Masdar is on an acquisition spree in the Iberian Peninsula

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THE WEEK IN REVIEW

TOP STORIES: Masdar secures renewables assets in Spain + Tunisia finalizes agreements for 500 MW solar projects

Good morning, friends. We’re ending Ramadan with an issue packed with M&A updates, mostly from UAE players who’ve been making big moves on overseas assets. We also have a wide range of debt, investment, renewables, and waste management updates from across the region. But first, an update on South Korea’s climate change-induced wildfires…

HAPPY EID, EVERYONE- Enterprise Climate will be taking a break for Eid Al Fitr starting Monday, but we will be back in your inbox at our usual time with all the latest regional climate industry updates on Friday, 11 April.

THE BIG STORY ABROAD THIS WEEK- South Korea is confronting its most devastating wildfires on record, with at least 27 fatalities and about 37k evacuations reported. The blaze — which began on the eastern coast and quickly spread inland — has ravaged about 36k hectares, destroying hundreds of historical structures, including the historic Buddhist Gounsa temple.

The usual suspect: “We can’t say that it’s only due to climate change, but climate change is directly [and] indirectly affecting the changes we are experiencing now. This is a simple fact,” said Yeh Sang-Wook, Climatology professor at Hanyang University in Seoul.

Is the world on fire? Los Angeles endured its most destructive wildfire season last January, with at least 25 deaths and over 12k structures destroyed as three major fires ravaged the region. Greece also saw 33 wildfires in a single day last year, while Chile experienced one of its harshest summer last year.

REMEMBER- Wildfires are also a major source of greenhouse gas emissions, with Canada’s 2023 wildfires releasing two bn tons of CO2 to the atmosphere.

The story made headlines in the international press: Reuters | AP | The Guardian | BBC | CBC | DW

CORRECTION- In a recent story about a planned USD 700 mn solar factory, we got a little lost in translation and mistakenly wrote that the company was called Xinyi Glass. The company is in fact called SBH Kibing Solar New Energy. The story has been amended on our website.

WHAT WE’RE TRACKING REGIONALLY-

#1- China’s Chery Automobile is planning to invest USD 1 bn in an electric vehicle plant in Turkey, Bloomberg reported on Wednesday, citing an Industry Ministry statement. The Ministry is in talks with the automaker for a plant near the Black Sea in Samsun with the capacity to produce 200k vehicles annually for exports to Europe and Central Asia. Some 1.5 mn sqm have been allocated for the plant. No timeline was disclosed for the project.

Turkey’s EV industry is booming: China’s Ganfeng Lithium Group signed a USD 500 mn joint venture agreement last August with Turkish battery producer YİĞİT AKÜ to establish a 5 GWh lithium battery production plant in Turkey. The month prior, Chinese EV maker BYD signed an agreement with the Turkish government to build a USD 1 bn EV and hybrid production plant in the country.

REMEMBER- China’s EV industry’s been on an offshoring push: Chinese automakers are rapidly increasing their investments in overseas full-process manufacturing capacity to bypass punitive EV tariffs and meet rising demand in emerging markets. Leading Chinese brands, including BYD, Chery, and SAIC, have announced 10 projects to expand overseas production capacity so far in 2023, with Thailand, Indonesia, and Brazil as major destinations.

IN OTHER ELECTRIC MOBILITY NEWS- Abdel Latif Jameel-backed Rivian is launching an electric micromobility venture called Also, the new company’s head Chris Yu told Bloomberg on Wednesday. The new company is starting off with USD 105 mn in funding from Rivian and VC firm Eclipse — with Rivian holding a minority stake — and will focus on small, short-distance travel EVs.

The plans: Also hasn’t disclosed which models it plans to roll out, but said its platform will support e-bikes and compact three- and four-wheeler EVs, with plans to roll out a flagship product this fall, Bloomberg reports. The company plans to begin deliveries in the US in 2026, with an expansion into Europe planned for later that year. The firm is also eyeing a second phase of growth targeting Asian and Latin American markets.

#2- Could an IPO be on the cards for Masdar? The renewables giant is reportedly in the early stages of considering an IPO, Reuters reported on Tuesday, citing three unnamed sources with knowledge of the matter. Masdar, however, responded to the outlet’s questions, saying it “has no current plans to go public,” and wouldn’t comment on “market speculation” whilst it “[targets] continued ambitious growth.” One of the sources added that the company has held informal talks with banks.

The timeline: A potential IPO would not happen before 2026, the outlet reports, citing a source. Abu Dhabi is likely going to be the chosen listing destination, but a dual listing on the New York Stock Exchange is also a possibility, another source said. Funds brought in through a public offering would go towards its renewable projects, as it looks to hit its 100 GW renewables target.

