KSA’s Acwa Power receives fresh financing for projects in Egypt and Uzbekistan

Good morning, friends. We hope you enjoyed your Eid break as much as we did. It’s a busy morning on the climate front in our region, so let’s dive right in.

THE BIG CLIMATE STORY- Saudi renewables giant Acwa Power received green loans totaling USD 123 mn from several multilateral lenders for its 200 MW solar farm in Egypt’s Kom Ombo and secured a USD 174 mn green loan from Asia Development Bank to help finance its two 500 MW wind farms in Uzbekistan.

^^ We have the details on this story and much more in the news well, below.

THE BIG CLIMATE STORY OUTSIDE THE REGION- Climate campaigners blockade HQ of America’s largest banks to lobby for an end to fossil fuel investments: Climate activists staged sit-ins in front of the headquarters of Citibank, Wells Fargo, Chase, and the Bank of America to demand stronger climate action from the financiers and call for an end to fossil fuel development a day before the lenders’ annual shareholder meetings, which took place yesterday. Investment strategies for energy projects are typically rubber stamped during the annual meetings, and the campaigners’ protests were aimed at nipping new fossil fuel investments in the bud before the banks greenlight new oil and gas projects. A report released last week by Banking on Climate Chaos found that US banks extended credit lines totaling some USD 4.6 tn to finance the fossil fuel industry since 2016 alone.

The story snagged headlines yesterday: Reuters | The Guardian| Bloomberg | The Washington Post.

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WATCH THIS SPACE #1- Oman’s state-owned Hydrom expects to seal several green hydrogen agreements worth USD bns over the next few months, Meed reports, citing a source familiar with the plans. Last month, Hydrom inked six binding term sheet agreements worth USD 20 bn with a number of companies from Belgium, the Netherlands, the UK, Japan, Singapore, Germany, India, Kuwait, and the UAE.

WATCH THIS SPACE #2- Crossing fingers for green power from the North Sea? Seven EU nations — including France, Germany and the Netherlands — and non-EU countries Norway and the UK have signed a declaration aimed at expanding Europe’s offshore wind capacity up to a combined 120 GW by 2030, the declaration (pdf) signed on Monday during the North Sea summit in Belgium showed. The Ostend Declaration sees the countries pledging to build wind farms rapidly, develop “energy islands,” and work on carbon capture and renewable hydrogen projects in the region. The nine nations are seeking a combined North Sea offshore wind of 300 GW by 2050, a considerable increase from the current 25 GW. Among the planned projects is what would be the “world’s largest of its kind” power line between the Netherlands and Britain, according to a statement by the British government. The LionLink interconnector would, if completed, have the capacity to transfer 1.8 GW of electricity — enough to supply power to 1.8 mn homes once operational by the early 2030s. Europe is continuing its efforts to wean itself off Russian gas and slash the use of still-dominant CO2-emitting fossil fuels.

WATCH THIS SPACE #3- US solar tariffs could face veto from Biden: US President Joe Biden is threatening to veto congressional attempts to overturn tariff waivers on solar panels imported from Southeast Asia, according to a White House statement released on Monday. The White House said it “strongly opposes” the resolution and would veto it if it passes. The veto threat comes months after Biden waived tariffs on solar panels coming from Cambodia, Malaysia, Thailand, and Vietnam “to ensure that Americans have access to reliable, affordable, and clean electricity,” according to the statement. However, the statement added that “given the strong trends in the domestic solar industry, the President does not intend to extend the tariff suspension at the conclusion of the 24-month period in June 2024.”

But why? Domestic manufacturers argue that the tariffs —- which Bloomberg estimated could be as high as 254% —- are necessary to compete with cheap panels made abroad. Chinese solar manufacturers were also believed to be evading the decade-old import duties after a US Commerce Department investigation found that the Chinese companies were directing their shipments through the four Asian nations before sending their goods to the US.

