South Korea’s SK ecoplant + China’s CSCEC to cooperate on USD 1.9 bn renewable energy project in Egypt

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WHAT WE’RE TRACKING TODAY

TODAY: More details on Egypt's new green hydrogen agreements + lots more news

Good morning, friends. We have a packed issue this morning with updates on green hydrogen projects in Egypt and Oman along with a smattering of green finance and debt news updates from around the region. Let’s dive right in.

HAPPENING TODAY-

The International Conference on Sand and Dust Storms in the Arabian Peninsula will open its doors today in Riyadh and run through to Wednesday. The conference will address regional challenges caused by sand and dust storms and discuss monitoring systems, mitigation strategies, economic and infrastructural impacts, and more.

WATCH THIS SPACE-

#1- KSA’s Masco Group to build 60 MW solar plant in Republika Srpska: Prime Minister of the Republika Srpska — the Serbian entity within Bosnia and Herzegovina — Radovan Višković has inked an MoU with Saudi Arabian general contractor Masco Group for the development of a EUR 70 mn, 60 MW solar plant in Bijeljina city, Sarajevo Times reported Saturday. The project will be built on property owned by Srpska’s Ministry of Internal Affairs.

Masco Group already has projects in the pipeline: The company currently has a hydrogen extraction facility underway in Srpska, Sarajevo Times writes. The Serbian entity is also looking to collaborate with Masco Group on road infrastructure projects and the use of hydrogen as a fuel for heavy machinery.

#2- Amea Power kicks off FEED works for green ammonia plant in Egypt: UAE renewables company Amea Power has started to conduct front end engineering design (FEED) works for its green hydrogen-based ammonia production facility in Ain Sokhna, Meed reported Thursday. The company also tapped an unnamed engineering procurement and construction (EPC) company to begin construction schemes, the company's project development manager Ignacio Carreras told Meed, adding that Amea Power is currently working with a hydrogen electrolyzer and ammonia licensor. The UAE company aims to reach a financial investment decision by the first quarter of 2026.

The project has been in the works since 2022: Feasibilitystudies for the project were recently finalized last year. Amea first signed an agreement with the Egyptian government to set up a 1 GW green hydrogen plant — expected to be up and running by 2027 — on the sidelines of COP27. The company doubled the intended green ammonia production capacity of the project in November to 800k tons per year — up from the initial 390k tonnes a year, Meed writes. The proposed project also includes the development of 2 GW of renewables to power the 1 GW hydrogen plan.

#3- Egypt’s Golden Coast eyes EGP 7 bn green sukuk issuance in 1H 2024: EGX-listed hospitality and real estate company Golden Coast Company — subsidiary of Golden Pyramids Plaza — has hired S&P to conduct a credit rating evaluation for its upcoming EGP 7 bn green sukuk issuance planned for 1H 2024, Daily News Egypt reported Saturday, citing sources it says have knowledge of the matter. The funds raised from the issuance will be used to finance Golden Coast’s Soma Bay resort project. Al Ahly Pharos is serving as financial advisor and promoter of the issuance, while Al-Derini and Co. is acting as the legal advisor. The real estate firm was initially looking to raise EGP 8 bn through the green sukuk back in August.

#4- Germany’s Siemens Energy has secured a EUR 4 bn revolving credit facility to help finance its struggling Gamesa wind-turbine unit, Bloomberg reported Thursday. The five-year sustainability-linked loan is backed by a consortium of 26 banks and can be extended twice for an additional year. Siemens Gamesa is a major player in Egypt’s wind energy sector.

Siemens Energy is working to bolster its failing business in wind power: The company reviewed its struggling wind business in November after its subsidiary Siemens Gamesa caused EUR 4.6 bn in annual net losses for the group on the back of a substantial increase in failure rates for the turbines' components. It secured a EUR 12 bn credit line from private banks at the time — partly backed by the German government — alleviating investor concerns and a potential company shut down.

