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DEBT WATCH-
Tunisia ratifies USD 14 mn loan agreement for agricultural restoration project: Tunisia’s parliament has ratified a USD 14 mn loan agreement with the African Development Bank (AfDB) to support a project focused on agroforestry and restoring pastoral lands and degraded water and oasis systems in Beja, Siliana, and Bizerte governorates, according to a statement released on Thursday. The project — running from 2024 to 2029 — aims to provide funds for small-scale enterprises, restore 3k hectares of degraded lands, fund forest protection patrols, enhance water usage, and improve agricultural productivity. The project is set to cost a total of USD 23.7 mn, including funds from national contributions and an additional USD 3 mn grant from AfDB.
ELECTRIC VEHICLES-
UAEV will begin charging drivers for EV charging services next year: Emirates’ first state-owned EV charging company UAEV will implement a unified electric vehicle charging fee system starting in January 2025, Wam reported on Thursday. Customers using the company’s network will pay AED 1.2 per KWh for DC chargers and AED 0.7 per kWh for AC chargers. UAEV will also launch an app for users to assist in finding charging stations, make payments, and have access to a customer support call center.
REMEMBER: UAEV’s charging units have been available at no cost this year. The company said earlier this year that it was targeting installing up to 100 160 KW fast-charging units by this year’s end and some 1k units by 2030.
ENOC Group taps Terra to roll out a new network of battery-swapping stations for e-bikes across the UAE, aiming to accelerate adoption among last-mile delivery businesses, according to a statement released last week. The initiative introduces a Batteries-as-a-Service model — which aims to delink battery costs from the vehicles themselves — to reduce battery costs, charging times, and range limitations, supporting UAE’s broader push into sustainable transport solutions.
REMEMBER- UAE’s Drive Terra launched MENA’s first smart battery-swapping solution for EVs last year, following the development of its first fleet of all-electric motorbikes.
Charging is out, swapping is in: Battery swapping offers a speedy alternative to regular EV charging, with swaps taking as little as five minutes depending on vehicle and battery type, bypassing lengthy charging times. The global market of swappable EV batteries was valued at USD 452.9 mn in 2022 and is projected to grow at a 22.8% compounded annual growth rate through 2030.
FINANCE-
Acwa Power seeks CMA approval for SAR 7.1 bn rights issue: Utility giant Acwa Power filed a request to the Capital Market Authority for a SAR 7.1 bn rights issuance to boost the company’s capital, according to a disclosure made to Tadawul on Thursday.
REMEMBER- Acwa Power’s board recommended the rights issuance back in June to finance an anticipated USD 2-2.5 bn annual budget for projects as it aims to triple its assets by 2030. No financial advisor has been appointed for the issuance yet.
ENERGY EFFICIENCY-
Tarshid to retrofit KSA’s railway facilities: Saudi Arabia Railways (SAR) tapped the National Energy Services Company (Tarshid) to roll out energy efficiency upgrades at SAR’s headquarters and Riyadh North Station facilities, SPA reported last week. The retrofit project aims to slash energy consumption, saving some 7 GWh annually and a total of 105 GWh over its lifecycle.
The upgrades include rooftop solar panels, high-performance LED lighting with motion detectors, and advanced control systems for air conditioning and ventilation. These measures will improve cooling and lighting performance while reducing environmental impact, with projected savings of 168k barrels of oil and CO2 emission reductions of 60k metric tons.
REMEMBER- Tarshid — fully owned by the Public Investment Fund and the Kingdom’s first super energy service company (ESCO) — is active in solar installations, and retrofits of street lights, buildings, and facilities. The company has 427 projects, 24k retrofitted buildings, 4.2 mn LED streetlights, and 4.1 mn metric tons annually of avoided carbon emissions.
WATER MANAGEMENT-
ONEE + KfW ink EUR 50 mn loan contract for water climate resilience: Morocco’s National Office of Electricity and Drinking Water (ONEE) and the German Development Bank (KfW) have signed a EUR 50 mn loan agreement to fund drinking water security projects across the Kingdom, Map reported last week. The program aims to bolster drinking water systems in Moroccan towns — including Ghafsai, El Hajeb, Ain Legdah, Bouderbala, Souk Lgour, and M’Haya — and secure water production against climate risks.
ONEE and KfW go way back: KfW contributed EUR 200 mn to wind farms in Morocco organized by ONEE, including the 270 MW Jbel Lahdid project that came online two months ago. In 2022, KfW signed three agreements with ONEE, funneling EUR 52.6 mn in water security initiatives. The bank also provided a EUR 55.5 mn loan in 2019 to ONEE for water projects.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- MediSun Energy has joined the Abu Dhabi Sustainable Finance Declaration, a key initiative led by ADGM to boost sustainable finance in the region, focusing on funneling investments into low-carbon and eco-friendly projects. MediSun ’s addition brings its WEGen Reverse Electrodialysis (RED) tech into the fold, offering solutions in desalination, energy generation, and decarbonization. (Statement)
- Saudi targets palm recycling with new project: Saudi Arabia’s National Center for Palms and Dates has launched a project to produce 8k tons of plastic wood by combining processed local palm raw materials — palm fronds and trunks — with plastic. The material could be used in building cladding, outdoor flooring, doors, and decorative elements. (Spa)
