metric tons of CO2 daily from the company’s Mono Ethylene Glycol (MEG) plant, equivalent to an 85% reduction of the plant’s annual emissions. In 2022, the company also signed a 20-year agreement with Saudi mining company Ma’aden to operate a carbon capture plant in its phosphate complex in Ras Al Khair.

Abdul Latif Jameel-backed Rivian closes in on USD 6.6 bn US federal loan

Rivian gets a lifeline: Abdul Latif Jameel-backed US EV startup Rivian was given conditional approval for a loan of up to USD 6.6 bn from the US Department of Energy (DOE) to build an electric vehicle factory in Georgia and expand production of its midsize vehicles, according to a recent press release. The money will come from the DOE’s Energy’s Advanced Technology Vehicle Manufacturing (ATVM) Loan Program with USD 6 bn as principal money and USD 600 mn of capitalized interest.

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What’s next? The company will need to meet a raft of technical, regulatory, environmental, and financial requirements before the loan is finalized. One of the conditions not mentioned in the company’s statement was for Rivian to not oppose union organizing efforts at the plant, a source close to the matter told Reuters.

About the plant: Rivian plans to build the production facility in two phases with a 200k annual production capacity each. Phase 1 is set to begin production in 2028. The plant will be located at Stanton Springs North, Georgia state, and is expected to generate 7.5k jobs once operational.

We knew this was coming: Rivian reportedly applied for a federal loan to fund the construction of its long-planned EV plant in Georgia that had been stalled due to a lack of funds. The amount was not disclosed at the time.

Gaining momentum? The latest development comes just two weeks after Volkswagen (VW) raised its investment in Rivian by 16% to reach USD 5.8 bn, Reuters reported earlier this month. The investment is focused on supporting a joint venture the companies launched earlier this year that will focus on software-defined vehicle platforms. According to the agreement, VW will have immediate access to Rivian’s EV software for its vehicles, and both companies plan to use the tech from their JV to develop vehicles before 2030.

REMEMBER- Production forecasts were slashed this year: Rivian lowered its annual production forecast by over 14% back in October due to parts shortage and demand slowdown. Its shares are down about 50% this year, according to a Reuters report at the time. Rivian closed its only manufacturing facility in Illinois for three weeks earlier this year to streamline its manufacturing processes and reassess the costs of building its vehicles. The company planned to turn its first profit in 4Q 2024, increasing the production of its R1 models and lining up production of its smaller R2 models in 2026.

China Glass breaks ground on USD 300 mn plant to produce flat glass + PV glass in Egypt

China Glass breaks ground on USD 300 mn plant to produce flat glass + PV glass in Egypt: CNG Egypt New Energy Glass — a company set up by China Glass Holding — has broken ground on its USD 300 mn glass production plant in the Ain Sokha Industrial Zone, according to a government statement released on Thursday. The project will have an annual production capacity of around 230k tons of PV glass.

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About the project: The glass plant will be located at China-Egypt Suez Economic and Trade Cooperation Zone (TEDA) on a lot of 500k sqm. The project will target the local market as well as exports to North Africa, the Middle East and Europe, with an export capacity of up to 240k tons annually — including for both flat and PV glass — and projected export revenues of up to USD 120 mn annually.

We knew this was coming: China Glass signed an agreement to set up the factory as part of a slew of agreements slated for the TEDA trade zone signed during the Forum on China-Africa Cooperation back in September. Other agreements made at the forum include a USD 100 mn factory for N-type solar cells built by Elite Solar, and a USD 500 mn green chemicals facility by Befar Group that will utilize renewables and low-carbon sources of energy.

About China Glass: China Glass is broken up into four segments of glass production— clear glass, painted glass, coated glass, and “energy saving and new energy glass,” which includes low emissions coated glass and PV glass products, according to Zawya.

A basket of updates from Egypt’s EV sector, courtesy of Mansour Auto + Chinese players

China expands footprint in Egypt with EV push: Al Mansour Automotive is partnering with China’s state-owned SAIC and another unnamed partner to establish an Egypt factory for assembling both traditional and electric cars for the SAIC-owned brand MG, company CEO Ankush Arora told Asharq Business last week. The factory is expected to begin production within the next two years.

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ICYMI- The two have been working together for some while now: Al Mansour secured the rights to be MG’s exclusive distributor back in 2018. Just a year after this, we first heard about Al Mansour Automotive’s plans to produce MG-badged vehicles in partnership with MG Motor’s parent company SAIC.

