{"id":89559,"date":"2025-04-11T00:00:00","date_gmt":"2025-04-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2025\/04\/11\/top-stories-egypts-eur-7-bn-green-hydrogen-project-masdar-now-owns-100-of-terna-energy\/"},"modified":"2025-04-11T00:00:00","modified_gmt":"2025-04-11T00:00:00","slug":"top-stories-egypts-eur-7-bn-green-hydrogen-project-masdar-now-owns-100-of-terna-energy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2025\/04\/11\/top-stories-egypts-eur-7-bn-green-hydrogen-project-masdar-now-owns-100-of-terna-energy\/","title":{"rendered":"TOP STORIES: Egypt\u2019s EUR 7 bn green hydrogen project + Masdar now owns 100% of Terna Energy"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>We\u2019re back to your inboxes with a packed issue, featuring major green hydrogen, debt, M&A, and renewables updates from across the region. We also tackle below how the escalating trade war could impact the green sector\u2019s supply chains and investments. But first, an update on China\u2019s critical minerals export controls\u2026<\/p>\n

THE BIG STORY ABROAD THIS WEEK- <\/strong>Beijing <\/strong>limits rare mineral flow in trade war salvo: <\/strong>China has restricted exports of seven categories of medium and heavy rare earths, Reuters<\/a> reported last week. The move encompasses exports to all nations and does not constitute a complete ban, though Beijing can still limit export licenses. The restriction is part of a set of countermeasures against renewed tariffs<\/a> by the Trump administration on China.<\/p>\n

This impacts the US: <\/strong>The US, which has only one rare earths mine, relies heavily on Chinese minerals. All but one of the world\u2019s heavy rare earth element-focused operations are in China, Laos, and Myanmar, Project Blue consultant David Merriman told Reuters. <\/p>\n

IN CONTEXT-<\/strong> China expanded its export restrictions<\/a> on essential tech used to extract, process, and recycle critical minerals earlier this year, tightening its hold on global EV supply chains. The move came months after China banned the sale of materials used in semiconductors, a critical component in EV production, such as gallium and germanium.<\/p>\n

The story made headlines in the international press:<\/strong> Reuters<\/a> | FT<\/a> | WSJ<\/a> | Bloomberg<\/a> | AP<\/a> | Washington Post<\/a> <\/p>\n

WHAT WE\u2019RE TRACKING REGIONALLY-<\/p>\n

<\/a>#1- Seventh phase of MBR solar park grabs some attention:<\/strong> 47 companies from 17 countries have expressed interest in developing the seventh phase of the Mohammed bin Rashid Al Maktoum Solar Park under an Independent Power Producer (IPP) model, according to a statement<\/a> issued on Wednesday. Dewa invited<\/a> expressions of interest for the project in February, which is set to bring the total solar park capacity to 7.26 GW.<\/p>\n

REMEMBER- <\/strong>The seventh phase<\/a> will include 1.6 GW of solar capacity and a 1 GW battery energy storage system, with commissioning slated between 2027 and 2029. The project positions Dewa to exceed its 5 GW target for the solar park ahead of schedule \u2014 initially set for 2030.<\/p>\n

<\/a>#2- <\/strong>Ma\u2019aden <\/strong>eyes foreign partners for rare earths project: <\/strong>Saudi Arabian Mining (Ma\u2019aden) is looking to partner with a foreign firm by the end of June to establish a rare earth minerals processing project and a magnet facility later, Reuters<\/a> reported on Tuesday, citing unnamed sources familiar with the matter. A timeline for the project is expected to be finalized by December, and the investment ticket is yet to be disclosed.<\/p>\n

The <\/strong>candidates<\/strong>:<\/strong> Among the companies Ma\u2019aden is considering are US-based MP Materials<\/a>, Australia\u2019s Lynas Rare Earths<\/a>, Chinese mining outfit Shenghe Resources<\/a>, and Toronto-based Neo Performance Materials<\/a>.<\/p>\n

Ma\u2019aden\u2019s big ambitions<\/strong>: Mining giant Ma'aden said last year<\/a> it wants to grow 10x by 2040 to become one of the world\u2019s largest mining companies, targeting both mining JVs abroad and Saudi Arabia\u2019s untapped mineral resources, which were reported last year<\/a> to be worth as much as USD 2.5 tn \u2014 90% more than the last forecast in 2016. The company is also investing in new tech<\/a> to recycle and reprocess minerals from industrial waste. <\/p>\n

<\/a>#4- <\/strong>PIF-backed luxury EV maker Lucid saw its 1Q deliveries jump 58% y-o-y, largely driven by <\/strong>price cuts and incentives offers<\/strong>, Reuters<\/a> reported last week. The company\u2019s 1Q revenues are estimated between USD 232-236 mn, hovering below a market forecast of USD 256.3 mn. Tesla\u2019s current brand crisis has also contributed to the figures as more consumers opt to replace their Teslas with Lucid-made cars, Interim CEO Marc Winterhoff told Yahoo Finance (watch, runtime: 03:34)<\/a>. <\/p>\n

