Latest news with #EuropeanBankforReconstructionandDevelopment
Web Release
19 hours ago
- Business
- Web Release
ONEE and EBRD launch first sustainability-linked loan in Moroccan power system to drive a low-carbon future
The European Bank for Reconstruction and Development (EBRD) and Morocco's Office National de l'Electricité et de l'Eau potable (ONEE) have signed a €300 million loan agreement. ONEE is involved in generation, transmission and renewables. Morocco is strongly committed to the energy transition in order to achieve its objective of having 52 per cent of its installed capacity from renewables by 2030. In this context, ONEE and the country as a whole are taking important steps towards decarbonisation, while maintaining the security and affordability of energy. The loan is structured as a sustainability-linked loan (SLL) – the first one in the MENA and Africa region's energy sector. It provides an example of how energy utilities can link financing with support for the transition to a low-carbon economy. The proceeds will be used to improve the company's financial resilience, helping to alleviate the impact of the energy crisis. The SLL builds on ONEE's increasing climate ambitions via two key performance indicators – namely, reducing the carbon intensity of electricity generated in Morocco and increasing renewable sources' share of the country's total electricity production. The company's Sustainable Performance Targets (SPTs) are in compliance with Morocco's updated Nationally Determined Contribution (NDC) commitments, and a leading independent second-party opinion provider has confirmed the SLL's alignment with the internationally recognised Sustainability-Linked Loan Principles, rating the overall project as 'ambitious'. This verification process was supported by FSD Africa. As part of the loan, ONEE has committed to undertake retirement of some Carbone intensive thermal capacities in the medium term, building on Morocco's enhanced climate ambition of transitioning to a net-zero economy by 2050 as announced at COP28. The EBRD will be supporting ONEE's efforts to (i) prepare a decarbonisation strategy, (ii) improve its climate governance and expand the digitalisation of the company's core activities by establishing a digital roadmap strategy and implementing digital use cases. As part of this decarbonisation effort, ONEE is further strengthening its network and capacity planning to facilitate the renewables to be connected to the grid, as well as continuing to optimise electricity dispatch by taking into account the network's carbon intensity. Morocco is at the forefront of the climate action agenda, and the EBRD has been one of the leading financiers of green technologies in the country for more than a decade now, being particularly active in private-sector financing.' Mark Bowman, the EBRD's Vice President for Policy and Partnerships, said: 'This landmark sustainability-linked loan – the first of its kind in the region's energy sector – demonstrates that innovative finance can drive real impact. The EBRD's support, in close coordination with the Moroccan Government, is helping ONEE to accelerate its decarbonisation and digitalisation journey while strengthening its financial resilience in response to the energy crisis. This reflects our commitment to sustainable growth and long-term impact.' Tarik Hamane, the CEO of ONEE, commented: 'Under the guidance of His Majesty Mohammed VI, Morocco is recognised as having one of the most ambitious strategies in the region for promoting renewable energy and pioneering green technologies. We are proud that ONEE is playing a major role in the integration of renewables into the energy mix with a view to increasing renewables' share to 52 per cent by 2030. The EBRD has been a long-standing and trusted partner in supporting our decarbonisation and energy transition goals. This new partnership marks another important milestone in our joint efforts to build a more sustainable, resilient, and low-carbon power system.' Morocco is a founding member of the EBRD and?became a beneficiary of Bank resources in 2012. To date, the EBRD has invested more than €5.4 billion in the country through 119 projects.