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WATCH THIS SPACE #4- Only 10 automobile manufacturers could survive the intense competition in the global EV market over the next decade, Xpeng Vice Chairman Brian Gu told the Financial Times. Chinese car makers need to have annual sales of at least 3 mn vehicles to be among the EV battle survivors, Gu told the salmon-colored paper. “To be in that ‘3 mn club’ you cannot be a China-only player, you have to be a global player. We think in that scenario, maybe close to half your volume is coming from outside of China,” he said. He sees a “much more concentrated market” over the next five to 10 years, forecasting the number of car makers to be less than ten at the global stage at the time.

Speaking of EVs: UK carmaker Jaguar Land Rover plans to pour GBP 15 bn in investments for electric vehicles over the next five years, CEO Adrian Mardell told the Financial Times last week. JLR will double its investments and roll out seven new EVs, including a fully electric Range Rover in late 2024, Mardell said.

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WATCH THIS SPACE #5- Xlinks holding its second public consultation for planned Morocco-UK subsea interconnector: UK-based renewables developer Xlinks — which is building a GBP 18 bn subsea powerline to transport 3.6 GW of clean energy from Morocco to the UK — kicked off the second round of public consultations for its 10.5 GW renewables project, according to a company statement released last week. The company is currently looking to secure building permits to lay underground, high-voltage, direct-current cabling as well as an alternating current converter station in Devon, UK. The second consultation is set to wrap up on 31 May.

WATCH THIS SPACE #6- The first 150 MW phase of Iraq’s interconnection project with Jordan will be launched at the beginning of June, Iraqi Electricity Ministry spokesman Ahmed Musa told the Iraqi News Agency last week. Work is still ongoing on other interconnection projects, including one to the GCC electricity grid through a connection point in Kuwait, and another to Saudi Arabia, Musa said. Construction on a fourth link with Turkey is now fully complete, but the project has not yet been launched as Iraq’s Electricity Ministry is yet to finalize the tariffs on transporting energy through the interconnection.

WATCH THIS SPACE #7- Spending on aviation infrastructure is necessary to reach decarbonization goals, a new white paper from the World Economic Forum (WEF) says. The aviation industry must make key investments in infrastructure if it hopes to reach its net-zero target by 2050, the paper said, explaining that hydrogen and electric aircraft will need 600-1.7k terawatt-hours (TWh) of clean energy by 2050. The estimated demand would require energy generated from 10-25 of the world’s biggest wind farms, or from a solar farm that is “half the size of Belgium”, the paper said. “Given that the share of aviation’s global warming impact is set to rise significantly if action is not taken, the sector must consider all the options available for decarbonization. This includes preparing to use aircraft that are powered by carbonfree fuels at scale,” said David Hyde, Aerospace Projects lead at WEF.

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COME TO OUR NEXT ENTERPRISE FORUM-

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking place on Monday, 15 May. The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help Egypt build an export-led economy that makes us a magnet for foreign direct investment (FDI).

Why exports & FDI? In the wake of successive floats of EGP, exports and FDI have never been more important to our economy — or our businesses. We’re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what Egypt as a country can do to draw foreign investment and much-needed FX. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories. You can learn more on our conference website here.

And what better place to discuss moving our goods than Egypt’s original logistics zone — the Nile. That’s why we’re looking forward to holding the event by the river’s vistas at the Four Seasons, Nile Plaza.

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CIRCLE YOUR CALENDAR-

Germany will host the first COP27 transitional committee workshop next Saturday and Sunday, 29-30 April in Bonn. The workshop will address climate-driven loss and damage impacts, will spotlight the findings of a report prepared by the UN on current funding arrangements for climate mitigation efforts, and bring together a host of international financial institutions to discuss pathways to upping funding capacity for climate-induced loss and damage.

Turkey is hosting the International 100% Renewable Energy Conference from 4-6 May in Istanbul. The event will bring together experts to discuss the integration of renewables, renewable energy technologies and applications, and the Roadmap to 2050.

The UAE is hosting the UAE Climate Tech forum on 10 and 11 May in Abu Dhabi. The event will gather over 1k policymakers, CEOs, experts, and investors to discuss collaboration on innovative technologies and economic opportunities in advancing decarbonization across all sectors.