ALSO FROM THE UAE- Tabreed’s shareholders authorised the board to issue non convertible bonds or sukuk worth up to USD 2 bn over the next 12 months as it looks to refinance debt including USD 1.2 in loans set to mature during this year, according to a statement (pdf) sent to the bourse on on Tuesday.

We knew this was coming: Tabreed’s board was set to seek shareholder approval on 25 March to issue up to USD 2 bn in an additional non-convertible issuance as part of its refinancing plans.

Tabreed is on a roll: Tabreed’s USD 700 mn green sukuk issuance, which wrapped earlier this month with 2.6x oversubscribtions.

#3- Egyptian Gov’t pauses approvals for solar grid connections: The Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera) has temporarily halted the acceptance of requests to connect solar power plants to the grid until a regulatory framework for net metering and solar self-consumption is finalized, a government source told EnterpriseAM on Tuesday. Solar energy companies have expressed concern over the suspension, with several sources telling us the decision came out of the blue and wasn’t accompanied by a timeline for resumption.

The regs in the making: The upcoming regulations will include a requirement for storage batteries to constitute 10% of installed capacity, a measure aimed at enhancing added value and aligning Egypt with global solar energy storage trends, the government source said.

The impact is far-reaching: The suspension has left contracts signed by 270 registered solar companies and other unregistered service providers in limbo, with many already fronting the costs of solar panel imports, Beneshty Solar Chairman Romany Hakeem told us. Cairo Solar — also a provider of green energy to factories — has said it received “increasing complaints” from stakeholders surprised by the move, adding that the halt “has caused significant problems for solar energy companies, which have obligations and contracts with customers, including factory owners,” according to a press release.

#4- The World Bank is reviewing a request from the Jordanian government for up to USD 200 mn in financing to support the electricity sector’s efficiency, Al Mamlaka reported on Sunday, citing a bank document. The proposed funding would support the country’s Electricity Sector Efficiency & Reliability Program (ESERP) — a two-phase, eight-year program that focuses on cost-efficiency, grid reliability, and institutional governance reforms at the state-owned grid operator National Electric Power Company (NEPCO).

Where is the money going? If approved, the funds would go toward reducing NEPCO’s operational losses, cutting outages per customer, maintaining the country’s renewable energy share, and upgrading the company’s operational tech and cybersecurity standards.

Won’t be the first helping hand from the bank: Jordan and the World Bank (WB) have signed two loan agreements worth USD 650 mn to finance two projects in 2023, including USD 250 mn that went for supporting the ESERP.

#5- Oman lays groundwork for CO2 pipeline network: OQ Gas Networks (OQGN) — Oman’s state-backed gas transmission system operator — is exploring developing a dedicated CO2 pipeline network to support Oman’s decarbonization efforts, Oman Observer reported on Sunday. The company has begun early-stage planning of the infrastructure and is working with energy players and public-sector bodies to lay the groundwork for “trailblazer projects” based on carbon capture, utilization, and storage (CCUS). OQGN, a subsidiary of OQ Group, will lead on the transport aspect of these projects.

A CCUS dream team: The Energy and Minerals Ministry is also drafting regulations and policies for CCUS and blue hydrogen with input from sector stakeholders, with a CCUS Core Team formed to coordinate efforts and attract investments. The team includes Oxy Oman (carbon capture), OQGN (transport), Petroleum Development Oman (carbon storage), Shell (blue hydrogen and synthetic fuels), and the Ministry itself (carbon utilization and foreign investment).

ICYMI- OQGN is working with Shell, OQ, and PDO on the pre-FEED phase of the Blue Horizon project — the first large-scale effort in Oman to produce low-carbon blue hydrogen and ammonia for both export and domestic use. OQGN also teamed up with Oxy back in October 2023 to conduct studies for establishing CCUS projects in the sultanate.

WHAT WE’RE TRACKING GLOBALLY-

#1- The European Commission has adopted a list of 47 Strategic Projects aimed at boosting the critical raw materials value chain, with an estimated combined capital investment of EUR 22.5 bn, according to a press release issued on Tuesday. The projects will be part of the Critical Raw Materials Act (CRMA), which sets targets to extract 10%, process 40%, and recycle 25% of the EU’s annual consumption of raw materials by 2030.

Full value chain: The projects are located across 13 EU member states and cover multiple segments of the raw materials value chain, including 25 extraction projects, 24 processing projects, 10 recycling projects, and 2 substitution projects. They address 14 of the 17 strategic raw materials identified in the CRMA, including 22 projects related to lithium, 12 to nickel, 10 to cobalt, 7 to manganese, and 11 to graphite — all essential for the EU’s battery supply chain.