IN CONTEXT-<\/strong>Tesla 1Q 2025 sales dropped about 13% y-o-y, selling some 337k unitsthe year \u2014 the firm\u2019s owest figure in three years, Reuters<\/a> reported. The drop far exceeds the 3.7% drop predicted by S&P Global\u2019s Visible Alpha, Reuters said. The decline comes in light of the firm\u2019s recurrent launch delays and CEO Elon Musk\u2019s controversial presence on the political stage, as well as weak sales in the EU and China markets.<\/p>\n

Meanwhile, the Abdul Latif Jameel-backed, US-based EV maker Rivian saw a 36% drop in <\/strong>deliveries for the same period<\/strong>, which is largely attributed to market trends toward more modestly priced EVs and gas-powered cars. Rivian\u2019s 1Q deliveries fell to 8.6k EVs, a marked drop from last year\u2019s 13.6k. <\/p>\n

In line with last year\u2019s trend? <\/strong>Lucid\u2019s 4Q 2024 deliveries<\/a> had seen 11% q-o-q growth and 78% y-o-y growth thanks to lower prices and better financing, whereas Rivian lowered its annual production forecast<\/a> last October by over 14% for last year due to parts shortages and demand slowdown last October.<\/p>\n

#5- <\/strong>Xlinks <\/strong>slams UK gov\u2019t for stalling Morocco-UK project:<\/strong> Xlinks is mulling whether to take its ambitious 3.6 GW renewables interconnection project \u2014 currently planned to connect Morocco\u2019s grid to the UK \u2014 to a different European market, citing the UK government\u2019s failure to greenlight it, Xlinks Chairman Dave Lewis told The Telegraph<\/a> late in March. Xlinks Chief Executive Simon Morrish first indicated<\/a> the possibility of exclusively involving Germany in the GBP 25 bn project last month.<\/p>\n

The financing plans: <\/strong>The company plans to secure GBP 8 bn from investors, which Lewis said are already lined up pending the final regulatory nod. The remaining GBP 17 bn will be financed by debt. A market test for the debt financing reveals the project is likely to be oversubscribed, Lewis added. While the project has a hefty price tag of GBP 25 bn, investors and financial institutions are already expressing interest, Lewis told the British paper. <\/p>\n

REMEMBER- <\/strong>Xlinks began talks<\/a> earlier this year with the UK\u2019s labor administration to draw up a pricing contract for the energy to be supplied by the project, a move that could help the company raise necessary financing. <\/p>\n

About the <\/strong>project<\/strong>:<\/strong> Backed by the Abu Dhabi National Energy Company (Taqa) and TotalEnergies, the UK-Morocco interconnection project will comprise<\/a> a 3.8k km high-voltage direct current (HVDC) subsea cable transporting 3.6 GW of renewable energy \u2014 nearly 8% of the UK\u2019s current requirements \u2014 from a 10.5 GW solar and wind farm planned in Morocco\u2019s Guelmim-Oued Noun region. It will also include a 20 GW battery storage system. Xlinks was scheduled to begin construction on its interconnection project last April.<\/p>\n

IN OTHER GRID UPDATES- <\/strong>The <\/strong>GCC<\/strong> Interconnection Authority (GCCIA) is expected to <\/strong>spend up to USD <\/strong>1.3 bn on network expansion over 2025-27<\/strong>, according to an S&P Global Ratings report<\/a> published late last month. The investment could rise to USD 1.5 bn if additional backbone funding is secured. The funds are expected to be sourced from development banks in Kuwait, Qatar, and the UAE, according to the report. The rating agency also expctes no delays in the financing, cementing a stable outlook for the GCCIA.<\/p>\n

ALSO- Oman Electricity Transmission (OETC) has earmarked USD 2.2 bn to undertake as <\/strong>many as 32 network transmission projects by 2028<\/strong>, according to its Green Financing Framework (pdf)<\/a> published last month. The projects are expected to absorb new generation capacity, support load growth, and ensure the security of the grid.<\/p>\n

#6- <\/strong>Spain\u2019s <\/strong>GES eyes Egypt and Morocco for 2026 plans: <\/strong>Spain-based renewable energy developer Global Energy Services (GES)<\/a> is planning to assemble wind turbines for a \u201clarge project\u201d in Egypt under its 2026 plan, according to a press release<\/a> published late last month. The firm is also mulling an entry into the Morccan markets, where it expects to partner with a local player. No further details were disclosed about each of the projects..<\/p>\n