Chinese automakers are more and more looking towards Egypt: Geely-owned Chinese EV luxury brand Zeekr entered an agreement last month with Egyptian International Motors that will see the partners launch Zeekr 001 and Zeekr X models and open an office in Cairo by the end of the year. Earlier in May, China’s FAW Group signed an agreement with GV Investments’ automotive arm GV Auto to locally manufacture, assemble, market, distribute, and export EVs starting in 1Q 2025. Also, GB Auto Group launched Chery’s first EV in the Egyptian market in August.

AND- General Motors, with Al Mansour Automotive as its exclusive distributor, plans to launch two compact car models in Egypt next year, including an electric one, the company’s CEO Sharon Nishi told Asharq Business. The company is particularly focused on opening up new export markets in Africa, Nishi added.

IN OTHER EGYPT EV NEWS-

#1- Alkan Auto to bring another Chinese EV brand to market by February: Chinese BAIC group’s local agent Alkan Auto is preparing to launch BAIC subsidiary Arcfox’s EVs to the market in 1Q 2025, Al Mal reports, citing sources it says are familiar with the matter. The vehicles will be launched through a distribution network that will be exclusive to the new models, with the sources saying that the firm is preparing to launch the first Arcfox vehicle in early February.

Remember: BAIC and Alkan Auto inked an agreement in October to establish an EV factory with the start of production penciled in for the end of 2025. The facility is expected to produce 20k cars in its first year, scaling up to 50k by year five, with a local content ratio starting at 48% and targeting 58% as production ramps up.

#2- NATCO to distribute Chinese Neta Auto EVs by mid-next year: The National Automotive Company (NATCO) is planning on launching Chinese firm Neta Auto’s EV models in the domestic market during the first half of 2025, Al Mal reports, citing an unnamed source from NATCO it says has knowledge of the matter. The company is currently negotiating with representatives from Neta Auto to launch the brand and select the models most suited for the local market. The plan focuses on importing vehicles in the first phase, with a view to starting local assembly in the future.

#3- UAE’s Zero Carbon eyes Egypt’s EV market: UAE-based EV infrastructure company Zero Carbon is currently undertaking feasibility studies ahead of a launch in the Egyptian market, with the company planning to introduce a high-capacity EV charger locally in 3Q 2025, Al Mal reports. Zero Carbon — which offers services ranging from EV charging solutions to software support and spare parts — is also exploring partnerships with other EV industry players to grow into the Egyptian market.

Morocco’s Managem sees its revenues jump 21% y-o-y in 3Q 2024

Managem’s revenues jump in 9M: Moroccan mining company Managem Group reported a 10% y-o-y increase in revenues to MAD 6.53 bn (c. USD 653.9 mn) in the first nine months of 2024, according to a statement to the Casablanca Stock Exchange (pdf) last week. The company also recorded a 21% y-o-y revenue growth to MAD 2.1 bn (c. USD 201.3 mn) in 3Q 2024.

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Behind the numbers: The 3Q growth was primarily driven by increased sales volume, assets sales, the first-time commercialization of Managem’s production share from the Pumpi copper project in the Democratic Republic of Congo, and price hikes in key metals, mainly gold, silver, and copper.

Managem has big plans: The company — active in six other African countries besides Morocco — allocated MAD 4.26 bn (c. USD 426.6 mn) to new projects by the end of September, around 73% of which were directed toward under-construction projects, including the Tizert copper project and a cobalt sulfate project in Morocco, as well as the Boto gold project in Senegal, according to the statement. The company currently has a portfolio of 16 projects, whether operations, under construction, or in the exploration phases, according to its website.

It’s been a rocky road: The improved performance came despite a 33% drop in cobalt prices, which had previously impacted the company’s production and revenues earlier this year, Morocco World News reports. Managem reportedly had to cut cobalt production from its Bou-Azzer mine to conserve resources as prices went down, contributing to a 13% y-o-y revenue drop in 1Q this year, according to a separate Morocco World News report earlier this year.