#2- Vingroup to venture into green energy with a bang: Vietnamese conglomerate Vingroup — the parent company of EV maker Vinfast — is working on government approvals for its first venture into renewable energy projects under a national power development plan, Reuters reported on Tuesday. The company’s push will include projects of up to 20.5 GW clean energy capacity at an investment cost between USD 20-25 bn, with 2030 earmarked for the beginning of operations. No further details on the project types or locations have been disclosed.

#3- China is tapping global banks for its CNY-denominated sovereign green bond issuance in London, with the aim of raising as much as CNY 6 bn (c.USD 830 mn), a person familiar with the matter told Bloomberg last week. The Bank of China, Bank of Communications, Barclays, China International Capital Corp, Credit Agricole CIB, HSBC, ICBC, and Standard Chartered have all been tapped as joint lead managers and bookrunners. A fixed-income investor conference will kick off on 1 April in London ahead of the sale of the three-year and five-year bonds.

Demand predictions are hazy: The offering is expected to attract global ESG funds, many of which have historically been limited to USD- or EUR-denominated bonds, Bloomberg added. Analysts say investor appetite will hinge on whether proceeds are deployed in line with global sustainability standards, but some investors — particularly those from Europe — are likely to scrutinize the use of proceeds amid broader concerns about transparency and governance in China, Bloomberg reported.

THE SCORECARD-

#1- Renewables capacity jumped in 2024: The world added 585 GW of renewable energy capacity in 2024 — an increase of 15% — bringing total installed capacity to 4.4 TW, according to a report (pdf) issued on Wednesday by the International Renewable Energy Agency. Despite the growth, the pace remains insufficient to hit the Paris agreement target of 11.2 TW in renewables by 2030.

Solar and wind remained the heavy lifters in 2024, jointly accounting for 96.6% of all new renewable capacity. Solar alone added 452 GW — bringing total solar capacity to 1.9 TW — while wind added 113 GW, reaching 1.1 TW in total.

The Middle East registered a 9% rise with 3.3 GW added, half of which came from Saudi Arabia alone, reaching 40 GW in total capacity region-wide. Africa added 4.2 GW — up 6.7% — with Egypt, Ethiopia, and South Africa leading.

#2- Morocco’s solar capacity could peak at 4.35 GW by 2028 due to ongoing rapid expansion, according to a report (pdf) by industry group SolarPower Europe. A less optimistic projection — the medium scenario — forecasts a more tempered 2.97 GW capacity by 2028. The kingdom’s inconsistent progress toward boosting its PV capabilities is attributed to grid integration issues, a focus on concentrated solar panels (CSPs), and delays in PV projects, the report added.

#3- The GCC electric vehicle market is set to grow 22.3% per year until 2034, reaching a value of USD 10.44 bn compared to USD 1.62 bn in 2024, according to the GCC Electric Vehicle Market Report and Forecast 2025-2034. The growth will be driven by government support, a growing supply of EV models to regional markets, and the increased development of charging infrastructure.

Part of a global trend: Global sales of EVs are expected to see a 30% y-o-y increase in 2025, reaching 15.1 mn units. This will bring EVs’ share of global light vehicle sales to about 16.7%, up from 13.2% in 2024. This comes despite the challenges facing the EV industry, including cooling demand in some regions, higher costs, unstable battery supply chains, tariffs, and uncertain government policies.

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CIRCLE YOUR CALENDAR-

The UAE will host the Middle East Energy conference from Monday, 7 April until Wednesday, 9 April in Dubai. The event will target six product sectors, including smart solutions, transmissions and distribution, renewable and clean energy, critical and backup power, energy consumption and management, batteries, and eMobility.

The UAE will host theSolar Energy Storage Future MENA conference on Tuesday, 8 April in Dubai. The conference aims to empower solar energy and storage in the MENA region to align with net zero goals. Planned events include a panel on navigating competitive markets and financing energy efficiency upgrades.

Turkey will host the International SolarEX Istanbul Fair from Thursday, 10 April until Saturday, 12 April in Istanbul. The event will bring together investors from 125+ countries along with over 200 world-renowned companies and 500+ brands in the solar sector. The fair will feature firm conferences and seminars covering financing, investment, and production in the solar industry.

Turkey will host the Istanbul Carbon Summit from Monday, 14 April until Tuesday, 15 April in Istanbul. The event, themed “ Sustainable Solutions on the Path to Decarbonization and the Power of Green Finance,” will discuss low-carbon solutions and renewable energy technologies.

