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DEBT WATCH-
EBRD extends a loan to RSWE: The European Bank for Reconstruction and Development (EBRD) will extend some USD 21.3 mn in financing to the Red Sea Wind Energy (RSWE) — a JV between Orascom Construction (OC), France’s Engie, and Japan’s Toyota Tsusho and Eurus Energy. The loan will fund the capacity expansion of RSWE’s wind farm in the Gulf of Suez to 650 MW from 500 MW, as part of the government’s Nexus for Food, Water, and Energy initiative (NWFE), according to a statement.
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Background: RSWE reached financial close for a 500 MW wind farm near Egypt’s Ras Ghareb in April 2023. RSWE built Egypt’s first renewable energy IPP project in Ras Ghareb with a capacity of 262.5 MW, completing it in 2019. Established in 2020, RSWE was created for the purpose of constructing multiple wind farms in the area. Its ownership breakdown sees Toyota and Eurus each owning 20%, Engie holding 35% and OC owning the remaining 25% stake.
GREEN FINANCE-
Mashreq + Landmark Retail partner on sustainability-linked loan: Mashreq signed sustainability-linked facilities (SLF) with Landmark Retail in Qatar, marking the country’s first bilateral SLF agreement in the private sector, according to a statement (pdf).
The details: The facilities link the financing to Landmark Retail’s performance across sustainability indicators, including renewable energy, energy efficiency, responsible sourcing, waste reduction, and recycling. Landmark Retail plans to ramp up responsible sourcing by increasing the use of sustainably sourced cotton in its products, the statement reads.
About Mashreq’s sustainability lending initiative: The SLF comes from Mashreq’s Climb2Change initiative, under which the bank offers sustainability-linked financing and works towards net-zero commitment. The bank wants to issue USD 30 bn of sustainable loans by 2030.
AVIATION-
UAE could be getting a new green aviation ecosystem: The China-UAE Industrial Capacity Cooperation Demonstration Zone (JOCIC Park) has inked an MoU with Hong Kong-based Volar Air Mobility to explore the development of a comprehensive green aviation ecosystem in the UAE, according to a press release. This follows an MoU inked between UAE’s General Civil Aviation Authority and Hong Kong-based Volar Air Mobility back in September to develop the UAE’s first green aviation tech hub, which will support R&D for sustainable aviation technologies.
The details: The partnership will focus on developing environmentally friendly next-generation aircraft and infrastructure. The collaboration will also focus on developing a comprehensive program to support green aviation startups and accelerate their development in cooperation with Abu Dhabi University as well as facilitating the establishment of the International Green Aviation Organization’s (IAGA) headquarters in Abu Dhabi.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Ambipar sets up shop in the UAE: Brazil-based environmental services provider Ambipar launched its first MENA regional office, Ambipar Mena, in Abu Dhabi, with operations slated to kick off in January 2025, according to a press release.