The first MENA Solar Conference is accepting applications from published researchers specialized in PV technology until next Sunday, 30 April. The Dubai Electricity and Water Authority will be hosting the conference from 15 to 18 November, in conjunction with the Water, Energy, Technology, and Environment Exhibition and the Dubai Solar Show 2023. Researchers can submit their papers here.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Acwa Power secures green loans for Egyptian solar project: Saudi renewables giant Acwa Power received green loans totaling USD 123 mn from several multilateral lenders for its planned USD 165 mn 200 MW solar farm in Egypt’s Kom Ombo, according to a company statement. The solar farm is expected to be commercially operational in 3Q 2024 and will power some 130k households in the country.

Who’s pitching in? The financing includes USD 36 mn from the European Bank for Reconstruction and Development (EBRD), USD 14.6 mn from the OPEC Fund for International Development, and USD 24.4 mn from the African Development Bank (AfDB) — with USD 10 mn being funneled through its Sustainable Energy Fund for Africa. The United Nations’ Green Climate Fund (GCF) will extend USD 34.5 mn in funding and the Arab Bank will contribute USD 14.8 mn for financing the project.

There are already funds in place: Acwa already secured bridge loans worth some USD 45 mn from Apicorp and USD 14 mn from the EBRD. The multilateral lenders had approved the financing package back in 2021, but supply chain disruptions as a result of the covid 19 pandemic have delayed disbursement of the funds, the statement notes. The company received a USD 3.6 mn technical assistance financing package co-funded by both GCF and EBRD in 2021.

FURTHER AFIELD- The renewables giant is set to receive a USD 174 mn green loan from the Asia Development Bank (ADB) to help finance its 500 MW Dzhankeldy Wind Farm and 500 MW Bash Wind Plant in Uzbekistan, according to a statement released on Monday. The company secured two separate loans worth USD 20 mn each from the OPEC Fund for International Development earlier this month to finance the renewable energy plants.

The financing package: The multilateral development bank will extend a green loan worth USD 46.5 mn for Acwa’s USD 658 mn Dzhankeldy wind plant, and another green credit line of USD 40.5 mn for the USD 690 mn 500 MW Bash Wind Farm in the Bukhara region of the country. ADB will also administer an equivalent financing package totaling USD 87 mn for both projects under the umbrella of its USD 1.5 bn Leading Asia’s Private Infrastructure Fund, the statement notes. The credit line extended by the bank will partly be channeled toward the construction, operation, maintenance, and development of 282.5 km, 500 kilovolt power line connecting both farms to the country’s electricity grid.

Another W for Morocco’s EV sector: Chinese EV battery components maker BTR New Material will invest MAD 13 bn (USD 1.2 bn) to establish a production facility in Morocco per a signed MoU with the country’s Investment Ministry and the Moroccan Agency for Investment and Export Development (AMDIE), Asharq Business reported on Saturday, citing a ministry statement. No operational timeline was disclosed.

What we know: The Chinese company is a global leader in manufacturing cathode and anode materials for lithium-ion batteries, AMDIE General Manager Ali Seddiki said. This production is mainly directed to the US market, and specifically to Tesla. BTR New Material’s Vice President described the investment as “very important” for his group’s integration into global markets. The two sides did not provide details on the facility’s capacity, but they said it would provide 3k direct and 10k indirect jobs.

REMEMBER- Morocco — which is already a regional automotive powerhouse — has a thriving EV assembly industry with plans to make it even bigger. Several global manufacturers produce hundreds of thousands of EVs at assembly facilities in the country. Renault and Stellantis already operate EV assembly facilities producing 700k cars each year. Citroen also produces around 50k EV buses per year with plans to double that output in two years. Morocco is targeting the production of around 1 mn EVs in the next three to four years, according to statements by officials last year.