Saudi Arabia will host the Green Energy Summit 2025 from Tuesday, 15 April until Wednesday, 16 April in Riyadh. The event will discuss the regulatory environment, development projects updates, technological advancements and cost reductions, international collaboration and investment, national hydrogen initiative, hydrogen fueling stations, and more.

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

Masdar is on acquisition roll in the Iberian Peninsula

Masdar has embarked on a streak of acquisitions in the Iberian Peninsula, finalizing two acquisitions in Spain and reportedly lining up another one in Portugal. The acquisitions come as part of the renewables major’s expansion push, targeting 100 GW of global capacity by 2030.

Here’s a rundown:

#1- A solar PV project in Spain’s Valencia: Masdar’s Iberian platform Saeta Yield has closed the acquisition of a 234 MW Valle Solar PV project with an undisclosed investment ticket, according to a press release issued on Thursday. The project — located in the Valencia region — could see a potential addition of a 259 MW battery energy storage system.

About the plant: The solar plant — which was marketed by a joint venture between Genia Solar Energy and Solar Ventures — will be located in the municipalities of Ayora, Jarafuel and Zarra. Operations are set to begin in the first half of 2027.

Advisors: Finegreen, EY, Watson Farley & Williams, and G-advisory advised Solar Ventures and Genia Solar in the transaction, while Solida, Broseta, and Pérez-Llorca were Saeta’s advisers.

REMEMBER- Masdar finalized its EUR 1.2 bn acquisition of Spanish renewables firm Saeta from Brookfield Renewable in December, adding then 1.6 GW of a renewables pipeline to its portfolio.

#2- A minority stake in Spanish Endesa’s solar plants: UAE’s Renewables giant Masdar inked an agreement to acquire a strategic minority stake of 49.99% in four solar assets owned by Spanish utility firm Endesa for a cash consideration of EUR 184 mn, according to a joint statement issued on Monday. The target assets boast a capacity of 446 MW, and have an enterprise value of EUR 368 mn. The transaction is subject to regulatory approvals. Reuters broke the news last week.

Where’s the money coming from? The acquisition will be partially funded via acquisition financing from BNPP, Santander, Intesa Sanpaolo, ADCB, and FAB. Lenders were advised by Ashurst. This implies that the part of the purchase will be financed through Masdar’s internal resources.

Not the last dance: Last month, Masdar and Endesa’s owner Enel Group inked an MoU to explore potential renewable energy opportunities in Italy, Spain, and Germany, and other markets, the statement reads.

ADVISORS- Masdar enlisted BNPP as its advisor, Linklaters as legal advisor, UL as technical advisor, and PwC as its tax advisor.

#3- Up to 600 MW assets in Portugal are also in the mix: The UAE player is also reportedly looking to acquire an undisclosed stake in TotalEnergies’ Portuguese renewable assets, Reuters reported last week, citing three sources it says have knowledge of the matter. The potential purchase would take place through Masdar’s subsidiary Saeta Yield, one source said. TotalEnergies has about 600 MW of installed renewable capacity in Portugal, the newswire said.

Part of a long line of European acquisitions: Masdar finalized a 49.99% stake acquisition in EGPE Solar — an Endesa subsidiary with a 2 GW capacity — for EUR 817 mn and an equity value of EUR 280 mn last December. Last year also saw it bolster its European portfolio by acquiring 1.6 GW worth of renewables through the acquisition of Spanish renewables firm Saeta Yield, in addition to a 70% stake in Greece’s Terna Energy, and a 49% stake in the UK’s 3 GW Dogger Bank. Across the pond, it also bought 50% of Terra-Gen Power Holdings, a US renewable energy producer.

Miahona lands SAR 1 bn contract from Modon to upgrade Jeddah industrial wastewater plant

Miahona to upgrade Jeddah industrial wastewater plant: Riyadh-based water infrastructure player Miahona secured a SAR 1 bn rehabilitation, operation, and transfer (ROT) contract from the Saudi Authority for Industrial Cities and Technology Zones (Modon) to upgrade and manage the industrial wastewater treatment plant in Jeddah’s 1st Industrial City, according to a disclosure to Tadawul released on Wednesday.

The details: The 25-year service agreement covers system rehabilitation, construction, operation, maintenance, and management, including overseeing external network maintenance, wastewater treatment, and fee collection.

More in Miahona’s pipeline: Miahona is part of a consortium contracted for the construction of the SAR 1.5 bn Al Haer sewage treatment plant project. The plant will treat 200k cubic meters daily and features a 32 km treated sewage effluent (TSE) system with a 400k cubic meter daily capacity.