#5- CBAM faces early challenges: The European Union's carbon border adjustment mechanism (CBAM) — set to tax CO2-heavy products from 2026 — is facing its first administrative hurdles with only a small number of companies able to successfully meet the early reporting deadline for carbon-intensive imports, The Financial Times wrote on Friday. Nearly 13k reports were submitted by the end of February, primarily concerning imports from China.

Low compliance rates: Less than 10% of German companies and 11% of Swedish companies were able to meet the deadline for reporting on their imports, the FT adds. EU officials stated that the issue is due to the measures being nascent and the ongoing transitional period, adding that proposals are underway to simplify the system.

There are some vocal critics: Green trade rules are “biased” against developing nations, India’s Commerce Minister Piyush Goyal told the Financial Times on Thursday, referring to CBAM. Goyal said trade and the environment “are two separate issues,” stating that the relevant UN institutions “should be respected” and “allowed to do their job” when it comes to addressing climate change. “Before we add new environmental issues, let’s first sort out who is responsible for the environmental degradation,” Goyal said, adding that India, which accounts for 17% of the world’s population, produces only 3% of the world’s emissions.

DANGER ZONE-

Global waste production will likely rise by two-thirds by 2050 causing USD 640.3 bn in environmental and economic damage, according to a new report (pdf) by the United Nations Environment Programme (UNEP). Municipal solid waste output alone will increase from 2.3 bn tons in 2023 to 3.8 bn tons by 2050. Launching initiatives aimed at limiting the waste problem could reduce the projected 2050 net annual costs to USD 270.2 bn and adopting a circular economy model could remove costs altogether, and instead create net gains of USD 108.5 bn per year. “Waste generation is intrinsically tied to GDP, and many fast-growing economies are struggling under the burden of rapid waste growth,” said Inger Andersen, UNEP’s Executive Director.

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CIRCLE YOUR CALENDAR-

The UAE will host the World Future Energy Summit from Tuesday, 16 April to Thursday, 18 April in Abu Dhabi. The summit will address solutions for development in the transformation of future energy systems. The summit will also feature discussions on recycling, waste-to-energy, and air-to-water trends and progressions.

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.

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.

South Korea’s SK Ecoplant + China’s CSCEC to cooperate on USD 1.9 bn renewable energy project in Egypt

We have more details on one of Egypt's new green hydrogen agreements: South Korean construction company SK ecoplant will build a KRW 2.6 tn (c. USD 2 bn) integrated renewables, green hydrogen, and ammonia facility in Egypt’s Suez Canal Economic Zone (SCZone), according to a statement released on Thursday. The giant plant will be completed in partnership with the China State Construction Engineering Corporation (CSCEC) and will be slated for commercial operations by late 2029. SK signed the agreement with Egypt last week.

The breakdown: The facility will produce 778 MW of renewable energy — comprising 500 MW from solar energy and 278 MW from onshore wind power — used to power a 250 MW green hydrogen plant generating 50k tons of the green fuel annually. The plant will also convert the produced output into 250k tons of green ammonia for export.

What’s next? The Madbouly government will soon allocate a plot of land for the project, after which the two companies will be able to conduct their feasibility studies and decide on the exact size for the facility and timeline of the project.

We knew this was coming: CSEC and SK ecoplant have been eyeing Egypt as a potential hub for green hydrogen projects since early last year after inking an MoU to “dominate the global renewable energy market” and work together on global renewable energy projects in Asia and Africa.

IN OTHER EGYPT NEWS- Egypt gets another EUR 165 mn from EIB to decarbonize its industry: Egypt’s cabinet has approved EUR 135 mn in soft financing from the European Investment Bank (EIB) and a EUR 30 mn grant from the EU to help finance its Sustainable Green Industry project, according to a cabinet statement on Thursday. This initiative aims to support Egypt's green industry transition by reducing industrial pollution, decarbonizing the industrial sector, and promoting sustainable practices to enhance energy efficiency. The loan was first announced in January, and is amongst a wave of recent green investments from the EIB aimed at supporting the growth of the country’s green sector.

