KSA finances 60 MW solar project in Belize: The Saudi Fund for Development will extend a USD 77 mn green loan to the Belizean government to finance construction of a 60 MW solar farm in the Central American country, according to a statement released on Saturday. An expected timeline on project completion was not disclosed.

The details: The solar plant is expected to offset some 60k tons of CO2 emissions annually, the statement notes. Belize has a target to source 75% electricity from renewables by 2030, and has committed to becoming carbon-neutral by 2050, per the country’s Nationally Determined Contribution.

UAE’s GL Holding will collaborate with Dutch UMS on renewables projects: Abu Dhabi-based investment firm GL Holding signed an agreement with Dutch green construction equipment company Urban Mobility Systems (UMS) to launch a series of renewable energy projects in the UAE including a green manufacturing facility, Wam reported on Friday. The projects include building a factory in Abu Dhabi specialized in developing and manufacturing green batteries, electric motors, chargers, and power generators — pegged to be the largest in the Middle East, GL Holding CEO Ali Al Mulla said. The agreement will also work to convert heavy civil and military equipment and machinery to function with net zero emissions, according to the news outlet, and open up new opportunities for the two companies in European and Australian markets, UMS CEO Lars Kool said during the signing ceremony.

Morocco set to benefit from IFC’s Sustainable Cities program: Morocco is set to benefit from the second phase of a green urban infrastructure program for emerging markets by the World Bank’s private investment arm IFC and Switzerland, according to a statement released last week. The program, which runs from 2023 to 2027, aims to facilitate over USD 500 mn in commercial financing for urban infrastructure projects. Switzerland’s State Secretariat for Economic Affairs will provide USD 19 mn, the statement said. The first phase of the program facilitated c. USD 400 mn in financing between 2018 and 2022, with climate-related investments representing 87% of the overall program. Over 1.7 mn people in 10 cities, including Morocco’s Casablanca and South Africa’s Ekurhuleni, benefitted from the program’s first phase.

IN OTHER IFC NEWS- Jordan will also get support for smart cities: Jordan’s Planning and International Cooperation Ministry has signed a financing agreement with the IFC and the Greater Amman Municipality (GAM) to help develop regulatory frameworks for the adoption of smart city technologies in Amman, Al Mamlakah reported on Thursday. The IFC will extend a USD 500k grant to support the development of policies aimed at upping the incorporation of energy-efficient buildings in Amman, establishing a smart developments certification system in the country compliant with the Edge green building certification metric and upskilling the country’s workforce on the adoption of smart city tech, the news outlet notes. GAM will contribute USD 75k to realize the project’s targets.

The kingdom has 16 renewables projects in the pipeline and renewables currently account for 29% of the country’s energy mix, Jordan Renewable Energy and Energy Efficiency Fund (JREEEF) CEO Rasmi Hamzeh said last week. The 16 projects have a price tag worth some JOD 110 mn (c. USD 155 mn), Hamzeh noted. The country is also working on a project aimed at enhancing energy efficiency from renewables across 12 hotels in Aqaba, he added.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• IFC’s Amman office is now a regional hub: The World Bank’s private investment arm the International Finance Corporation is turning its Amman office into a regional hub for the Middle East, Pakistan and Afghanistan. (Statement)
• EV manufacturer Lucid slashes prices amid rising competition: KSA’s Public Investment Fund-backed EV maker Lucid is reducing prices for the Air Pure sedan by USD 5k and cutting price tags for the more powerful Touring and Grand Touring models by USD 12.4k. (Reuters)
• Oman gets serious on mangrove planting: Oman’s Environment Authority is planting mangrove seeds in four governorates as part of its 2 mn mangrove forestation target by mid-August. (Times of Oman)
• A new solar park for Iran: A solar park will be set up in southern Iran’s Kerman province in a bid to expand the country’s solar energy capacity. (Tehran Times)