Saudi’s Sabic sends first ammonia shipment to Japan: Saudi chemical manufacturer Sabic Agri-Nutrients sent its first low-carbon ammonia shipment to Japan last Friday, Reuters reported. The low-carbon green fuels — produced by the Saudi company using feedstock from KSA oil giant Aramco — were transported to Japanese offtaker Fuji Oil Company (FOC) via Tokyo-based transport company Mitsui OSK Lines, according to a statement by Aramco.

The details: Though the value and amount of ammonia produced by Sabic sent to the Japanese company was not disclosed nor were the energy sources that fueled production, the green fuel is classified as “low carbon” given Sabic’s sequestration of carbon generated from its ammonia manufacturing process, according to the newswire. The green fuels shipped to FOC’s oil refinery in Chiba will be used for co-fired electricity generation, according to Reuters.

Not the first Saudi-Japanese green fuels pact: Saudi mining company Ma’aden inked an MoU with Japanese industrial conglomerate Mitsui & Co to become the first commercial supplier of blue ammonia to Japan last month. Japanese trading and investment conglomerate Marubeni also signed an agreement in March with Saudi Arabia’s Public Investment Fund to jointly conduct a feasibility study for a green hydrogen production facility in KSA, noting it would export some of the green hydrogen to international markets. Marubeni is the largest developer in a consortium working on the USD 1 bn green ammonia SalalaH2 project in Oman, which will have a generational capacity of 1k tons per day once operational in 2028.

And feedstock provider Aramco has big export plans beyond this agreement: Aramco said it will earmark “multiple bns of USD” in a bid to establish itself as a major blue hydrogen exporter last November. Company CTO Ahmad Al Khowaiter said export discussions with Japan and South Korea were the ones “farthest along” with the company, which had sent test cargoes totaling 40 tons of blue ammonia to Japan in 2020.

REMEMBER- Japan said earlier this month it would revise its hydrogen strategy to 12 mn tons by 2040, investing upwards of USD 113 to shore up its supplies of the low-carbon fuels. Japan wants to hike its ammonia demand to 3 mn tons by the end of the decade, Reuters notes.

A new green hydrogen plant in Morocco? Chinese state-owned energy firm China Energy Engineering Corporation inked a non-binding agreement with Morocco’s Gaia Energy and Saudi Arabia’s Ajlan & Bros to jointly build a green hydrogen production facility in Morocco, Morocco World News reported on Friday. No financial details or a timeline were disclosed.

The details: The plant will produce 1.4 mn tons of ammonia yearly from some 320k tons of green hydrogen and will be powered by a 2 GW solar energy farm and a 4 GW wind power plant, according to the news outlet. The ammonia produced will be partially earmarked for the Moroccan market, with a chunk of the production quota allocated for export to Europe.

China has been lining up green hydrogen agreements in our neck of the woods: China International Energy Group was in talks with Egypt over the possibility of establishing a USD 5-8 bn green hydrogen production plant last month. China Energy CEO Yee Jianming said his company could begin working on another planned USD 5.1 bn green hydrogen facility in Egypt as early as May this year.

US gives UN’s Green Climate Fund a big boost: The US will contribute USD 1 bn to the UN’s Green Climate Fund (GCF) in an effort to help countries reach their climate targets, US President Joe Biden said at the Major Economies Forum on Energy and Climate (MEF) on Thursday, according to a statement. The MENA region has been a major recipient of the GCF through its Green Economy Financing Facility (GEFF), making the development a potential gateway to more financial support for its climate projects.

What was discussed? 19 crucial economies — including Egypt, Saudi Arabia, and the UAE — participated in the meeting to discuss and put forth joint efforts on decarbonizing energy, ending deforestation, reducing non-CO2 emissions, and advancing carbon management. The MEF countries together account for roughly 80% of GDP and global greenhouse gas emissions, according to the International Institute for Sustainable Development.

Joint collaboration on carbon capture in the works: Australia, Canada, Egypt, the EU, Japan, Saudi Arabia, the UAE, Norway, Denmark, and the US will work together ahead of COP28 to present concrete announcements for the acceleration, development, and deployment of carbon capture, utilization, and storage technologies (CCUS). The group will also look into the implementation of carbon dioxide removal (CDR) technologies.