Norwegian firm Yara will purchase green ammonia from GHC’s green ammonia plant

Yara signs offtake agreement for green ammonia from Oman: Norway's fertilizer manufacturer Yara International signed an agreement with Green Hydrogen and Chemicals Company (GHC) — a subsidiary of Indian renewable energy company Acme Cleantech — to buy 100k tons of green ammonia annually from its Oman plant, according to a statement released on Friday. The initial phase of GHC’s green hydrogen and ammonia project in Oman is scheduled to begin in 2027.

About Acme's Oman plant: The project will have the capacity to produce 100k tons of green ammonia annually. The capacity is expected to expand to 1.2 mn tons per annum with about 3.5 GW of electrolyzer capacity powered by 5.5 GW of solar energy. Acme Group secured a INR 40 bn (c. USD 487.8 mn) loan from Indian infrastructure financial institution REC Limited in July for the project which it is building with Norway’s Scatec.

Acme also has a green project underway in Egypt: A group comprising Egypt’s Suez Canal Economic Zone (SCZone), Orascom, Elsewedy Electric and India’s Acme Group agreed to begin construction on a USD 12 bn green hydrogen plant in the SCZone last July.

Acwa Power signs SAR 2.8 bn financial agreements for Hassyan plant

Acwa secures financing for Hassyan water plant: Saudi renewables giant Acwa Power secured SAR 2.77 bn (USD 740 mn) from local and international lenders to fund the development and construction of its solar-powered Hassyan water desalination project in Dubai, according to a statement published on Tadawul on Thursday. The agreements — which have a financing period of 32.5 years — come almost six months after Dubai Electricity and Water Authority (Dewa) tapped Acwa Power to construct and operate the AED 3.4 bn (USD 914 mn) solar-powered desalination project in Hassyan. Acwa Power has a 20.4% stake in the project, which is planned to produce 681.4k cbm of water per day.

Who’s kicking in the funds? The project company Hassyan Water Company signed the agreements with international lenders including the UK’s Standard Chartered Bank, Korea Development Bank, Japan’s MUFG Bank and Sumitomo Mitsui Trust Bank, and China’s Industrial and Commercial Bank Of China and China Construction Bank and local lenders including Emirates NBD, Commercial Bank of Dubai, Abu Dhabi Commercial Bank, Arab Petroleum Investments Corporation, Boubyan Bank, and the export credit agency Saudi EXIM.

REFRESHER- Dewa is buying water from the Hassyan plant: Dewa signed a 30-year water purchase agreement with Acwa Power to buy water from phase 1 of the desalination plant. Dewa will purchase the desalinated water at a price of around USD 0.365 per cbm — the lowest bid the UAE company received.

Masdar completes acquisition of 3 GW British offshore wind farm

Masdar snaps up 49% of Dogger Bank South: UAE renewables firm Masdar has finalized the acquisition of a 49% stake in the UK’s 3 GW Dogger Bank South wind farm from German energy giant RWE, according to a statement released on Thursday. This comes as part of Masdar’s larger GBP 11 bn joint investment ticket into UK renewables. The investment ticket of Masdar's stake was not disclosed.

What we know: Masdar and RWE agreed to co-develop the Dogger Bank South wind farm during COP28 with construction expected to start as early as 2025. The wind farm will be split across two sites with 1.5 GW of capacity each. The first 800 MW of electricity is expected to come online in 2029, while full commissioning is scheduled for late 2031. The wind farm will have the capacity to supply green electricity to 3 mn UK homes, according to the statement.

Who’s doing what? RWE — which stands as the world's second-largest offshore wind power generation and Europe's third-largest company in renewable energy — will retain a 51% share in the projects and will be responsible for managing the development, construction and operation of the wind farms throughout their life cycle, while Masdar will be “involved in the co-development of the projects,” Power Technology said.

What’s next? The next step in developing the project will be submitting development consent orders applications in 2Q 2024, the statement said. Once approved, the projects will proceed to secure contracts for difference and obtain financing in order to begin construction.