Tunisia finalizes agreements for four solar projects

Tunisia has signed implementation agreements for four solar photovoltaic projects with a combined capacity of 500 MW, according to a statement issued on Monday. The projects — the first phase of the country’s 1.7 GW renewable energy tender program under a concession scheme — are worth some TND 2.2 bn (c.USD 708 mn), according to a separate statement (watch, runtime 2:59). The projects are slated to come online in 2027, generate around 1.1 TWh of electricity annually to supply 5% of the country’s power needs, all while cutting 250k tons of gas use annually and saving USD 125 mn in gas import costs.

The developers: French renewable firm Qair signed power purchase agreements for two plants — one with 100 MW capacity in El Ksour (Gafsa) and another 200 MW in Khebnah (Sidi Bouzid). France’s Voltalia will carry out a 100 MW project in Manzel Habib (Gabes). Norwegian firm Scatec — in partnership with Japan’s Aeolus — will develop a 100 MW facility in Mezzouna (Sidi Bouzid).

We knew this was coming: Tunisia awarded the contracts for the four photovoltaic projects in the first phase of its 1.7 GW call for tenders in December last year.

Wait…there’s a new tender open: Tunisia started receiving bids on 25 March for the first round of its second wind energy tender offering two wind energy projects, each with 75 MW capacity, according to the statement.

ALSO- More details on the Scatec-Aeolus project: Scatec signed a 25-year power purchase agreement with Tunisia’s state utility STEG for the Sidi Bouzid project that the company is co-developing with Aeolus, according to a statement issued on Tuesday. The project’s total capex is estimated at EUR 87 mn, with Scatec set to serve as the EPC provider and cover around 85% of the EPC costs. Scatec is also currently in talks to secure debt financing, with more details of the financing expected to be finalized by 2H 2025.

REMEMBER- It isn’t the first venture for the duo in Tunisia: The EBRD and France’s Proparco agreed in August to lend EUR 25 mn to Scatec and Aeolus for the construction of two solar plants also in Sidi Bouzid and Tozeur, with 60 MW each. The EBRD later followed up in December with a EUR 20 mn equity bridge loan for support. Scatec and Aeolus broke ground on the Tozeur plant in September, with operations slated by year-end.

Iraq breaks ground on first waste-to-energy plant with USD 500 mn ticket

Iraq has broken ground on its first waste-to-energy project in Baghdad, which has a 100 MW capacity, according to a statement issued last week. Construction on the USD 500 mn plant — to be developed by Shanghai’s SUS Environment in two years under a 25-year investment term — was initially set to start in February, Iraq’s National Investment Commission head Haider Makkiyah told Asharq in January.

REMEMBER- Iraq received 15 bids from local and international companies to design, build, own, and operate the facility last year. The Baghdad municipality signed the investment agreement for the project last month.

Some details: The facility — to be equipped with a 100 MW steam turbine generator — will process 3k tons of waste per day with a power generation efficiency exceeding 30% and a landfill rate (the proportion of waste sent to landfill out of the total waste generated) of less than 5%.

Paving the way for WtE: Iraqi officials first began drafting legislation to encourage investments in waste-to-energy projects in 2022. The government is also planning another waste-to-energy facility to be established in Abu Ghraib.

Iraq is seeing a lot of firsts: Iraq will also finalize a feasibility study for the country’s first wind energy project this year with a capacity of 500 MW. TotalEnergies is also set to begin operating the first phase of its solar power project this year.

Data centers, green hydrogen, and solar updates from across the region

DATA CENTERS-

The Emirates Group has partnered with Dewa’s subsidiary Moro Hub to co-locate its data center at the Mohammed Bin Rashid Al Maktoum Solar Park, according to a statement issued on Wednesday. The facility will host the Emirates Group’s technology infrastructure starting mid-2026. Moro Hub will provide services including rack space, cooling, and 3 GW of clean energy annually.

REMEMBER– Moro Hub launched the second phase of its Green Data Center project at the Mohammed bin Rashid Al Maktoum Solar Park in January. The carbon-neutral project — planned to be implemented in 10 phases — will operate fully on solar power with a total capacity exceeding 100 MW.

GREEN HYDROGEN-

Jordan doubles down on green hydrogen: Jordan has approved an MoU with China International Energy Group (CIEG) to explore investment avenues in green hydrogen and its derivatives, according to a statement issued on Tuesday. The country aims to produce up to 600k tons of green hydrogen annually by 2030 and up to 3.4 mn tons by 2050.

