DECARBONIZATION-

Tunisia signs MoU with EBRD to reduce carbon emissions: The Tunisian Industry, Mines, and Energy Ministry has signed an MoU with the European Bank for Reconstruction and Development (EBRD) to reduce carbon emissions in the electricity sector and energy transition, Tunis Afrique Presse (TAP) reports. The agreement will see the integration of Tunisia into the European electricity market through technical assistance for the Tunisian Electricity and Gas Company (STEG) and the development of the national electricity grid as part of the planned Elmed electrical interconnection project.

REMEMBER- The European Commission signed off on the EUR 307 mn Tunisia-Italy Electrical Interconnection Project (ELMED) in August. The 600 MW subsea interconnector will connect Tunisia and the EU's power grids to allow the transfer of renewable energy between Europe and Tunisia. The EBRD is also expected to sign off on a EUR 45 mn loan to the STEG for the project.

GREEN FINANCE-

Egypt and Germany sign off on EUR 54 mn debt swap agreement: Egypt signed off on a tranche of the EUR 54 mn debt swap agreement with Germany, out of the EUR 104 mn allocated to Egypt's energy transition under the Nexus on Water, Food, and Energy (NWFE) program, according to a statement released earlier this week. Germany agreed on the debt exemption in June on the basis of the fund being funneled towards linking the 500 MW Ras Ghareb and the 500 MW Gulf of Suez wind farms to the national grid. EBRD is also considering the extension of a green loan worth USD 200-300 mn to help enhance Egypt’s electricity distribution grid.

Two times a charm? The International Cooperation Ministry also inked a MoU on a debt swap with the China International Development Cooperation Agency (CIDCA) at the Belt and Road Forum last week. The specifics and value of the agreement were not disclosed.

SOLAR-

Iran breaks ground on 100 MW solar power plant: The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) started construction on a EUR 60 mn, 100 MW solar power plant for the Chadormalu mine in Yazd, the Tehran Times reports. The plant — which is expected to begin operations within 16 months — will have the capacity to generate 190 mn KWh of electricity annually and reduce greenhouse gas emissions by 115k tons a year.

Iran has been increasing its solar portfolio: Iran's Renewable Energy and Energy Efficiency Organization (Satba) announced earlier this year plans to re-tender 2.2 GW of solar projects, aiming to have one solar farm in each province. It also announced a 1 GW solar farm in Qazvin.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Morocco gets its first energy transition fund: Valoris Capital, a subsidiary of the Valoris Group, has launched the Valoris Alternative Investments Fund with Asafo & Co as advisor. The fund will help Moroccan companies with financing, installing, and maintaining photovoltaic farms for agricultural and industrial businesses. (Statement)
• KSA calls for a balanced, carbon-conscious approach to AI: The Governor of Saudi sovereign wealth fund PIF called for a measured approach toward global AI expansion plans, noting the carbon footprint AI chatbots and image generators like Open AI’s ChatGPT have. (Asharq Business)