A little bit of renewable energy, some EVs, and Yaqeen Capital’s ETF gets the green light

ENERGY-

#1- More than halfway through for Acwa Power’s Sirdarya CCGT power plant in Uzbekistan: Renewables giant Acwa Power has achieved partial commercial operation for its 1.5 GW Sirdarya Combined Cycle Gas-Turbine (CCGT) power plant in Uzbekistan, it said in a disclosure to Tadawul yesterday. Some 461 MW will be added, bringing total online capacity under commercial operation to 918 MW out of the project’s planned 1.5 GW capacity. Acwa Power owns 51% of the project.

Background: Acwa Power signed with Uzbekistan’s Energy Ministry in 2020 a USD 1.2 bn, 25-year power purchase agreement for the development and operation of the 1.5 GW CCGT power plant in Sirdarya. The project achieved financial close in 2021 with USD 750 mn in loans provided by a syndicate of seven international banks, including EBRD, Standard Chartered, OPEC Fund for International Development and others. Acwa Power sold a 49% stake to China’s Silk Road Fund (SRF).

#2- Power and automation technologies provider ABB aims to raise its exports to Saudi to USD 40 mn by the end of the year, from USD 2 mn last year, its Local Division Manager in Egypt Mohamed Salem told Asharq Business. He said the local market was the second biggest for the company after the Egyptian market with projects with the private sector in Neom, airports and ports infrastructure and others. ABB has secured USD 15 mn in low and medium-voltage networks and panels orders from Saudi in the first quarter of the year, he said, with the firm eyeing a business volume of USD 20 mn to USD 30 mn by the end of this year.

ELECTRIC VEHICLES-

US’s Canoo to supply Jazeera Paints with EVs: American EV company Canoo has inked a vehicle sales agreement with local paint manufacturer Jazeera Paints, according to a press release. Jazeera Paints will initially purchase 20 of Canoo’s LDV 130 and LDV 190 delivery vehicles in 2024, with the option to expand by up to 180 more. The vehicles mark Canoo's first international sales to the Kingdom, leveraging Canoo's recently approved Foreign Trade Zone to reduce unit costs and increase profit margins.

DEBT WATCH-

Jubail Chemical Industries (JANA) — a Nama Chemicals subsidiary — signed a SAR 35 mn short-term Murabaha facility agreement with the Saudi Export Import Bank (Saudi EXIM) to finance its working capital, the parent company said in a disclosure to Tadawul yesterday. The agreement, backed by a promissory note, expires on 9 October 2024, with a possibility of extension.

CAPITAL MARKETS-

Local fund manager Yaqeen Capital’s exchange traded fund — Yaqeen S&P ESG MENA ETF — is all cleared for trading on the main market Tadawul after obtaining an approval from the Capital Market Authority (CMA), according to a statement.

REAL ESTATE-

Al Hammadi Holding sold a 35.6k sqm plot of land in Riyadh’s Al Rayyan at a price of SAR 124.6 mn to Emaar Ocean, it said in a disclosure to Tadawul yesterday. The sale comes under Al Hammadi’s plan to solidify financial position and future growth plans, it said.

ENTERTAINMENT-

Aeropact is coming to Sand&Fun airshow this year: The Saudi Aviation Club signed an agreement with Poland-based airshows organizer Aeropact to manage airshows at this year’s edition of the Sand&Fun aviation show, state news agency SPA. It will feature 100+ civil and military aircraft from 19-23 November later this year at Thumamah Airport.