Chinese firms are eying the sector: Jordan inked a pact last November with China’s Hangzhou Huading New Energy (HD Solar) for feasibility studies on a green hydrogen and ammonia plant. Jordan’s Energy and Mineral Resources Ministry also signed an MoU last September with China’s CTGI Renewable Energy Partners to conduct feasibility studies to develop green hydrogen projects.

In the pipeline: Jordan Green Ammonia — a JV between Polish Hynfra and Jordanian Fidelity Group — is pushing ahead with a USD 1.6 bn green hydrogen and ammonia facility in Aqaba.

SOLAR- .

Emsteel + Yellow Door Energy develop largest rooftop solar project in UAE: Renewable energy developer Yellow Door Energy (YDE) has partnered with Emsteel to develop the largest industrial solar PV rooftop project with 31.5 MWp capacity, according to a press release issued on Tuesday. The project will generate around 50 GWh of clean energy annually, offsetting some 16k metric tons of carbon over the next 25 years. Construction will begin in 2025 and is set for completion by 2026.

YDE is also active outside the region: YDE signed a 24.5 MWp solar power purchase agreement (PPA) with South African Cement supplier PPC, according to a press release issued on Tuesday. YDE would supply four of PPC’s projects with energy from its solar park in Leeudoringstad through the country’s grid. The project will generate 57.5 GWh of electricity in the first year and includes 43 km long overhead electrical lines to connect the solar park to a substation.

CARBON MARKETS-

Two new projects approved for carbon trading on Egypt’s market: Egypt’s Financial Regulatory Authority has greenlit listing two carbon reduction projects to its voluntary carbon market (VCM) on the EGX, according to a statement issued on Monday. Jordan’s Ampere was also registered as one of the platform’s verification and certification bodies. Egypt’s VCM now holds around 28 projects and has issued over 170k certificates for trade.

About the projects: The first project — Oman Blue Carbon — is Vera -registered and reduces almost 131k tons of emissions annually. The agricultural project spans 5k acres and has seen 300k seedlings planted, with that number set to double by the end of the year. The second project — India’s Solar DC initiative — will generate some 10k carbon credits for the VCM and is registered with the Gold Standard Registry.

Egypt’s VCM is relatively new: The country’s VCM — dubbed as Africa’s first — opened to trading in July 2024. The EGX has developed a comprehensive framework for the trading, settlement, and transparency of carbon certificates, utilizing advanced systems provided by its fully-owned subsidiary — the Egyptian Company for Information Dissemination (EGID). Rules for the market were first issued in May. You can read more about what to expect from the market in our deep dive published in August.

INFRASTRUCTURE-

SEC calls for substations bids: The Saudi Electricity Company (SEC) is inviting bids to develop a number of 380 kV substations and overhead transmission lines in Afif, Khurma, Tabarjal, Qirah, and Ash Shayyit for in-progress renewable energy projects, Trade Arabia reported on Monday. SEC also called for bids to expand the Tabarjal PV 380 kV BSP in Northern Saudi Arabia.

Saudi’s grid is expanding: Hyundai bagged a USD 389 mn order to construct two transmission lines in Humaijee and Kulis to connect existing power lines near Mecca. SEC subsidiary National Electricity Transmission is also adding a 37.5 MVA substation to Umm Al Qura Cement’s Radwan plant, and the country’s SAR 13.4 bn Qurayyah IPP expansion will feature a 380kV electrical substation.

WASTEWATER TREATMENT-

Morocco allocates MAD 600 mn to clean up olive oil waste: The Sebou Hydraulic Basin Agency (ABHS) has earmarked over MAD 600 mn (c.USD 60 mn) to curb water pollution in Morocco’s Sebou Basin, with a specific focus on managing waste from olive oil production, Morocco World News reported on Saturday. The agency has constructed 14 treatment stations for olive mill wastewater, with a combined processing capacity exceeding 709k cbm annually. Eleven of the facilities are located in the Fez-Meknes region, where pollution from the olive oil sector has been particularly acute.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

EVIQ launches first highway charging station: Saudi Arabia’s EVIQ has launched its first highway EV charging station at Sasco Aljazeera on the Riyadh-Qassim highway. The company is planning two more highway stations between Riyadh and Dammam, and Makkah and Madinah. (Statement)
Morocco will roll out e-buses: Rabat City Council and Korea’s International Cooperation Agency have signed a USD 13 mn agreement to deploy e-buses in Rabat. The project — set to run from 2025 to 2028 — aims to roll out the eco-friendly buses ahead of the country hosting the 2030 World Cup. (Morocco World News)
Al Tanmia + Emerge form energy partnership: Al Tanmia Food Company has partnered with Emerge to develop a 3 MWp solar plant in Al Tanmia’s Haradh facilities to cover 35% of its electricity demand. Emerge will be in charge of development, financing, design, procurement, construction, and operation and maintenance for 25 years. (Press Release)
Bahrain approves carbon emission tax: Bahrain has in principle approved a carbon emission tax, which is part of a broader 2025-2026 state budget package aimed at boosting public revenues and tackling the debt burden. The final rate is yet to be set. (AGBI)