And earmarked funds for the Amazon Rainforest: The US will put USD 500 mn over five years towards the Amazon Fund and other related activities to support Brazil’s efforts to end deforestation by 2030, Biden announced, adding that the US is also looking to invest an additional USD 1 bn in partnership with private parties towards protecting the forest.

The role of multilateral banks in financing climate projects was at the forefront of discussions: Argentina, Australia, Canada, Egypt, the EU, France, Germany, Italy, Japan, Korea, the UAE, the UK, and the US expressed support for a strengthened effort to fully leverage multilateral development banks in addressing climate change by creating the right incentive structures, improving their operational approaches, and increasing their financial capacity.

And increased global cooperation on decarbonizing shipping: Some MEF participants supported the adoption of the 1.5°C-aligned goals for the shipping sector to be presented next July at the International Maritime Organization, as well as a collective zero-emissions vehicles goal to have 50% of light-duty vehicles and at least 30% of medium and heavy-duty vehicles powered by carbon neutral e-fuels by 2030.

A final stark warning: UN Secretary General Antonio Guterres said that the lack of effective policies by the richest and most polluting nations is a “death sentence” and will be the reason the world is likely to get “2.8°C hotter by the end of the century” in his speech at the forum.

Fresh appointments at Tabreed: The UAE’s National Central Cooling Company (Tabreed) has appointed Nadia Bardawil (LinkedIn) as its new chief legal counsel and Philippe Coquelle (LinkedIn) as chief development officer, according to a disclosure (pdf) to DFM. Bardawil, the first woman member of the company’s executive management team, served last as a senior legal advisor for UAE investments platform Mubadala. She has over 15 years of experience in the development and financing of energy and infrastructure projects regionally and in Europe. Coquelle is joining Tabreed from France’s Engie, where he held several positions in the group. His last role was corporate M&A director at Engie’s headquarters in Paris.

Can floating wind farm developments become cost competitive? Continued inflation and shortages in key components needed for manufacturing floating wind farms may be resolved as the cost for floating wind is predicted to fall nearer to fixed wind installations by 2035, Reuters reports. The average levelized cost of energy (LCOE) — which compares the lifetime cost of building and running a power plant to its lifetime output — for floating wind installations was about EUR 250 per MWh in 2020 against around EUR 50 per MWh for land wind turbines, according to the newswire reports, but the figure for floating wind is expected to fall to around EUR 60 MWh by 2035 as the technology industrializes and competes with land installations.

Major potential as countries compete for space: About 80% of the world’s offshore wind power potential lies in waters deeper than 60 meters, making floating turbines a necessity for countries with limited land space, the newswire reports, citing the Global Wind Energy Council. Some experts remain concerned that climate incentives in the US and increased demand in renewables may squeeze the bottlenecks for turbines and wind components further, while others see that there is enough time to find solutions to those problems given that most commercial-scale floating wind farms are only expected to become operational from 2030. Large offshore wind projects by Shell and Equinor were delayed or dropped last year due to the lack of availability of the needed components.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Food waste in the US increased by 4.8% in 2021 compared to 2016 levels, generating 372 mn metric tons of CO2, equivalent to 6% of the US’ total emissions. (Bloomberg)

UAE’s Terrax is importing a new technology from Brazil to recycle waste into plywood materials in a bid to support sustainable construction, the National reported on Sunday. The new tech will allow unwashed and unsegregated waste to be transformed into any product, the outlet notes, including decking boards, formwork, shuttering, pergolas, and cladding for houses. The company is expecting the machinery to arrive in September and is working with UAE-based waste management companies to source waste. Recycling waste to produce plywood reduces deforestation, as well as air and water pollution, given that their production is energy intensive and the material is used only 6-12x before it ends up in landfills, Terrax founders tell the National.