Big swings recently: Managem sold 100% of its subsidiary Compagnie Minière d’Oumejrane — which operates the Oumejrane copper mine in Morocco — to UK’s MetalNRG for USD 32 mn last June, according to a statement (pdf). The sale would allow the company to focus on its major projects, Managem CEO Imad Toumi said at the time. Managem Group also finalized the sale of its wholly-owned subsidiary SAMINE to Australian group Atlantic Tin’s Moroccan subsidiary Titan Tin, according to a press release (pdf).

The company will also begin supplying the major French automotive player Renault with around 5k tons of low-carbon cobalt starting next year for a period of seven years. The agreement — signed in the summer of 2022 — would support Renault’s goal to achieve a 35% reduction in EV batteries’ emissions by 2030, the company said then.

REFRESHER- The company said in 2023 that it planned to increase its capital investments across mining operations in Morocco and Africa threefold from MAD 999 mn (c. USD 100 mn) to MAD 3.9 bn (c. USD 390.6 mn).

Hydrogen, mining, and solar updates from Saudi, Oman, and Morocco

INVESTMENT WATCH-

Tetra Pak + Union Paper Mills to recycle carton packages in UAE: Swiss food packaging and processing firm Tetra Pak and UAE’s Union Paper Mills (UPM) will jointly invest AED 2.5 mn to establish a recycling line for carton packages in the UAE, according to a statement released on Thursday.

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About the facility: The line will have the capacity to process up to 10k tons of used carton packaging material annually. Using Tetra Pak’s tech, the facility will extract paper fibers from aluminum and polymer waste to create raw materials for the packaging and plastics industries. The recycled raw materials, called PolyAl, can also have further applications in construction, furniture, molding and 3D printing.

GREEN HYDROGEN-

Saudi Aramco + Gulf Cryo partner on low-carbon hydrogen: Saudi Aramco signed a collaboration agreement with Gulf Cryo to test and evaluate low-carbon hydrogen and carbon capture and utilization technologies at the Aramco-led King Salman Energy Park (Spark), AlArabiya reported last week. Gulf Cryo will conduct the preliminary and pre-commercialization evaluation of Aramco’s facilities and techs in the park, which is slated for operational launch by the end of 2025.

About Spark: Spark is a megaproject in the Eastern Province that aims to be a regional industrial and sustainable energy hub in the region. Earlier in September, SPARK announced it had successfully attracted over 60 investors, with current investment amounts exceeding USD 3 bn, reports AlArabiya.

MINING-

Oman awards mining license for copper, chrome-rich zones: Oman’s Energy and Minerals Ministry has granted AlTamman Indsil Ferrochrome (ATIFC) a mining concession for chrome and copper-rich Area 22-D in North Al Sharqiyah Governorate, according to a statement published last week.

More details: The concession agreement grants ATIFC mining and exploration rights over an area of 790 sqkm rich in copper and chrome. The agreement would require the company to conduct an intensive exploratory program in the first two years of concession, using topographic, geochemical, and geophysical research, remote sensing, and detailed geological mapping. The company will also be allowed to conduct an intensive drilling program of up to 250 exploratory drill holes. No timeline or investment ticket was disclosed.

About ATIFC: ATIFC is a JV between Oman’s Muscat Overseas Group and India’s Indsil Group that was originally established to tap into the sultanate’s chrome ore reserves with extraction and processing activities. Key products currently offered by the company include Ferrochrome (FeCr) and Silicomanganese (SiMn). The company has a production facility based at Sohar Free Zone that boasts climate-friendly practices, such as zero-water waste, renewable energy use, and byproducts recycling.

DIPLOMACY-

Morocco + Hungary partner on sustainable development: Morocco’s Energy Transition and Sustainable Development Ministry signed an MoU with Hungary’s Foreign Affairs and Trade Ministry to cooperate on sustainable development and environment conservation, according to a statement published last week. The partnership would cover collaboration on areas, including combatting climate change, energy transition, sustainable development governance, waste management, and biodiversity conservation.

ADB to fund 12 solar projects in Thailand

ADB + Gulf to fund solar projects in Thailand: The Asian Development Bank (ADB) and Gulf Renewable Energy Company, a subsidiary of Gulf Energy Development Public Company, have signed a USD 820 mn loan to finance the construction of 12 renewable energy projects across Thailand, according to a press release published last week. The portfolio includes eight ground-mounted solar PV plants with a contracted capacity of 393 MW and four ground-mounted solar PV plants with battery energy storage, offering 256 MW of capacity and 396 MWh of energy storage.