China’s emission-heavy sectors will require carbon credits

China plans to expand carbon market to include hard-to-abate sectors: China has issued plans to expand its carbon trading scheme to include steel, cement, and aluminium smelting industries, Reuters reported on Wednesday, citing an Environment Ministry statement. The expansion will bring the total volume of carbon traded in the country from 5 bn metric tons to 8 mn, which is equivalent to more than 60% of China’s total emissions, ministry spokesman Pei Xiaofei said.

How does it work? The move will require 1.5k more firms to buy credits to offset their emissions if they exceed the emissions allowance the government has set. The allowance will be set against 2024 emissions, but will be gradually reduced to encourage emissions reduction while minimizing economic disruption.

REMEMBER- China issued a comprehensive legal framework for its national emissions trading scheme in February 2024. The country had resumed carbon trading after a seven-year hiatus on its national voluntary carbon trading market on the Beijing Green Exchange the month prior, and revealed four new decarbonization assets from which carbon credits can be generated, including forestation, mangrove cultivation, solar thermal power, and grid-connected offshore wind power projects.

Lithium outlook unstable on the short term, says Lopal: China-based Jiangsu Lopal Tech, a lithium production partner to the world’s major battery maker Contemporary Amperex Technology’s (CATL) — is forecasting volatility in the lithium market in the short term due to supply growth exceeding that of demand, Chairman Shi Jungfeng told Bloomberg in an interview on Monday. Prices could move between CNY 65k-85k per ton compared to current trading at around CNY 73k. In the medium term, prices will rise and stabilize at about CNY 100k per ton, which will help sustain the industry over the long term.

REFRESHER- Lithium prices were set to stabilize this year — two years after an 86% price decline — on the back of surging EV sales in China and shuttered mines and refineries helping manage oversupply. It was expected, however, that the price adjustment would be halted if mines reopened.

ICYMI: Lopal and CATL resumed operations at their joint lithium carbonate refinery in China in February after a five-month pause, making it difficult for lithium prices to recover from a market surplus and unstable EV demand.

China plans critical mineral reserve push: China’s National Food and Strategic Reserves Administration is looking to buy up cobalt, copper, nickel, and lithium amid rising demand for resources for the energy transition and geopolitical uncertainty, Bloomberg reported last week, citing unnamed sources. The move aims to alleviate pressure during crunch periods as well as balance supplies and make sure prices are stable. The authority has reportedly inquired about prices and made bids for some of the metals.

REMEMBER- Beijing took steps earlier this year to tighten its export controls on key technologies used in extracting and processing critical minerals to consolidate its control over EV supply chains worldwide. China targeted battery cathode tech and technology used in extracting and processing lithium, recycling batteries, and preparing phosphate, manganese, and lithium hydroxide and carbonate for battery production.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Apple to launch USD 99 mn clean energy fund in China: Apple will set up a CNY 720 mn (c.USD 99.2 mn) clean energy fund in China to expand its renewable energy capacity in the country. The fund is part of Apple’s broader push to transition its entire supply chain to 100% renewable energy by 2030. (Reuters)
Vattenfall to build Germany’s largest offshore wind project: Swedish power utility Vattenfall has made a final investment decision on the 1.6 GW Nordlicht 1 and 2 wind projects in the German North Sea. Construction is set to begin next year to reach full operational capacity in 2028 at 6 TWh per year. (Press release)
Total invests in battery storage in Germany: TotalEnergies will invest EUR 160 mn in six battery storage projects in Germany, which are set to go live in 2026. The 221 MW projects will be developed by Kyon Energy, and will be equipped with batteries from Safr — both German subsidiaries of the French giant. (Press release)

Green investors are taking advantage of green stock slump

Green investors on a buying kick during Trump’s oil reign: Private investors are on a green shopping spree amid a slump in clean energy stocks, Bloomberg reported last week. One investment player leading the pack is Brookfield, whose confidence in rising renewables demand has seen the firm invest in USD multi-bns green purchases despite the sector’s seeming reversal in fortunes with Trump’s ascendance.

