{"id":76207,"date":"2023-02-27T02:00:24","date_gmt":"2023-02-27T02:00:24","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/02\/27\/today-omans-renewable-energy-projects-could-get-us-financing-boost\/"},"modified":"2023-02-27T02:00:24","modified_gmt":"2023-02-27T02:00:24","slug":"today-omans-renewable-energy-projects-could-get-us-financing-boost","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/02\/27\/today-omans-renewable-energy-projects-could-get-us-financing-boost\/","title":{"rendered":"TODAY: Oman\u2019s renewable energy projects could get US financing boost"},"content":{"rendered":"

Good morning, friends<\/strong>, and welcome to Enterprise Climate\u2019s 100th issue. We hope you\u2019ve enjoyed reading our regional round-up of all things climate industry-related and beyond. It's been a pleasure so far and we look forward to continuing for years to come.<\/p>\n

THE BIG CLIMATE STORY- <\/strong>The US Export-Import Bank could provide Oman with USD 500 mn in financing to purchase a range of US goods and services including in the renewable energy sector under an MoU signed on Thursday. We have chapter and verse on this story and more in the news well below.<\/strong><\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION- <\/strong><\/p>\n

US President Joe Biden\u2019s nomination of ex-Mastercard CEO Ajay Banga as World Bank\u2019s <\/strong>president last Thursday was welcomed with positive fanfare at the G20 meeting over the weekend. <\/strong>Banga will be left to navigate an overhaul of the World Bank\u2019s approach to climate financing and lending priorities after outgoing president David Malpass was criticized for being too ineffectual in financing climate initiatives and for the bank\u2019s continued support for fossil fuel projects. Banga secured a round of endorsements from the world\u2019s top finance leaders on Friday in India, leaving his confirmation in May all but assured. Member countries will have until March 29 to submit their nominations for alternative candidates and the World Bank's board will announce a choice by early May.<\/p>\n

The story attracted widespread coverage in the international press over the weekend:<\/strong> AP<\/a> | Reuters<\/a> | Bloomberg<\/a> | Financial Times<\/a> | Wall Street Journal<\/a> | New York Times<\/a> | Washington Post<\/a>.<\/p>\n

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HAPPENING TODAY- The <\/strong>Annual Gulf Ins. Forum<\/a><\/strong> kicks off<\/strong> in Dubai. <\/strong>The event will host panel discussions on sustainable ins. for ESG, the role of Gulf ins. companies in securing renewables, the future of ins. for Autonomous Vehicles (AVs), ins. solutions to address climate change and environmental pollution, and the banking sector\u2019s experience in issuing green and sustainability bonds.<\/p>\n

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<\/a> WATCH THIS SPACE #1- Scatec becomes the latest to propose an <\/strong>Egypt-Europe electricity link<\/strong>: <\/strong>The CEO of Norwegian renewable energy developer Scatec proposed a new electricity interconnection project between Egypt and Europe in a meeting with Egyptian Prime Minister Moustafa Madbouly last week, according to a cabinet statement<\/a>. The project would be backed by the Norwegian government, and would export power generated by renewable energy to Europe via a 3-GW link, according to the plan put forward by CEO Terje Pilskog.<\/p>\n

Renewables on the agenda:<\/strong> The Norwegian company plans to sign a joint development agreement for a USD 5.5 bn green ammonia plant<\/a> in Ain Sokhna with Egyptian Petrochemicals Holding Company (ECHEM) and state fertilizer company Mopco, the statement said, without disclosing a timeline or details on the planned facility.<\/p>\n

WATCH THIS SPACE #2- Algeria earmarks USD bns for its green hydrogen sector: <\/strong>Algeria will allocate between USD 20-25 bn to boost its green hydrogen production capacity, Director of Economic Studies at Algeria\u2019s Energy Ministry Miloud Medjelled said in an interview with Algerian Radio (watch, runtime: 17:07<\/a>). Medjelled did not disclose the time frame of the country\u2019s investment plan. Algeria signed an agreement with German gas firm VNG AG to co-develop a 50 MW solar-powered green hydrogen facility<\/a> in the country last December and has a target to generate 15 GW<\/a> from solar power projects by 2035, Medjelled added.<\/p>\n

