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GREEN FINANCE-
Oman’s OQBI plans 49% IPO to support economic diversification: Oman’s OQ Base Industries (OQBI) — a subsidiary of the state-owned OQ energy group focused on methanol, ammonia, and liquefied gas — plans to list up to a 49% stake on the Muscat Stock Exchange as part of a national push for privatization and economic diversification, Reuters reports.
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Not a first for OQ: This IPO follows OQ’s recent IPO of its exploration and production arm, which raised around USD 2 bn, making it Oman’s largest-ever IPO despite falling on their debut.
OQ is going in on green ammonia production: Oman’s state-owned Hydrom signed an agreement last year with the Hyport Duqm Consortium — a JV between OQ Alternative Energy and DEME Concessions — for the construction of a green hydrogen production facility that will produce about 1 mn tons of green ammonia. OQ Alternative Energy — the green unit of OQ — is also among the backers of the Green Energy Oman clean fuels hub which will aim for a production capacity of 1.8 mn tons of green hydrogen annually, supplemented by 25 GW of renewables.
SOLAR-
Egypt’s MSMEDA and UNIDO launch financing program to boost solar sector: Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA) launched a new financing program to support solar energy companies in Egypt, MSMEDA said in a statement on Sunday. This program — supported by the United Nations Industrial Development Organization (UNIDO) — aims to provide companies with financing options tailored for solar energy projects, including working capital and machinery loans with flexible repayment terms.
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More details: The program targets Egyptian companies specializing in the supply, installation, operation, and maintenance of solar panels, offering loans up to EGP 30 mn for small enterprises and EGP 60 mn for medium enterprises. In addition to financial support, the program includes training, consultancy, and policy development assistance to help companies scale their operations and improve competitiveness in the solar sector.
RENEWABLES-
GE Vernova completed the development of five 132 kV substations as part of a larger project with the Iraqi Electricity Ministry involving 10 substations, aiming to enhance grid stability and efficiency, according to a statement. The remaining substations are set to be completed and energized by summer 2025. Collectively, the 10 stations will replenish Iraq’s grid with an additional transmission capacity of 2,200 megavolts-ampere (MVA) — enough to connect electricity to around 300k households.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- du lunched battery recycling initiative: UAE Telecom services provider du — formerly the Emirates Integrated Telecommunications Company — has partnered with Dubatt Battery Recycling to recycle lead acid batteries from its operations. The recycling process will recover valuable materials like lead and sulfuric acid. (Statement)