\n

WHAT WE\u2019RE TRACKING GLOBALLY-<\/p>\n

#1- <\/strong>Indian <\/strong>electric scooter maker <\/strong>Ather<\/a><\/strong>Energy<\/a><\/strong> is weighing whether to size down its planned USD 400 mn IPO by at least USD 50 mn<\/strong>, Bloomberg<\/a> reported on Wednesday, citing multiple unnamed sources. The company may also trim its valuation target, though a final decision has not been made.<\/p>\n

The context: <\/strong>The move comes as Ather\u2019s existing investors are reportedly considering selling fewer shares in the listing, leading to a smaller float. Despite global market volatility, Ather is still expected to proceed with the IPO in the coming weeks, but could also consider a private placement instead if market sentiment continues to slide, the sources said. <\/p>\n

A huge cut?<\/strong> The company initially filed for an IPO last September<\/a>, with reports at the time saying the firm aimed to raise approximately USD 536 mn at a valuation of USD 2.5 bn<\/p>\n

#2- <\/strong>US <\/strong>jumps ship on shipping emission talks: <\/strong>Washington has exited negotiations over decarbonising global shipping and threatened to take countermeasures to nullify any greenhouse gas tax on US-flagged vessels, Reuters<\/a> reported on Wednesday, citing a diplomatic document it has seen. The US has urged other states not to attend meetings held by the International Maritime Organization in London.<\/p>\n

A carbon levy is a no-go for many others: <\/strong>Saudi Arabia, China, Brazil, South Africa, and eight other countries formally opposed a proposed global levy<\/a> on shipping emissions earlier this year. The anti-tax camp argued that it would harm developing nations\u2019 exports, raise food prices, and exacerbate global inequalities.<\/p>\n

#3- <\/strong>Green <\/strong>trucking <\/strong>suffers streak<\/strong> of failures:<\/strong> Four hydrogen trucking startups have gone bust in the past six months, as tepid demand, high hydrogen prices, and lackluster infrastructure continue to weigh down the industry, Bloomberg<\/a> reported last week. US-based Nikola<\/a> and Hyzon Motors<\/a> and EU-based Hyvia<\/a> and Quantron<\/a> are among the shuttered firms, in addition to electric truck and bus makers Arrival and Proterra. <\/p>\n

China is the exception: <\/strong>Green trucking has managed to progress in China, with 75k electric units sold in the medium and heavy truck sector last year, as well as roughly 4k fuel cell-powered trucks. China\u2019s low battery prices for electric commercial vehicles \u2014 at USD 90 per kWh in 2024 \u2014 were less than half of the average for other nations, which stood at USD 190 per kWh \u2014 a low cost that allows China\u2019s green trucks to compete with diesel-run counterparts.<\/p>\n

Green passenger <\/strong>vehicles in<\/strong> slump<\/strong> too: <\/strong>Sales of hydrogen fuel passenger cars reportedly amounted to 4.8k in 2024, a sharp drop from 8.8k in 2023. Sales in 2022 were even higher, north of 15k.<\/p>\n

\n

DANGER ZONE- <\/p>\n

A 4<\/strong>\u00b0C<\/strong> rise in global <\/strong>temperatures <\/strong>could result in a 40% drop in the average person\u2019s <\/strong>wealth<\/strong>, The Guardian<\/a> reported last week, citing a study<\/a> published in Environmental Studies Letters. Limiting warming to 2\u00b0C could reduce global GDP per person by 16%, much higher than earlier predictions of 1.4%. In comparison, predictive models of wealth that account exclusively for extreme weather \u2014 and not for complex climate change trickle-down events \u2014 estimate an 11% drop. \u201cWe can expect cascading supply chain disruptions triggered by extreme weather events worldwide,\u201d the study\u2019s lead author Timothy Neal said. Global warming will affect all nations\u2019 economies across the globe, as they are all linked by global trade, Neal said.<\/p>\n

\n

THE SCORECARD- <\/p>\n

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

The UAE will host the <\/strong>Electric Vehicle Innovation Summit<\/a><\/strong> conference from Monday, 21 <\/strong>April until Wednesday, 23 April <\/strong>in Abu Dhabi. The summit is the largest of its kind and brings together industry players to address and collaborate on sustainable transportation. <\/p>\n

Egypt will host <\/strong>Solar & Storage Live Egypt<\/a><\/strong> from Tuesday, 29 April until Wednesday, 30 <\/strong>April <\/strong>in Cairo. The supplier-led exhibition will allow companies to showcase their solar and clean energy solutions. Over 7k attendees, 150 exhibitors, and 150 speakers are expected to attend. <\/p>\n

Turkey will host the <\/strong>International Renewable Energy Conference<\/a><\/strong> from Wednesday, 7 May <\/strong>until Friday, 9 May <\/strong>in Istanbul. The conference facilitates a dialogue between industry professionals on renewables policy, hydrogen in the energy transition, renewable energy solutions, and other.<\/p>\n

Check out our full calendar on the web<\/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 week regionally and around the 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