Good morning, friends. That’s a wrap on another busy week from our regional climate landscape, just in time for Ramadan. This morning’s agenda is full of the latest on new issuances, projects, investments, and more. We wish you all a very heart start to the holy month tomorrow, and see you next Friday.

THE BIG STORY ABROAD THIS WEEK- Ukrainian President Volodymyr Zelenskyy will reportedly visit the White House today to sign a draft minerals agreement. The agreement will reportedly see the US and Ukraine establish a reconstruction investment fund to reinvest revenues from Ukrainian mineral and hydrocarbon resources. Ukraine would contribute 50% of revenue minus operating costs until contributions reach USD 500 bn. The US pledged a long-term financial commitment to Ukraine’s economic development, but key details remain unclear, including Washington's ownership stake in the fund.

Russia wants in: Russian President Putin has also proposed a separate agreement to develop Russia’s mineral resources, indicating Moscow’s willingness to export aluminum to the US, offering up to 2 mn tons annually.

Ukraine holds significant mineral reserves, including 22 of the 34 critical minerals identified by the EU. These include industrial and construction materials, including precious metals and rare earth elements. The country's reserves of graphite account for 20% of global reserves.

The story made headlines in the international press: Reuters | Bloomberg | Financial Times | The Guardian | The NewYork Times | CNN | Politico | BBC

WHAT WE’RE TRACKING REGIONALLY-

#1- The Egyptian Cabinet has approved a draft presidential decree to establish the Arab common electricity market and the Arab common electricity market agreement, according to a statement released on Wednesday. The Arab League signed agreements for its mechanisms and framework in December.

REFRESHER- The unified market aims to connect the energy systems of 22 Arab countries by 2038, with phased implementation starting 2025. The market is expected to operate on a commercial mechanism, enabling energy exchange by using surplus electricity from member states. The countries that signed the agreement include the UAE, Saudi Arabia, Kuwait, Palestine, Syria, Egypt, Qatar, Libya, Sudan, Yemen, Morocco, and Jordan.

#2- Dewa rolls out EOI for new solar and BESS project: The Dubai Electricity and Water Authority (Dewa) has invited expressions of interest (EOI) for the seventh phase of the Mohammed Bin Rashid Al Maktoum Solar Park, according to a public notice (pdf) released on Tuesday. The new phase will have a total generation capacity between 1.6 GW and 2 GW, as well as a 1 GW battery energy storage system. The project — targeted for commission in 2027 — will be developed under an Independent Power Project model that includes a long-term power purchase agreement. The deadline for EOI submissions is 21 March.

ICYMI- The company appointed a Deloitte-led consortium as the consultant for the project last week, which will handle the tender documents, design, submissions management, commercial negotiations, financial structuring, and PPAs, as well as reaching financial close.

#3- Mubadala-owned Spanish energy company Moeve — formerly known as Cepsa — returned to the black in 2024, reporting a net income of EUR 92 mn after a EUR 233 mn loss in 2023, Reuters reports. The rebound was driven by a 75% earnings surge in its energy division and a 14% rise in chemicals. The company — also spain’s second-largest oil firm — is taking a major shift toward low-carbon energy under a EUR 8 bn transition plan, selling 70% of its oil production assets since 2022. The low-carbon pipeline includes a EUR 1.2 bn biofuels plant and a 2-GW green hydrogen initiative.

#4- Moody’s mulls Masdar credit rating upgrade: Moody’s is considering an upgrade of Masdar’s A2 long-term issuer and senior unsecured ratings and the (P)A2 senior unsecured medium-term note program rating, according to a statement published on Monday. The review is expected to reach a decision in 60 days.

The rationale: Commitment and funding from both Masdar’s shareholders and the Abu Dhabi government have put Masdar in a strong position, Moody’s said. The clean energy player’s aim of reaching 100 GW of renewable energy capacity by 2030 makes further funding and investment likely, as it continues to benefit from its credit linkages to the government, the agency said, adding that the rating will go up if Masdar’s support base is revised upwards.

REMEMBER: Fitch Ratings upgraded Masdar's long-term foreign and local currency issuer default ratings to AA- with a stable outlook last year.

#5- Egypt is planning to purchase electricity produced by Acwa Power’s wind energy projects along the Red Sea at USD 0.024 per KWh, an anonymous government official told AsharqBusiness on Sunday. The majority of the payments will be made in USD, with an unidentified portion earmarked for EGP payments.

ICYMI- Acwa Power inked a power purchase agreement with the Egyptian Electricity Transmission Company earlier this month for its 2 GW wind farm being built in South Hurghada with investments of SAR 8.6 bn (c. USD 2.3 bn). The project — for which Acwa will handle the financing and development — will be built under a Build, Operate, and Transfer system for 20 years, Asharq Business reported.