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About the package: The financing package — led by ADB as book-runners — includes USD 260 mn from ADB’s ordinary capital resource and a total of USD 529 mn from a consortium of institutions, including the Asian Infrastructure Investment Bank, Singapore’s KEXIM Global, Germany’s KfW subsidiary DEG, and the Export-Import Bank of China. ADB will also provide USD 31.35 mn in blended concessional finance from the Clean Technology Fund to address the higher risks associated with the energy storage projects

ADB is upping climate finance: The lender is funneling USD 160 mn into Masdar’s and Socar Green’s solar projects in Azerbaijan. During COP29, ADB committed USD 3.5 bn to a new program addressing the impacts of melting glaciers during COP29. The US and Japan also recently agreed to underwrite risks for ADB climate loans to support the bank in raising its climate lending by USD 7.2 bn.

The US hits Southeast Asian solar panel producers with new tariffs: The US Commerce Department imposed dumping duties between 21% and 271% on solar imports from Southeast (SE) Asia based on preliminary findings that the components are sold below production costs in the US, Reuters reported on Friday. The imports in question come from Cambodia, Malaysia, Thailand, and Vietnam, which together supply around 80% of US solar cells and modules.

The details: Jinko Solar got duties of 21.31% and 56.5% for products manufactured in Malaysia and Vietnam. Trina Solar faces a dumping margin of 77.9% for products from Thailand and 54.5% for those imported from Vietnam. Hanwha Qcells’ products from Malaysia presented no dumping margin and had the 14.72% duty imposed on the company earlier in October scrapped.

Market reax: American First Solar’s shares jumped around 3.8% while JinkSolar US’ dropped by up to 2.9%, Bloomberg reported on Friday. Foreign manufacturers and some smaller domestic renewable energy developers oppose the duties, arguing that the tariffs provide an unfair advantage to larger, established panel producers in the US, while raising the cost of solar power projects for consumers.

What’s next? The final decision on these duties is expected next April, and the rates could be adjusted based on the ongoing investigations.

REMEMBER- The US Commerce Department announced preliminary tariffs on solar imports from Southeast Asia in October on the claim that the panels are benefiting from illegal foreign subsidies to supply products at prices lower than their cost. The general rates were 8.25% for Cambodia, 9.13% for Malaysia, 23.06% for Thailand, and 2.85% for Vietnam, while company-specific rates were at 14.72% on Hanwha Q Cells Malaysia imports, 3.47% on imports from JinkoSolar Malaysian entities, 0.14% for Trina Solar, and 2.85% for some JA Solar Technology operations in Vietnam.

ICYMI- Some Chinese SE Asia-based solar makers are already making moves to evade the tariffs by relocating to other countries, like Indonesia, Laos, and as far as KSA.

CALENDAR

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.

3-5 December (Tuesday-Thursday): World Energy Storage Conference, Doha, Qatar.

4-6 December (Wednesday-Friday): International Conference on Smart Power & Internet Energy Systems, Abu Dhabi, UAE.

10-12 December (Tuesday to Thursday): International Mangrove Conservation and Restoration Conference, Abu Dhabi, UAE.

16-18 December (Monday-Wednesday): Saudi Arabia Smart Grid Conference, Riyadh, Saudi Arabia.

22-24 December (Sunday-Tuesday): Renewable & Sustainable Energies And Green Processes Conference, Sousse, Tunisia.

JANUARY 2025

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

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

14-16 January (Wednesday-Thursday): Future Minerals Forum, Riyadh, Saudi Arabia.

18-19 January (Saturday-Sunday): Libya Energy & Economic Summit, Tripoli, Libya.

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Manama, Bahrain.

FEBRUARY

17-19 February (Monday-Wednesday): Egypt Energy Show, Cairo, Egypt.

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.

APRIL

7-9 April (Monday-Wednesday): Middle East Energy, Dubai, UAE.

14-15 April (Monday-Tuesday): Istanbul Carbon Summit, Istanbul, Turkey.

21-23 April (Monday-Wednesday): Electric Vehicle Innovation Summit (EVIS), Abu Dhabi, UAE.

MAY

7-9 May (Wednesday-Friday): International Renewable Energy Conference (IRENEC), Istanbul, Turkey.

JUNE

17-20 June (Tuesday-Friday): Mediterranean Water, Irrigation and Photovoltaic Exhibition, Tunisia.

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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