Not Masdar’s first green venture in the UK: Masdar and RWE are also operating the 630 MW London Array offshore wind farm. Masdar Arlington Energy — a subsidiary of renewables energy giant Masdar it acquired in 2022 — broke ground on two battery energy storage systems in the UK as part of a GBP 1 bn investment program last week.

The purchase follows a similar investment by Masdar in Spain’s Iberdrola: Masdar acquired a 49% stake in Spanish utility provider Iberdrola’s EUR 1.6 bn, 476 MW Baltic Eagle offshore wind farm off the coast of Germany in July. Baltic Eagle is currently being built off Germany’s northeastern coast and will comprise 50 wind turbines. The project is slated to kick off initial operations by the end of this year.

Sharjah government completes USD 750 mn sustainable bonds issuance

The Sharjah government closed its USD 750 mn 12-year USD-denominated senior unsecured sustainable bond issuance, with orders surpassing USD 4 bn, according to a press release. The issuance was 5.3x oversubscribed and some 67% of total demand came from investors outside of the region, according to the statement.

The details: The 12-year USD-denominated senior unsecured bond was priced at 195 basis points (bps) over US treasuries and drew an order book surpassing USD 4 bn. The bond's spread was tighter than the 235 basis points initially predicted.

Advisors: Emirates NBD Capital and HSBC also acted as joint global coordinators, lead managers, and bookrunners, while Citi, Credit Agricole CIB, and Standard Chartered Bank acted as joint lead managers and bookrunners. HSBC served as the sole ESG structuring agent.

UAE ? sustainable bonds: The UAE and Saudi Arabia are on track to remain the largest issuers of sovereign green bonds in the region in 2024 driven by both government bodies and state-owned companies looking to meet net-zero targets.

The World Bank is set to reform its loan and guarantee framework

The World Bank plans to strengthen its loan and guarantee framework, as part of a target to triple its annual guarantee issuances to USD 20 bn by the end of the decade, according to a statement released last week. The new reforms — which will come into effect on 1 July — are part of a target to increase its overall lending to USD 150 bn over the next decade to alleviate the impact of climate change and other global crises. The lender notes the new strategy — its “first significant change in 15 years” — will ensure speedy financing approvals and create a new, convenient marketplace.

The fineprint: The streamlined approach will consolidate all of the bank’s guarantee experts under one roof, condense its guarantees in “a single menu” catered to individual clients' needs while creating new products, and see the bank apply a risk-weighted approach that focuses resources on high-impact projects to reduce duplicative risk analysis while freeing up capacity to tackle more complex challenges, the statement said.

The WB’s new approach is centered around six core updates: The core updates include bringing together guarantee experts from across the giant organization for a unified structure; compiling all of the group’s guarantees into a single menu; launching a unified approach for guarantee reviews to eliminate needless processes; expanding the guarantee teams and training staff globally to boost accessibility; directing resources toward significant projects and portfolios in a risk-weighted approach; and introducing new and innovative guarantee products.

Some think this is not enough to take on the climate crisis: The bank’s President Ajay Banga noted the newly announced USD 20 bn annual increase over the next five-six years is an “arbitrary figure,” and that the ambition is “to go in quantum number” from current lending levels, Reuters reported. The capital adequacy would need to be reviewed, Banga added.

MENA stands to gain a lot from the new reforms: The World Bank said during COP28 it plans to increase climate finance to MENA up to USD 10 bn by 2025, as part of a target to expand its global funding capacity to USD 40 bn by the same timeframe.

The WB has been working on adapting its policies to strengthen climate resiliency: The UK, France, the World Bank, AfDB, EBRD, and the IDB announced during COP that they will expand the use of climate-resilient debt clauses in their lending to pause debt when countries are hit by natural disasters.

