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DEBT WATCH-
Turkish leasing company gets EUR 25 mn from EBRD’s green facility: The European Bank for Reconstruction and Development (EBRD) is lending EUR 25 mn to Turkey’s leasing company Garanti BBVA under its Green Economy Financing Facility II (GEEF II), according to a statement released on Thursday. The funds will be on-lent to finance machinery purchases used in energy efficiency, renewable energy, and climate resilience projects. The project also integrates a technical cooperation package promoting gender-responsive climate finance.
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EBRD 💚 Turkey’s green projects: EBRD granted EUR 50 mn loan to Turkish lender AKLease and EUR 25 mn loan to Turkey’s QNB Finansleasing to support on-lending of green investments as part of its GEEF II over the last two months. It also extended a EUR 55 mn loan to Turkish renewable energy firm Borusan EnBW Enerji in September to build a 116 MW onshore wind energy project in Sivas and Tekirdağ. Earlier in August, the Turkish multinational snack manufacturer Ulker received EUR 83 mn from EBRD in its first sustainability-linked Eurobond issuance. EBRD’s total investments in the country since 2009 have hit the EUR 20 bn mark.
SOLAR-
Misr Cement + Solariz to develop 40 MW solar PV project: Misr Cement Group has signed an agreement with SolarizEgypt to build a 40 MW solar photovoltaic project, according to a statement released on Thursday. The plant — to be built under an Independent Power Producer model — will power the cement maker plants in Minya and Qena with 48 GWh of energy.
Misr Cement is on a greener path: In July, the company signed agreements with Egypt’s Qena and Sohag governorates to manage and operate waste processing and recycling plants. The partnership — part of a broader strategy to integrate the private sector into Egypt’s waste management system — aims to enhance the efficiency of waste management, reduce environmental pollution, and promote the use of alternative fuels derived from waste.
GREEN FINANCE-
Morocco’s green hydrogen R&D just got a lift: The Institute for Research in Solar Energy and New Energies (IRESEN) inked EUR 13.5 mn financing agreement with the German Development Bank (KfW) to advance its green hydrogen research platform Green H2A, according to a statement (pdf) released last week. An initial disbursement of EUR 3.5 mn has been also announced alongside the signing.
About the platform: Green H2A was founded in 2022 by IRESEN, OCP Group, and Mohammed VI Polytechnic University to serve as a key research and innovation platform for green hydrogen and other Power-to-X (PtX) applications. The initiative aims to support Morocco’s industrial and academic sectors by providing infrastructure to test, adapt, and deploy green hydrogen technologies tailored to local needs with local components. Beyond tech development, the platform also aims to support the private sector through tech transfers, capacity building, and improving the country’s green hydrogen policy frameworks.
ICYMI- Morocco inked four agreements to advancing domestic and international collaboration in green hydrogen research and tech development last October. Earlier in July, IRESEN, the Paris-Saclay Technology Transfer Acceleration Company, and the French Development Agency also signed an agreement to support applied research projects for decarbonized hydrogen with a EUR 800k grant. The three-year project call will be managed by IRESEN and provide financial and technological support and access to shared infrastructure, such as the Green H2A platform.
Empower + Egypt’s Engazaat sign USD 50 mn renewables agreement: Egypt’s solar-for-water business Engazaat secured a USD 50 mn funding from Norway’s Empower New Energy, according to a statement released last week. The funds will fully finance 40 MW solar projects pipeline that have already secured 25-year power purchase agreements with various commercial and industrial clients in Egypt. The agreement was made during a visit by President Abdel Fattah El Sisi to Norway.
RECYCLING-
Kezad Group and Witthal Gulf Industries have signed an MoU to establish the UAE’s first lithium battery recycling plant, according to a press release published last week. This facility, set to be operational by 2Q 2027, will recycle 5k tons of battery waste and cut 20k tons of emissions annually.
Kezad has other lithium battery plans: Kezad inked an agreement with Dubai-based manufacturer Titan Lithium to establish a lithium processing facility with a total investment of AED 5 bn earlier this year. The facility will use imported lithium from Titan’s mines in Zimbabwe to produce battery-grade lithium carbonate and lithium hydroxide for use in EV production plants worldwide.
A recycling powerhouse: In April, UAE-based Green Metal Industries has earmarked AED 367 mn (USD 100 mn) to set up a steel recycling and manufacturing plant in one of Kezad’s industrial zones called Kezad Al Ma’mourah. Kings Aluminium Industries also started construction on its AED 750 mn (c.USD 204.2 mn) aluminum production and recycling facility in Kezad’s aluminum corridor Hot Metal Road.
GREEN STEEL-
Modon to use Emsteel’s green steel: UAE’s real estate developer Modon is partnering with Emsteel to use their low-carbon steel, according to a disclosure (pdf) to the ADX last week. Modon will be the first developer to deploy the steel coming from Emsteel and Masdar’s pilot program producing steel using green hydrogen as a fuel.
About the green steel: The green steel pilot program has recently become fully operational in October. The project uses energy from green hydrogen to extract iron from iron ore – an otherwise energy-intensive step essential to steelmaking. The renewable hydrogen used in the project has been certified by Avance Labs and validated by Bureau Veritas.
CONSERVATION-
VentureOne launches mangrove restoration startup: The UAE’s Advanced Technology Research Council’s VentureOne has launched Nabat — a climate tech startup targeting the conservation and restoration of mangroves and other ecosystems across the region using robotics and AI, according to a statement released last week. The startup will initially target mangroves in the UAE over the next seven years but plans to add on other locations and ecosystem types, such as deserts, farmland, forests, and coral reefs.
About the tech: The company said it will use AI to design conservation and restoration plans that are tailored to each ecosystem’s “unique and complex needs,” and robotics, such as seeding drones to allow for less labor-intensive efforts that can be used in remote areas.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- EIB + CDG to continue joint support for Morocco: The European Investment Bank and Morocco’s Caisse de Depot et de Gestion signed guarantee agreements, including one for projects promoting sustainable infrastructure projects in Morocco. The pair have already funneled EUR 455 mn to sustainable development projects in the country. (Statement)
- USTDA to support petroleum decarbonization in Egypt: The US Trade and Development Agency has agreed to provide a USD 959k grant to the Egyptian General Petroleum Corporation to support the creation of a roadmap for methane emissions reduction efforts in the country’s petroleum sector. The project willl be implemented by Global S&P. (Statement)
- Dewa partners with EPRI: The Dubai Electricity and Water Authority (Dewa) and the US Electric Power Research Institute (EPRI) have agreed to partner on capacity building and training in green tech applications. EPRI will train Dewa’s employees in energy efficiency and distribution, sustainability, renewables and PV integration, and smart grids. (Press Release)
- Estidamah + Desert Control Saudi Arabia form agricultural partnership: Saudi’s National Center for Sustainable Agriculture Research and Development (Estidamah) signed an agreement during COP16 last week with Desert Control Saudi Arabia to use the latter’s tech to improve agricultural practices and fight against desertification. The pair will use liquid natural clay technology to rehabilitate degraded soil, increase water consumption efficiency, and increase production. (Spa)