WATCH THIS SPACE #3- The EIB is seeking investors to fund<\/strong> Morocco\u2019s green hydrogen <\/strong>projects:<\/strong> The European Investment Bank (EIB) is in talks with several private sector investors and the Moroccan Agency for Sustainable Energy (Masen) to explore investment opportunities in the country\u2019s green fuel sector, EIB\u2019s Director Lionel Rapaille told Asharq Business<\/a>. The bank aims to get new green hydrogen production projects off the ground by 2025, though Rapaille notes that the country needs to attract \u201cmns of EUR\u201d in investments to realize that goal.<\/p>\n

<\/a> WATCH THIS SPACE #4- India\u2019s Tata Motors wants Gulf investment for its <\/strong>E<\/strong>V <\/strong>unit<\/strong>:<\/strong> Indian automaker Tata Motors is in discussions with Gulf sovereign wealth funds and investors \u2014 including Saudi Arabia\u2019s PIF, the Abu Dhabi Investment Authority, and the Mubadala Investment Company \u2014 to raise up to USD 1 bn through the sale of a \u201csignificant\u201d minority stake in its EV business, Reuters<\/a> reports, citing a report by The Economic Times<\/a>. The company is also reportedly in talks with Singapore's Temasek Holdings, KKR and General Atlantic. The majority of the proceeds will be used to pay off some of the company\u2019s debt, while a small portion will be \u201cinfused\u201d as primary equity in its EV unit, Reuters wrote, adding that the company is eyeing a valuation of about USD 10.5 bn.<\/p>\n

Background:<\/strong> The company raised USD 1 bn<\/a> for its EV arm from Abu Dhabi\u2019s state holding company ADQ and US-based private equity firm TPG at a USD 9.1 bn valuation in 2021, and plans to invest USD 2 bn to advance its EV unit by 2026.<\/p>\n

ICYMI- <\/strong>COP28 President Sultan Al Jaber said the UAE will explore \u201call opportunities\u201d to partner with India to help develop the country\u2019s low carbon infrastructure last week<\/a>, pointing to India\u2019s goal of bringing 500 GW of renewable energy online within the next seven years as \u201ca powerful statement of intent.\u201d<\/p>\n

WATCH THIS SPACE #5- Qatar\u2019s Qafco eyes blue ammonia production: <\/strong>The Qatar Chemical Fertilizer Company (Qafco<\/a>) will begin producing blue ammonia by the end of 1Q of 2026, company COO Ahmed Rahimi told Asharq Business<\/a> last week. The investment allocated to the project amounts to USD 1 bn, Rahimi added.<\/p>\n

Qafco is the largest integrated producer of ammonia and urea in the world: <\/strong>The company produces 4 mn tons of ammonia and 6 mn tons of urea per year.<\/p>\n

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COME TO OUR NEXT ENTERPRISE FORUM- <\/strong><\/p>\n

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We are delighted to share with you that the Enterprise Exports & FDI Forum<\/strong> will be taking place on 15 May<\/strong> at the Four Seasons Hotel at Nile Plaza in Cairo.<\/strong><\/p>\n

DO YOU WANT TO ATTEND?<\/strong> The first wave of invites is going out soon. If you\u2019re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please click here<\/a> to request a spot at this exclusive event.<\/p>\n

What\u2019s the Enterprise Exports & FDI Forum?<\/strong> It is the latest in our series of must-attend, invitation-only gatherings for C-suite-level business leaders. The Enterprise Exports & FDI Forum will discuss the critical topics of exports and foreign direct investment (FDI) in Egypt.<\/p>\n

We will be taking an in-depth look into some of the most vital industry topics, including:<\/p>\n