The rationale: “Whenever we see a dislocation between what the market noise is and the fundamentals, that creates a very good opportunity for us to make acquisitions at very attractive entry prices,” says managing partner and deputy chief investment officer in the renewable power and transition group of Brookfield Asset Management Ignacio Paz-Ares. “When sentiment around something is low, it’s a good time to be a buyer,” says head of sustainability and transition strategy at Jefferies Aniket Shah.

Power prices are also attractive: Owners of renewables projects are benefiting from high power prices due to dwindling natural gas supply from Russia. Long-term power prices are at least twice as high as they were before the war in Ukraine, CIP managing director Jakob Baruel Poulsen said.

Brookfield’s purchasing spree: Over the last few months, the Canada-based investment firm has finalized a USD 1.7 bn purchase of the British National Grid Group’s onshore renewables arm and a USD 2.3 bn stake in UK wind farms from Orsted. The company also acquired French developer Neoen for USD 6.6 bn at a price per share one-third lower than the company’s peak in early 2021.

ICYMI- Brookfield — which oversees USD 126 bn in renewable and low-carbon investments — said last month that it is actively scouting for major publicly traded sustainable energy (solar and wind) firms to acquire. The company also recently raised USD 3.5 bn for its second energy transition fund, as part of its 4Q record fundraising goal of USD 29 bn in a funding round that is set to close by mid-year.

Others are also eyeing the industry: The market for low-carbon investments is less crowded and more attractive as Big Oil backtracks on their renewables projects, Hedge fund manager Trium Capital said. Copenhagen Infrastructure Partners (CIP) — which previously stepped back from the competition in the North Sea — is now looking to reenter the sector, recently buying a 480 MW project in the Irish Sea on “very attractive terms.”

CALENDAR

MARCH

31 March-1 April (Monday-Tuesday): Climate Chance Europe Africa Summit, Marseille, France.

APRIL

2-5 April (Wednesday-Saturday): Global Youth Climate Summit, Minas Gerais, Brazil.

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

8 April (Tuesday): Solar Energy Storage Future MENA, Dubai UAE.

9-10 April (Wednesday-Thursday): Global Hydrogen Forum, Barcelona, Spain.

10-12 April (Thursday-Saturday): SolarEX Istanbul, Istanbul, Turkey.

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

15-16 April (Tuesday-Wednesday): Green Energy Summit Saudi Arabia, Riyadh, Saudi Arabia

15-17 April (Tuesday-Thursday): International Conference on Functional Materials and Renewable Energies, Tangier, Morocco.

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

29-30 April (Tuesday-Wednesday): Solar & Storage Live Egypt, Cairo, Egypt.

MAY

6-8 May (Tuesday-Thursday): Autonomous e-Mobility Forum, Ar-Rayyan, Qatar

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

13-14 May (Tuesday-Wednesday): International District Cooling Conference, Riyadh, Saudi Arabia

14-15 May (Wednesday-Thursday): Saudi Arabia Green Energy Week, Riyadh, Saudi Arabia

JUNE

9-13 June (Monday-Friday): UN Ocean Conference, Nice, France.

15-17 June (Sunday-Tuesday): G7 Summit, Kananaskis, Canada.

16-26 June (Sunday-Saturday): Bonn Climate Change Conference, Bonn, Germany.

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

30 June-3 July (Monday-Thursday): International Conference on Financing for Development, Seville, Spain.

SEPTEMBER

8-9 September (Monday-Tuesday): Sustainable Buildings and RetrofitTech Qatar Summit, Doha, Qatar.

9-11 September (Tuesday- Thursday): Global Water Energy and Climate Change Congress, Manama, Bahrain.

9-23 September (Tuesday-Tuesday): UN General Assembly, New York City, USA.

OCTOBER

14-15 October (Thursday-Wednesday): Egypt Energy, Cairo, Egypt

20-21 October (Monday-Tuesday): Sustainable Buildings and RetrofitTech Saudi Summit, Riyadh, KSA

28-30 October (Tuesday-Thursday): EV Auto Show, Riyadh, Saudi Arabia

NOVEMBER

4-6 November (Tuesday-Thursday): World Social Summit, Doha, Qatar.

10-21 November (Monday-Friday): UN Climate Change Conference (COP30), Belém, Brazil.

22-23 November (Saturday-Sunday): G20 Leaders’ Summit, Johannesburg, South Africa.

24-27 November (Monday-Thursday): HVACR World, Dubai, UAE.

25-26 November (Tuesday-Wednesday): Sustainable Buildings and RetrofitTech Bahrain Summit, Manama, Bahrain.

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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