{"id":85211,"date":"2024-07-08T00:00:00","date_gmt":"2024-07-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/07\/08\/today-veolia-offloads-entire-stake-in-lydec-lots-of-financing-updates\/"},"modified":"2024-07-08T00:00:00","modified_gmt":"2024-07-08T00:00:00","slug":"today-veolia-offloads-entire-stake-in-lydec-lots-of-financing-updates","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/07\/08\/today-veolia-offloads-entire-stake-in-lydec-lots-of-financing-updates\/","title":{"rendered":"TODAY: Veolia offloads entire stake in Lydec + lots of financing updates"},"content":{"rendered":"

Good morning, folks. <\/strong>It\u2019s a busy morning with lots to unpack over the weekend in nearly each subsector of the industry, but first, an update on some wild weather hitting the US coastline today\u2026<\/span><\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION- Record-breaking <\/strong>Hurricane <\/strong>Beryl is en route to hit Texas:<\/strong> After weakening to a tropical storm, Hurricane Beryl<\/a> is intensifying back to a Category 1 hurricane, possibly reaching a Category 2 \u2014 as it approaches southern Texas through the Gulf of Mexico, and is expected to make landfall between Galveston and Corpus Christi today. The hurricane is bringing extreme winds of up to 58 mph, flooding up to 15 inches, and life-threatening storm surges with it. Beryl is also expected to produce several tornadoes as it hits land.<\/p>\n

Damage has already been done: <\/strong>The hurricane already fuelled destruction across the south-eastern Caribbean \u2014 escalating to a Category 5 hurricane with winds exceeding 155 miles per hour \u2014 wreaking havoc across Grenada, St. Vincent, Jamaica, the Grenadines, Mexico, and Venezuela last week. The Alliance of Small Island States (AOSIS) \u2014 a coalition of about 40 low-lying island nations across the Caribbean, Pacific, Africa, Indian Ocean, and South China Sea \u2014 said the hurricane underscores their need for financing to tackle the impact of climate change.<\/p>\n

Behind the storm:<\/strong> Coupled with the shift towards La Ni\u00f1a, this season\u2019s increase in storm activity has been partially attributed to unprecedented ocean temperatures induced by climate change, the US National Oceanic and Atmospheric Administration (NOAA) warned<\/a> last week. There is an 85% higher chance of an above-average hurricane season, with 17 to 25 named storms expected and four to seven expected to become major hurricanes. <\/p>\n

The story made headlines in the international press: <\/strong>Reuters<\/a> | | AP<\/a> | The New York Times<\/a> | CNN<\/a> | The Washington Post<\/a> | The Financial Times<\/a> | CNBC<\/a> | BBC<\/a> | The Independent<\/a> | The Guardian<\/a> <\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a>#1- The <\/strong>Philippines <\/strong>is seeking investments from Qatar in several sectors including <\/strong>renewable energy, <\/strong>the country\u2019s Department of Trade and Industry\u2019s secretary Alfredo Pascual told Gulf Times<\/a> on Thursday. Other possible areas of investment include energy efficiency technologies, infrastructure, and AI. <\/p>\n

The Southeast Asian country is going big on renewables: <\/strong>The country awarded around 1k renewable energy contracts as of 2023, 216 of which are completed, bringing the total installed capacity to 5.5 GW, Pascual added. It also has a potential capacity of around 80 GW of renewable energy, with 786 projects in the predevelopment and development stages.<\/p>\n

<\/a>#2- More details on EBRD\u2019s loan for Acwa Power\u2019s solar project in <\/strong>Uzbekistan:<\/strong> The European Bank for Reconstruction and Development (EBRD) is facilitating the lending of USD 229.4 mn out of the total USD 373.2 mn<\/a> in financing to Saudi Arabia\u2019s Acwa Power for its solar project in Uzbekistan, according to a statement<\/a> published last week. EBRD is extending a USD 169.8 mn loan while another loan of USD 40.5 mn will be organized through commercial co-financiers. The lender will also mobilise concessional finance of up to USD 5.4 mn from Finland under its High Impact Partnership on Climate Action (HIPCA). <\/p>\n