Acwa Power reports an 8% jump in net income in 2023

Acwa Power’s net income rose 8% y-o-y to SAR 1.7 bn in 2023, while revenues were up 13.4%y-o-y to SAR 6.1 bn, it said in a disclosure to Tadawul. The BoD of the energy giant has proposed a dividend payout of SAR 329 mn for 2023 at SAR 0.45 per share, it said in a separate disclosure. The board has also recommended the issuance of bonus shares by way of capitalizing SAR 14.6 mn from retained earnings, granting shareholders one share for every 500 shares owned, it said in a further disclosure.

What they said: “Acwa Power’s results in 2023 is a demonstration of our strong business model fundamentals and the resilience of our balance sheet against high interest rate and inflation environments… Our strong performance in 2023 is another step towards our ultimate goal to triple the size of our business by the end of the decade… We are doubling down on our efforts to lead the energy transition globally, while supporting Saudi Arabia to deliver one of the most ambitious decarbonisation programs in the world,” the company’s CEO Marco Arcelli noted.

Ericsson + stc Group’s Iot Squared to launch waste management platform in KSA

M&A WATCH-

Interested parties have until 3 April to submit bids for the 40% stake sale of the 89.1 MW Fujeijwind power plant in Jordan, Meed reported on Thursday. The Korea Electric Power Corporation (Kepco) has a 100% direct investment in the wind farm — which became operational in 2019 — and expects to finalize the sale in 1H 2024. The 27-turbine plant provides enough clean energy annually to power some 32k households in the country, and abates approximately about 159k tonnes of carbon emissions per year. Kepco established the Fujeij Wind Power Company to operate the plant, and Jordan’s National Electric Power Company (NEPCO) inked a pact with the company to offtake the power generated until 2039.

Advisor: The South Korean firm has reportedly appointed KPMG Korea as its sell-side advisor on the transaction, according to Meed. The plant has delivered Ebitda margins of 85%, and the company’s PPA with NEPCO will ensure steady revenue streams over the 20-year PPA period inked since operation, Meed quotes the company as saying.

Plans to prioritize other green transition assets: Kepco — which is among other Korean firms that have inked an agreement with KSA’s sovereign wealth fund to build a USD 6.5 bn mega green fuels plant in the kingdom — says its sale in Jordan is part of a wider company strategy to diversify its assets as it looks to focus on hydrogen, ammonia, renewables, and grid developments across its overseas assets, Meed notes.

NUCLEAR ENERGY-

Emirates Nuclear Energy Corporation subsidiary Nawah Energy Company has started up the 5.6 GW Barakah Nuclear Energy Plant’s fourth unit, according to a statement released on Friday. The Abu Dhabi plant has started producing heat through nuclear fission to generate electricity and the fourth unit is expected to be linked to the national grid soon for testing. The UAE granted the company a 60-year operating license for the Barakah Nuclear Energy Plant’s fourth unit in November. The final unit will meet 25% of the UAE’s energy needs.

ENERGY STORAGE-

BESS FOR MBR’s sixth phase: The Dubai Water and Electricity Authority (Dewa) is reportedly exploring the addition of a battery energy storage system to the USD 1.5 bn, 1.8 GW sixth phase of its 4.66 GW Mohammed Bin Rashid Solar Park, Meed reported on Thursday, citing sources with knowledge of the matter. The planned investment ticket and timeline for the battery project were not disclosed.

WATER MANAGEMENT-

UAE launches USD 119 mn desal tech competition: The UAE has launched a five-year global competition with a cash prize of USD 119 mn aimed at encouraging the testing and deployment at scale of sustainable, reliable, and affordable desalination technologies, Wam reported on Thursday. The competition was launched in partnership with the American XPrize Foundation, which together with the UAE invested a total of USD 150 mn into the initiative — called the XPrize Water Scarcity competition — which will be chaired by the UAE’s Minister of Foreign Affairs Sheikh Abdullah bin Zayed.