Not Acwa’s first on Egypt’s Red Sea coast: Acwa Power and Hassan Allam Utilities are setting up a USD1.2 bn, 1.1 GW wind farm in the Gulf of Suez. The project reached a financial close earlier this year and is expected to kick off commercial operations in 2Q 2027.

#6- The Egyptian Kuwait Holding Company is eying an entry into European markets, with a renewables-focused investment being lined up in Europe, CEO John Rock told Asharq Business on Sunday (watch, runtime: 9:00). The company will invest between USD 150 mn - USD 200 mn over the next 18 months in various sectors, including cement and renewables project. No details were disclosed on the nature of the project or its capacity.

#7- Morocco to roll out a unified electricity tariff: Morocco’s National Electricity Regulatory Authority (ANRE) will implement a medium voltage distribution network usage tariff of MAD 0.0592 per KWh starting 1 March, according to ANRE’s Decision n°02/24 (pdf). The tariff will be effective until 28 February 2027 and could be subject to inflation adjustment in 2026. The tariff will simplify the pricing structure by implementing it nationally in a bid to increase transparency for investors, Morocco World News reported last week, citing ANRE.

#8- Abdul Latif Jameel-backed FRV has a new interested buyer: NYSE-listed private equity firm Apollo Global Management is reportedly mulling acquiring the Spanish Abdul Latif Jameel-backed Fotowatio Renewable Ventures (FRV), Bloomberg reported last Friday. If closed, the acquisition could rank among Spain’s largest renewable energy sales, underscoring the sector’s appeal to global investors. The family-owned business tapped JPMorgan Chase to advise on the transaction.

REMEMBER- ALJ Energy Energy & Environmental Services has been weighing a sale that could value the Spanish clean energy developer at around USD 2.1 bn. ALJ tapped JPMorgan Chase to advise on the transaction back in October.

Background: FRV — which ALJ acquired in 2015 for an undisclosed sum — boasts a global portfolio exceeding 3.5 GW. The Saudi firm previously explored a sale in 2019, attracting interest from Chinese state-owned China Three Georges and Shanghai Electric Power, but negotiations stalled due to the outbreak of the pandemic.

#9- Turkey moves to establish ETS + carbon market board: Turkey’s ruling AK Party has submitted a draft bill to parliament proposing the creation of a carbon market board and an emissions trading system (ETS), according to a statement released last week. The carbon market and ETS will be overseen by the Climate Change Department at the Environment Ministry, and companies will be required to secure permits to operate. The carbon market board will set carbon pricing mechanisms, allocate allowances, and establish ETS-related policies. Proceeds from the system will support climate-friendly investments.

WHAT WE’RE TRACKING GLOBALLY-

#1- DRC halts cobalt exports: The Democratic Republic of Congo (DRC) has enacted a four-month pause on cobalt exports to curb what it says is an oversaturation of the metal in markets, the Financial Times reported on Monday. The DRC — the world’s largest cobalt producer — is attempting to curb backsliding prices, with the price of standard-grade cobalt reportedly falling to USD 9.5 per pound — a historical low in real terms for the past century, FT reported, citing pricing agency Fastmarkets.

ALSO- Copper markets brace for possible US tariffs: US President Donald Trump is launching a probe that could result in a fresh new round of tariffs on copper imports in a bid to curb alleged moves by China to dominate the global copper market, Reuters reported on Wednesday. The investigation would look into imports of all things copper, including raw mined copper, copper concentrates, copper alloy, scrap copper, and unspecified copper derivative products. No timeline was given for when the investigation will start and conclude, the Financial Times reports.

When might the tariffs land? No definitive timeline is on the horizon, but Citi Bank expects an eventual 25% tariff on copper by the end 4Q 2025, with a potential temporary 15-20% tariff as early as 2Q, Reuters reported on Wednesday, citing a bank note. Other "effective duties” on US copper imports could land earlier in the form of reciprocal, retaliatory tariffs or country-specific ones, the bank added. Similar investigations can take up to 270 days.

#2- GCF approves USD 686.8 mn in financing: The Seoul-based Green Climate Fund (GCF) has approved USD 686.8 mn in investments for climate projects, according to a press release from Friday. The group expects the sum to attract financing from other development partners, eventually reaching USD 1.5 bn in investments for 11 projects across 42 countries to mitigate 45.3 mn metric tons of CO2. Projects include fostering forest resilience in Togo, enhancing agricultural techniques in Mali, and addressing food loss in Africa. The new push will bring the fund’s portfolio to USD 17 bn with projects in 133 countries.

GCF is active in the region: The GCF approved funding proposals last October for three multi-country sustainable development programs, aiming to unlock USD 2.7 bn for programs across 14 countries, including Egypt.

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CIRCLE YOUR CALENDAR-

The US will host the UN Development Cooperation Forum from Wednesday, 12 March until Thursday, 13 March in New York. The event aims to act as a hub for global dialogue on furthering the sustainable development goals between government officials, industry leaders, NGOs, private sector entities, multilateral development banks, and other financial institutions.

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.

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