REMEMBER- Acwa Power just secured financing for the project last week:<\/strong> The SAR 1.4 bn (c. USD 373.2 mn) to be allocated to Acwa Power\u2019s solar park was announced last Monday<\/a> in a Tadawul disclosure. Other financiers contributing to the loan include Proparco, DEG, Islamic Development Bank, Standard Chartered Bank, and KfW-IPEX Bank. <\/p>\n

About the project:<\/strong> Located in the Uzbek capital Tashkent, the Riverside Power Station<\/a> is a SAR 2 bn greenfield independent power project that comprises a 200 MW solar PV and 500 MWh battery energy storage system<\/a>. The 25-year contract for the project is under the build, own operate and transfer model.<\/p>\n

<\/a>#3-<\/strong> UAE's Alterra climate<\/strong> fund prepares next investment phase:<\/strong> The UAE\u2019s USD 30 bn Abu Dhabi-based climate fund Alterra is gearing up for its next round of investments, CEO Majid Al Suwaidi told Bloomberg<\/a> in an interview last week. Having secured USD 6.5 bn deals with BlackRock, TPG, and Brookfield Asset Management last year, Alterra is now planning further allocations. However, Al Suwaidi did not name any participants nor did he specify a date for future announcements. <\/p>\n

About the fund: <\/strong>The USD 30 bn vehicle was launched last year<\/a> to increase climate funding for the Global South. Alterra\u2019s initial commitment \u2014 along with BlackRock, Brookfield, and TPG \u2014 was USD 6.5 bn to climate-dedicated funds. Alterra recently said<\/a> it will direct an extra USD 200 bn to investments over the next six years, after saying it aims to mobilize USD 250 bn in green investments by 2030. The UAE-backed Catalytic Transition Fund was anchored by a USD 1 bn commitment from Alterra fund set up during COP28.<\/p>\n

How it works: <\/strong>\u201cThe investment vehicle operates as a fund of funds, allocating cash to money managers whose investments support the green-energy transition,\u201d Bloomberg explained, adding that \u201cAlterra is designed to make it more appealing for private finance to add its own capital through the use of de-risking structures.\u201d This would encourage investors to enter markets where perceived risk would have otherwise led them to require a level of returns that is beyond what borrowers can afford. <\/p>\n

The fund already agreed to retain profits last year to add returns to investors: <\/strong>Alterra has agreed to retain a smaller portion of some profits generated by the venture in December as a method to attract more private finance, Bloomberg wrote. \u201cThe UAE\u2019s decision to impose a ceiling on its own profits means outside investors stand to receive as much as 5% of additional returns,\u201d a person familiar with the terms of the deal told Bloomberg<\/a> at the time.<\/p>\n

#4- China and Europe deliberate incoming EV tariffs: <\/strong>After several rounds of technical discussions between China and the EU, the European Commission officially imposed tariffs of 17.4% to 37.6% on Chinese electric vehicle imports on Friday, Reuters<\/a> reported on Thursday. The individual duties applied were 17.4% on BYD, 19.9% on Geely, and 37.6% on SAIC, according to a press release<\/a>. Tariffs are on provisional status for the next four months before becoming \u201cdefinite\u201d as the talks between both sides continue and the EU anti-subsidy investigation continues. EU members will hold an advisory vote in the coming weeks on the case. <\/p>\n

REMEMBER- <\/strong>The EU announced the tariffs<\/a> last month to protect its local automotive industry against China\u2019s cheaper product and have been applied as planned with minimal adjustments. The new rules indicated that companies such as Tesla and BMW which produce vehicles in China, but were \u201ccooperative\u201d during the investigation, will be hit with a 20.8% tariff instead of 37.6% for \u201cnon-cooperating companies.\u201d Despite the forewarning, China did not respond to requests for talks for months and only agreed to begin negotiations nine days ago, according to the EU\u2019s ambassador to China Jorge Toledo, Bloomberg<\/a> reported. <\/p>\n

Not everyone\u2019s in agreement: <\/strong>The continent\u2019s biggest carmaker Volkswagen expects the negative effects of the move to outweigh the benefits. Other industry executives had warned against the decision in fear of Chinese counter-tariffs and other forms of retaliation that could impact EU product competitiveness in China. While Germany stands against the levies, France firmly supports the decision, Reuters<\/a> reported in a separate article. <\/p>\n