GREEN HYDROGEN-

UM6P launches green hydrogen and ammonia company: Mohammed VI Polytechnic University (UM6P) subsidiary Innovx has launched Hydrojeel, a new subsidiary focused on green hydrogen and ammonia, according to a statement released last week. Hydrojeel's strategy includes developing the Green Ammonia Program for the OCP Group, which aims to produce sustainable plant nutrition solutions. The program aims to mobilize investment in green hydrogen production technologies and processes.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Sabic Agri-Nutrients extends MoU with Salic: Saudi chemical manufacturer Sabic Agri-Nutrients and Saudi Agricultural and Livestock Investment Company (Salic) have agreed to extend for two years a previously signed MoU to tackle growing environmental challenges and ensure food security. (Statement)
Dolphin Energy + MBZ Fund partner on conservation efforts:Dolphin Energy and the Mohamed bin Zayed Species Conservation Fund (MBZ Fund) announced a three-year partnership on Friday, pledging an annual USD 100k to support global conservation efforts. The collaboration aims to support the MBZ Fund's Small Grants Programme, particularly the Chairman's Award, which supports preserving endangered species and supporting emerging conservationists. (Wam)
Another EV partnership for Oman: Oman’s Bahwan Automobiles and India’s JBM Electric Vehicles have partnered to bring electric buses to Oman.No further information on the number of buses or delivery date were provided. (Times of Oman)

UCLA launches the world's largest ocean-based CO2 removal plant

UCLA's Institute for Carbon Management and its startup Equatic are set to construct the world's largest ocean-based CO2 removal plant in Singapore, according to a statement released last week. The USD 20 mn project — dubbed Equatic-1 — will have the ability to remove 3.6k metric tons of CO2 annually and produce 105 metric tons of carbon-negative hydrogen. The plant is supported by Singapore's national water agency PUB, the National Research Foundation, and UCLA, and will be developed at PUB's R&D facility in Tuas.

How it’ll work: The technology harnesses the ocean's natural carbon storage ability, using electrolysis to break down water molecules and securely store carbon in solid materials for over 10k years. The first phase, kicked off this month, aims to remove 1 metric ton of CO2 per day by late 2024 before moving to full-scale operations by early 2025 and removing 10 metric tons daily.

What’s next? The modular system design is scalable and the carbon credits generated will support the project's partners, including companies like Boeing, for future commercial plants.

CALENDAR

4-5 March (Monday-Tuesday): MENA Desalination Projects Forum, Abu Dhabi, UAE.

4-6 March (Monday-Wednesday): International Conference on Sand and Dust Storms in the Arabian Peninsula, Riyadh, Saudi Arabia.

4-7 March (Monday-Thursday): Leap Forward: A Digital Davos, Malham, Saudi Arabia.

5-6 March (Tuesday-Wednesday): AIPH Green City Conference, Doha, Qatar.

19-29 March (Monday-Friday): International Seabed Authority Assembly and Council, Kingston, Jamaica.

APRIL 2024

16-18 April (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi, UAE.

16-18 April (Tuesday-Thursday): Middle East Energy, Dubai, UAE.

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

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

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

MAY 2024

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

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.

OCTOBER 2024

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

NOVEMBER 2024

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

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

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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South Korea’s SK ecoplant + China’s CSCEC to cooperate on USD 1.9 bn renewable energy project in Egypt

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Today at a glance

TODAY: More details on Egypt's new green hydrogen agreements + lots more news

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This publication is proudly sponsored by

South Korea’s SK Ecoplant + China’s CSCEC to cooperate on USD 1.9 bn renewable energy project in Egypt

Related

Norwegian firm Yara will purchase green ammonia from GHC’s green ammonia plant

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Acwa Power signs SAR 2.8 bn financial agreements for Hassyan plant

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Masdar completes acquisition of 3 GW British offshore wind farm

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Sharjah government completes USD 750 mn sustainable bonds issuance

Related

The World Bank is set to reform its loan and guarantee framework

Related

Acwa Power reports an 8% jump in net income in 2023

Related

Ericsson + stc Group’s Iot Squared to launch waste management platform in KSA

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UCLA launches the world's largest ocean-based CO2 removal plant

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