Lootah Biofuels is going overseas: Dubai-based Lootah Biofuels has signed an agreement with Maldives state-owned utility provider Fenaka Corporation to establish the company’s first biofuel production plant from waste cooking oil overseas, according to a press release. The statement did not provide details on the planned production plant’s capacity, investments being poured into the project, or timeline. The signing came during a visit by a delegation from Lootah Biofuels to the Maldives upon an invitation by the government to “discuss [potential] for cooperation and benefit from the company's expertise in biofuel production.”

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Morocco’s Mohammed VI Polytechnic University and oil giant Shell have signed an agreement to study the availability of waste feedstocks to be used for the production of low carbon fuels including sustainable aviation fuel. (Morocco World News)
• Oman Power and Water Procurement Company and solid waste management firm Oman Environmental Service Holding Company (Be’ah) have completed the technical and economic feasibility studies to establish a waste-to-energy plant. (Muscat Daily)
• UAE’s MBM Holding signed a MoU with Canadian investment company Portland Holdings to collaborate in clean energy and healthcare. (Statement)
• Dutch-based chemical producer OCI Global and UK-based oilfield services provider Petrofac have entered into an exclusive agreement to design and deliver OCI’s gasification-based green methanol projects. (Statement)
• Morocco needs to scale up climate spending by USD 2.6 bn annually by 2030 to ensure a sustainable energy transition. (World Bank, pdf)
• Egypt’s Environment Ministry is setting up a Global Environment Facility (GEF) focused fund for biological diversity. (Statement)
• UAE’s Climate Change and Environment has launched a program to monitor plastic waste in the country’s coasts and marine ecosystems. (Wam)

EBRD helps finance Albanian solar power: The European Bank for Reconstruction and Development (EBRD) will lead the financing of Albania’s 140 MW Karavasta solar plant — set to be the largest in the country, according to a statement released on Monday. The EBRD is anchoring the project’s EUR 99 mn financing structure and will lend EUR 29 mn to an Albanian special-purpose vehicle owned by France’s Voltalia to finance the EUR 135 mn project. The project is co-financed by the International Finance Corporation, Intesa Sanpaolo Bank Albania, Privredna Banka Zagreb, and by Voltalia’s own resources.

Swedish startup H2 Green Steel is seeking EUR 1.5 bn in fundraising to build zero-carbon steel plants, the Financial Times reported on Monday, citing people familiar with the matter. If it proceeds, the equity round by H2GS would be among the largest of its kind in Europe this year amid volatile market conditions. The startup — which is backed by Mercedes, Scania, and the Maersk family, among others — is in early stages for the funding and is working with Morgan Stanley advisors for the equity funding, it said. H2GS has started the final part of its financing strategy to raise over EUR 5 bn, including EUR 3.5 bn in debt. “We are now in an equity process. We are working on that in parallel with the continuing process on the debt side. It is for in excess of EUR 1.5 bn,” H2GS said.

Australia plans to begin drafting a green bond framework in the runup to launching a green financing program in mid 2024, Bloomberg reported on Friday. The nation, which is seeking to end its reputation as a climate straggler, is one of world’s largest per-capita polluters. The framework aims to help Australia’s goal of net zero emissions by 2050 through increasing clean-energy infrastructure investments. “Our Sovereign Green Bonds program will attract more green capital to Australia, by increasing transparency around climate outcomes and the scale of green investments available,” he said.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Chile’s move to nationalize its lithium industry could spell trouble for global car manufacturers facing a supply crunch in EV battery components. (Reuters)
• Singapore’s Keppel Infrastructure signed an MoU with ExxonMobil Asia Pacific to develop low-carbon hydrogen and ammonia for commercial and industrial use in Singapore. (Reuters)
• The UK’s largest solar and battery storage plant broke ground on Monday. The 350 MW plant is forecasted to power 100k homes per year. (Financial Times)
• General Motors and Samsung SDI — the battery manufacturing arm of South Korean tech giant Samsung — will invest USD 3 bn to jointly build a battery manufacturing plant in the US. (Reuters)
• Germany and Denmark inked an agreement to jointly build a land-based, cross-border green hydrogen pipeline by 2028. (Reuters)