W<\/strong>hat\u2019s next? <\/strong>Should the tariffs become definite, Chinese companies will find other ways to enter Western markets, VP of American consulting firm Frost & Sullivan Vivek Vaidya told CNBC (watch runtime: 2:53)<\/a> he expects. One way they can do this is by setting up European companies that use Chinese technology to re-enter markets like the EU, US, and Canada that are considering or have already imposed duties on Chinese EVs. Another possible tariff evasion strategy would be setting up a plant in Thailand \u2014 which has a free trade agreement with Europe.<\/p>\n

DANGER ZONE- <\/p>\n

Climate tech startups enter \u201cvalley of death\u201d as funding dwindles: <\/strong>Funding for climate tech startups has dropped 20% in 1H 2024 compared to the same period last year, Bloomberg<\/a> reported on Friday, citing a report by intelligence company Sightline Climate. The climate tech industry received USD 11.3 in funding but only USD 2.8 bn went towards Series B (growth-stage) startups compared to the USD 4.2 bn they received in 1H 2023. The average time a company takes to reach Series B is now more than double what it was three years ago, forcing climate tech firms to be \u201cstuck in a finance no-man\u2019s land,\u201d and trying to escape \u201ca valley of death,\u201d UK-based Sightline Climate<\/a> co-founder and CEO Kim Zou told the news outlet. <\/p>\n

Why is this happening? <\/strong>Green investors are drawn to more stable assets like solar and wind energy, or battery storage, compared to nascent technologies like advanced nuclear, geothermal, carbon capture, and hydrogen which are less bankable, Bloomberg added. For startups to receive funding, they often need to have at least USD 10 mn in revenue to prove commercial potential \u2014 a goal that is hard to achieve by most startups.<\/p>\n

The solution: <\/strong>Climate tech startups need to secure buyers to prove their commercial worth to investors, Zou added. These startups should follow the lead of others like geothermal firm Fervo Energy<\/a> which raised USD 244 mn by focusing on providing clean energy to data centers that are in need as AI booms, or silicon anode battery firm Sila<\/a> which raised USD 375 mn by having a mature customer base. <\/p>\n

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CIRCLE YOUR CALENDAR- <\/strong><\/p>\n

Saudi Arabia will host the <\/strong>Global EV & Mobility Tech Forum<\/a><\/strong> from Wednesday, 10 <\/strong>July to Thursday, 11 July <\/strong>in Riyadh. The forum will bring together international policymakers, institutions, NGOs, corporations, and companies to explore the future of green urban mobility, market trends, and the regulatory issues faced by the sector.<\/p>\n

Egypt will host the <\/strong>Egypt Mining Forum<\/a><\/strong> from Tuesday, 16 July to Wednesday, 17 <\/strong>July<\/strong> in Cairo. The event will convene decision-makers from government, industry experts, new exploration firms, financiers, and investors to explore the challenges and advantages to establish Egypt as a leading global mining hub by 2040.<\/p>\n

The UAE will host the <\/strong>World ESG Summit<\/a><\/strong> from Tuesday, 20 August to Wednesday, 21<\/strong> August<\/strong> in Dubai. The summit will gather experts and industry leaders to explore new ways to integrate Environmental, Social, and Governance (ESG) principles into business practices. <\/p>\n

Turkey will host the <\/strong>International Conference on Clean and Green Energy Engineering<\/a><\/strong> from Saturday, 24 August to Monday, 26 August<\/strong> in Izmir. The event will gather researchers and professionals to share advances in clean energy. It will also offer a platform to discuss the latest research, practices, and applications in clean and green energy engineering.<\/p>\n

Check out our full calendar <\/strong>for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

What we\u2019re tracking this morning regionally and around the world<\/p>\n","protected":false},"author":1,"featured_media":85212,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[44],"tags":[184,390,11,163,42,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-acwa-power","tag-ebrd","tag-enterpriseclimate","tag-qatar","tag-solar-energy","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"478d82a4-af04-4c7b-a055-4944618300fc","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/1\/1101.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: Veolia offloads entire stake in Lydec + lots of financing updates","related_issue":[85209],"teaser":"What we\u2019re tracking this morning regionally and around the world","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.a54efd67-9c14-4ee5-96eb-6230edea47ba.mp3"},"yoast_head":"\nTODAY: Veolia offloads entire stake in Lydec + lots of financing updates - 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