KKR + Vortex portfolio company Ignis: US private equity firm KKR and Spanish renewable group Ignis — a portfolio company of global renewables platform Vortex Energy, which is managed by the private equity arm of our friends at EFG Hermes — will create a new platform to develop green hydrogen and ammonia projects targeting hard-to-abate-sectors, according to a statement.

By the numbers: KKR will invest up to EUR 400 mn into the JV dubbed IGNIS P2X, with shares divided evenly between KKR and Ignis. The platform will start with a pipeline of 20 GW of projects “as well as more than 10 GW of advanced and early-stage renewables in Spain and additional renewable projects globally,”

More details: IGNIS P2X will produce green hydrogen, ammonia, e-methanol, e-fuels, renewables, and sustainable aviation fuel (SAF), “serving blue chip corporates active in refining, steel, chemicals, fertilizer, among other sectors, as well as traditional renewables, largely wind and solar, associated with the hydrogen and ammonia projects.”

KKR is looking to invest big in climate: The firm announced that it was looking to raise as much as USD 7 bn from its first planned climate transition fund back in December. The fund will scope out green mobility, battery storage, and decarbonization projects across the US, EU, and Asia Pacific markets, with plans to earmark between USD 300 and 750 mn for each venture.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, with the Hang Seng leading the gainers (+1.5% at dispatch time) after taking yesterday off for a national holiday. The Kospi (-0.5%) leads the decliners. US equities futures were uniformly (but gently) in the red in overnight trading, while futures for major European benchmarks were largely flat.

TASI

11,659

-0.2% (YTD: -2.6%)

MSCI Tadawul 30

1,457

-0.3% (YTD: -6.0%)

NomuC

26,318

+0.7% (YTD: +7.3%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

6% repo

5.5% reverse repo

EGX30

27,970

+0.7% (YTD: +12.4%)

ADX

9,060

0.0% (YTD: -5.4%)

DFM

4,057

+0.7% (YTD: -0.1%)

S&P 500

5,475

+0.3% (YTD: +14.8%)

FTSE 100

8,167

0.0% (YTD: +5.6%)

Euro Stoxx 50

4,930

+0.7% (YTD: +9.0%)

Brent crude

USD 86.60

+1.9%

Natural gas (Nymex)

USD 2.48

+0.2%

Gold

USD 2,341.30

+0.1%

BTC

USD 63,026

+1.5% (YTD: +50.0%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 7.3 bn. The index is down 2.6% YTD.

In the green: SSP (+10.0%), Talco (+8.9%) and East Pipes (+7.2%).

In the red: Sedco Capital Reit (-4.3%), Zain KSA (-4.1%) and Walaa (-3.5%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.7% yesterday on turnover of SAR 36.8 mn. The index is up 7.3% YTD.

In the green: Gas (+11.3%), Leaf (+7.1%) and Knowledge Tower (+6.5%).

In the red: AlHasoob (-8.2%), Ioud (-6.5%) and Amwaj International (-6.2%)

CORPORATE ACTIONS-

Shareholders of our friends at Cenomi Center have approved the board’s recommendation to distribute a dividend of SAR 178.1 mn at SAR 0.375 per share for 1Q 2024, according to a filing to the exchange (pdf). The shareholders have also approved the company’s dividend policy for the 12 months starting 2Q 2024, the statement said.

Shareholders of Tadawul-listed telecom group Zain KSA have approved the board’s recommendation to distribute SAR 449.4 mn in dividend at SAR 0.5 per share for FY 2023, according to a disclosure to Tadawul. A distribution date will be announced at a later date by the board, according to the disclosure.

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