Web Release
2 days ago
- Business
- Web Release
EBRD promotes sustainable mining in Morocco
The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to US$ 25 million to Aya Gold & Silver Inc to support the company's exploration programme at the Boumadine mine in the Drâa-Tafilalet region of southern Morocco. The Boumadine polymetallic mine is emerging as one of the most important in Morocco and North Africa. It has strategic importance for Aya, to diversify its portfolio and expand production capabilities beyond the established Zgounder silver mine. This financing will support an exploration programme consisting of drilling, engineering, updating the mine plan and preparing a preliminary economic assessment study, allowing the project to advance to large-scale development and potentially making Boumadine a world-class deposit. The financing also positions the EBRD as a premier financing partner for Aya when the time comes to fund construction of the mine. In addition, the financing will strengthen Aya Gold & Silver's capacity building in the Drâa-Tafilalet region by delivering new vocational programmes and adapting university curricula for local students. These activities will foster the readiness of the workforce to meet evolving needs in the mining industry. Aya will also back an EBRD-led awareness-raising and advocacy campaign to promote women's employment in the Moroccan mining sector. The EBRD's investment will also pave the way to launching advisory support in relation to Aya's value chain, contributing to resource management, energy efficiency and decarbonisation of the firm's suppliers. Mark Bowman, EBRD Vice President, said: 'We are very pleased to partner for the third time with Aya in Morocco to advance the mining sector while promoting sustainable development and applying best environmental standards in the sector. Through this investment we are also contributing to the economic development of the Drâa-Tafilalet region, the creation of job opportunities and the inclusion of youth and women.' Morocco is a founding member of the EBRD and became one of the Bank's countries of operation in 2012. To date, the EBRD has invested close to €5.4 billion in the country through 119 projects, of which more than 72 per cent have been in the private sector. EBRD investments in the country focus on supporting sustainable energy, the direct and indirect financing of private enterprises, promoting infrastructure reform and facilitating non-sovereign financing. The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 75 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well governed, green, resilient and integrated. Follow us on the web, Facebook, LinkedIn, Instagram , X and YouTube.
Yahoo
6 days ago
- Business
- Yahoo
Scatec's Obelisk solar project in Egypt attains financial close
Renewable energy solutions provider Scatec has reached financial close for its Obelisk hybrid solar and battery storage project in Egypt, which is to be delivered in two phases. Scatec will provide engineering, procurement and construction (EPC), asset management (AM), and operations and maintenance (O&M) services for the Obelisk project, with the EPC scope accounting for roughly 70% of the total capex. The non-recourse project financing includes $479.1m provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII). The amount covers approximately 80% of the total estimated capital expenditure of $590m. Scatec CEO Terje Pilskog said: 'Reaching financial close for this project marks a major milestone for Scatec. It proves our ability to deliver large-scale hybrid projects. "We are proud to partner with leading development finance institutions to support Egypt's clean energy ambitions, and we look forward to delivering this important project together with our partners.' The project's first phase comprises 561MW of solar power and 100MW/200MWh of battery storage. It is expected to reach commercial operational date (COD) in the first half of 2026. The second phase will add another 564MW of solar capacity in the latter half of the same year. Under a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), the generated energy will be sold in US dollars and is backed by a sovereign guarantee. Scatec previously secured equity bridge loans (EBL) totalling $120m for the project, which allows for the postponement of project equity injections until the end of the construction period. Furthermore, the company is in advanced talks with potential equity partners, with the expectation that these discussions will conclude in the coming months. "Scatec's Obelisk solar project in Egypt attains financial close" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
CairoScene
15-06-2025
- Business
- CairoScene
Egypt One of 7 Nations Tapped for USD 1 Billion Decarbonisation Fund
Launched by the Climate Investment Funds, the Industrial Decarbonisation Programme focuses on industrial emissions from lower to middle-income nations. Jun 15, 2025 Egypt has been named one of seven countries selected to participate in a new USD 1 billion programme aimed at reducing industrial emissions in developing nations. Launched by the Climate Investment Funds (CIF), the Industrial Decarbonisation Programme is the first initiative of its kind to focus specifically on emissions from the industrial sector in lower- and middle-income countries. Egypt was chosen from a group of 26 applicants, along with Brazil, Mexico, Namibia, South Africa, Turkiye, and Uzbekistan. The decision to include Egypt was seen as an endorsement of the country's efforts to transition toward a greener economy. CIF cited Egypt's established institutional framework, its collaboration with development banks, and its engagement with the private sector as key factors behind its successful application. The proposal was prepared in coordination with the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC), and the African Development Bank (AfDB). Applications to the Industrial Decarbonisation Programme were reviewed by an independent panel. Countries selected will now begin working with multilateral lenders and private sector partners to prepare national investment plans for CIF board review. These plans are expected to unlock access to concessional funding and emerging technologies, including green hydrogen, in support of long-term industrial transformation. The programme is part of the CIF's USD 9 billion Clean Technology Fund, which aims to leverage USD 12 in additional capital for every USD 1 of public funding invested.
