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M&A WATCH-
Interested parties have until 3 April to submit bids for the 40% stake sale of the 89.1 MW Fujeij wind power plant in Jordan, Meed reported on Thursday. The Korea Electric Power Corporation (Kepco) has a 100% direct investment in the wind farm — which became operational in 2019 — and expects to finalize the sale in 1H 2024. The 27-turbine plant provides enough clean energy annually to power some 32k households in the country, and abates approximately about 159k tonnes of carbon emissions per year. Kepco established the Fujeij Wind Power Company to operate the plant, and Jordan’s National Electric Power Company (NEPCO) inked a pact with the company to offtake the power generated until 2039.
Advisor: The South Korean firm has reportedly appointed KPMG Korea as its sell-side advisor on the transaction, according to Meed. The plant has delivered Ebitda margins of 85%, and the company’s PPA with NEPCO will ensure steady revenue streams over the 20-year PPA period inked since operation, Meed quotes the company as saying.
Plans to prioritize other green transition assets: Kepco — which is among other Korean firms that have inked an agreement with KSA’s sovereign wealth fund to build a USD 6.5 bn mega green fuels plant in the kingdom — says its sale in Jordan is part of a wider company strategy to diversify its assets as it looks to focus on hydrogen, ammonia, renewables, and grid developments across its overseas assets, Meed notes.
NUCLEAR ENERGY-
Emirates Nuclear Energy Corporation subsidiary Nawah Energy Company has started up the 5.6 GW Barakah Nuclear Energy Plant’s fourth unit, according to a statement released on Friday. The Abu Dhabi plant has started producing heat through nuclear fission to generate electricity and the fourth unit is expected to be linked to the national grid soon for testing. The UAE granted the company a 60-year operating license for the Barakah Nuclear Energy Plant’s fourth unit in November. The final unit will meet 25% of the UAE’s energy needs.
ENERGY STORAGE-
BESS FOR MBR’s sixth phase: The Dubai Water and Electricity Authority (Dewa) is reportedly exploring the addition of a battery energy storage system to the USD 1.5 bn, 1.8 GW sixth phase of its 4.66 GW Mohammed Bin Rashid Solar Park, Meed reported on Thursday, citing sources with knowledge of the matter. The planned investment ticket and timeline for the battery project were not disclosed.
WATER MANAGEMENT-
UAE launches USD 119 mn desal tech competition: The UAE has launched a five-year global competition with a cash prize of USD 119 mn aimed at encouraging the testing and deployment at scale of sustainable, reliable, and affordable desalination technologies, Wam reported on Thursday. The competition was launched in partnership with the American XPrize Foundation, which together with the UAE invested a total of USD 150 mn into the initiative — called the XPrize Water Scarcity competition — which will be chaired by the UAE’s Minister of Foreign Affairs Sheikh Abdullah bin Zayed.
GREEN HYDROGEN-
UM6P launches green hydrogen and ammonia company: Mohammed VI Polytechnic University (UM6P) subsidiary Innovx has launched Hydrojeel, a new subsidiary focused on green hydrogen and ammonia, according to a statement released last week. Hydrojeel’s strategy includes developing the Green Ammonia Program for the OCP Group, which aims to produce sustainable plant nutrition solutions. The program aims to mobilize investment in green hydrogen production technologies and processes.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Sabic Agri-Nutrients extends MoU with Salic: Saudi chemical manufacturer Sabic Agri-Nutrients and Saudi Agricultural and Livestock Investment Company (Salic) have agreed to extend for two years a previously signed MoU to tackle growing environmental challenges and ensure food security. (Statement)
- Dolphin Energy + MBZ Fund partner on conservation efforts:Dolphin Energy and the Mohamed bin Zayed Species Conservation Fund (MBZ Fund) announced a three-year partnership on Friday, pledging an annual USD 100k to support global conservation efforts. The collaboration aims to support the MBZ Fund’s Small Grants Programme, particularly the Chairman’s Award, which supports preserving endangered species and supporting emerging conservationists. (Wam)
- Another EV partnership for Oman: Oman’s Bahwan Automobiles and India’s JBM Electric Vehicles have partnered to bring electric buses to Oman.No further information on the number of buses or delivery date were provided. (Times of Oman)