See - Sada Elbalad
14-06-2025
- Business
- See - Sada Elbalad
Al Mashat Announces Egypt's Selection to Benefit from CIF's Industrial Decarbonization Program with $1 Billion Funding
Basant Ahmed Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, announced Egypt's selection among 7 countries out of 26 applicants to benefit from the Climate Investment Funds (CIF) Industrial Decarbonization Program. This program is the first global development financing initiative dedicated to reducing harmful emissions in the industrial sector of developing countries, with a value of $1 billion. Dr. Al-Mashat pointed out that the Ministry of Planning, Economic Development and International Cooperation, in its role of fostering economic relations with international institutions and development partners, submitted Egypt's proposal in collaboration with the European Bank for Reconstruction and Development (EBRD), the World Bank, the International Finance Corporation (IFC), and the African Development Bank (AfDB). This submission was based on Egypt's ambitious vision for transitioning to a green economy, reducing emissions, robust institutional capabilities, and the active participation of both domestic and foreign private sectors, particularly through development financing. Minister Al-Mashat added that Egypt's selection among the 7 countries underscores the international community's confidence in the national strategies and efforts exerted to enhance climate action. This selection also represents a significant step towards boosting the competitiveness of the Egyptian economy and attracting more climate investments. She highlighted that the Egyptian government is working to integrate national policies and development goals with climate objectives, aiming to advance the implementation of green transformation-incentivizing policies in cooperation with international institutions. Dr. Al-Mashat emphasized that Egypt has intensified its climate action efforts, particularly since hosting COP27 in November 2022. During this conference, Egypt launched the "NWFE" program country platform, a pioneering initiative that has received unprecedented international support and continuous commendations for its role in encouraging climate investments through partnerships among the government, international institutions, and the private sector. The CIF confirmed that the 7 selected countries (Egypt, Brazil, Mexico, Namibia, South Africa, Turkey, and Uzbekistan) were chosen based on an independent expert team's assessment. The program aims to support low-emission industrial transformation and create green jobs, thereby enhancing the long-term economic competitiveness of participating countries and qualifying them to benefit from the global market for eco-friendly goods, which is projected to reach $2 trillion by 2030. This program is part of the Clean Technology Fund (CTF) under the CIF, which has a total value of $9 billion. It leverages the CIF's private capital mobilization mechanism, which is the first of its kind in mobilizing private capital to support countries' sustainable, inclusive, and resilient development priorities. Tariye Gbadegesin, CEO of the Climate Investment Funds (CIF), stated, "The global race to decarbonize the industrial sector has begun, and emerging markets are leading the way. Decarbonizing industry is not just about cutting emissions, it is also about securing long-term prosperity and future jobs. It is vital to produce the low-carbon industrial inputs the world urgently needs to scale renewable energy capacity and power the global economy." It is worth noting that in November 2022, during the COP27 climate conference in Sharm El Sheikh, H.E. Dr. Rania Al-Mashat announced that Egypt's bid ranked first among countries in the North Africa and Europe region in the CIF's Nature, People, and Climate Investment initiative. Through this initiative, CIF provides $500 million in support for implementing projects in developing member countries. Technical discussions are underway between the Ministry, relevant entities, and CIF to leverage this initiative by funding a number of projects under the "NWFE" program in areas such as climate-smart agriculture, agribusiness and agricultural finance, coastal ecosystem restoration, and stimulating private sector participation as a common pillar. The seven selected countries are expected to collaborate with multilateral development banks and private sector partners to develop investment plans for approval by the CIF board. These plans will enable countries to access highly concessional financing to scale up the adoption of clean technologies, such as green hydrogen and low-carbon industries, to achieve a global energy transition. The program provides developing countries with access to development financing, attracts investments for climate transformation projects, and creates green job opportunities. This program is part of the Clean Technology Fund (CTF) under the Climate Investment Funds (CIF), which has a total value of $9 billion. It relies on the fund's private capital market mechanism, which is the first of its kind in mobilizing private capital to support countries' sustainable, inclusive, and resilient development priorities. 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