Podcasts about scatec

*Key news articles for today*Net International Reserves inched up to USD48.14 billion at the end of April, up from USD47.76 billion in March. The ascent is driven by a USD1 billion increase in the value of gold component of reserves, driving the reserves up, despite the lower value of foreign currencies which recorded USD34.32 billion down from USD35.14 billion in March.Trump said the US would stop attacking the Houthis in Yemen, as Oman confirmed a "ceasefire" had been reached with the Iran-backed group for it to stop targeting shipping in the Red Sea.The Finance Ministry is looking to collect some EGP722 mn from the incoming stamp tax on EGX transactions in the upcoming fiscal year, as part of a broader plan to collect some EGP 61 bn from stamp duties through various channels, a government source said. The draft law for the implementation of the stamp tax on EGX transactions is currently in its final stages of preparation ahead of being submitted to the House of Representatives for final approval, upon which it would replace the long-delayed capital gains tax on bourse transactions.The Tourism Ministry is looking to secure some EGP200 mn to launch the second iteration of the subsidized loan program for hospitality players, Tourism Minister Sherif Fathy said.The International Finance Corporation (IFC) plans to invest USD1 bn in Egypt's agriculture and food industries during 2025, an IFC official said.The IFC is seeking to secure USD600 million in financing for the Abydos 2 project, which will be the largest photovoltaic solar power plant in Egypt, equipped with a battery energy storage system, and cost exceeding USD750 million.Egypt will host a delegation from the European Commission late in May to finalize negotiations to unlock a tranche of the EUR4 bn grant from the EU. Egypt is studying a plan to ramp up imports from Morocco to USD600 mn over the coming period to address the trade imbalance between the two countries.Chevron will invest at least USD120 mn in a new exploration concession to explore for oil and gas in the West Star concession in the northeast Mediterranean.OLFI released 1Q25 financial results, reporting net profit of EGP184 million (+17.2% YoY, -34.8% QoQ). OLFI is currently trading at FY25f P/E of 6.3x.POUL has signed an exclusive licensing agreement with French firm Avril to manufacture and distribute the “Sanders” and “Golden Horse” brands in Egypt and the Gulf region. The partnership involves investments totaling EGP200 million, with projected annual sales volume reaching 9,000 tons.Scatec has kicked off construction of its USD590 million, 1.1 GW Obelisk solar project with 200 MWh of battery energy storage in Nagaa Hammadi. The project will be fully operational in the second half of 2026. The project could cover up to 40% of EGAL's electricity needs and save more than 15% of the company's electricity cost. 

I episode 84 fikk vi besøk av verdispesialisten Martin Mølsæter. Martin kjøpte sin første aksje da han var 12 år og har en lang karriere innen finans, med posisjoner i DNB Markets, ABG og Morgan Stanley mv. I dag forvalter Martin fondene FIRST Generator og FIRST Global Focus.  I episoden forteller Martin om sin investeringsfilosofi og hvordan han finner de stygge andungene som har potensialet til å vokse seg til flotte svaner. Filosofien har en verdibasert tilnærming der han kjøper undervurderte, oversette aksjer i sektorer som råvarer og banker, og utnytter markedets feilprisinger med aktiv, konsentrert forvaltning. Han holder en langsiktig, kontrær strategi, tåler volatilitet og han har oppnådde sterk avkastning de siste årene.I episoden fikk vi høre hvordan Martin håndterer sektorer som blir straffet av markedet, og hvordan han går frem for å identifisere de beste kortene og posisjonere seg for en eventuell opptur der fremme. Vi pratet en del om USA, Kina og Europa og mulighetene fremover. Selskapene som ble diskutert var blant annet Ping An, Balder, Elkem, Crayon, Scatec og Ali Baba. Mer informasjon om Martin og hans arbeid finner du her:First Fondene: https://www.firstfondene.no/ansatte/martin-molsaeter/ Episoden er spilt inn for informasjons- og underholdningsformål, og innholdet i episoden skal ikke anses som en investeringsanbefaling. Innholdet er ikke sponset. Martin ble invitert av StockUp.Vel lytt!Ønsker du å være med på discord?Gå hit: https://discord.gg/CsxNmyXGbE Hvis du ønsker å støtte StockUp podcasten, har vi satt opp en Patreon: https://www.patreon.com/StockUp831 

We published this morning our earnings expectations sheet for companies under coverage in 1Q25/FY25, with the following key conclusions:In FY25, aggregated net profit is expected to increase 10% YoYStocks that are expected to witness a shift from net loss to net profit YoY in 1Q25: ORHD and EGCHStocks that are expected to witness a spike (>80%) in net profit growth YoY in 1Q25: MBSC, CNFN, FAIT, MCQE, and ARCC. (sorted from highest rise in net profit)Stocks trading at P/E 2025 less than 5x: CCAP, EGBE, CICH, ADIB, and CANA. (sorted from lowest P/E)Please refer to our sheet published this morning for detailed earnings expectations and trading multiples.Egypt's total local and foreign debt repayment obligations are projected to jump around 30% to EGP2.1 trillion in the next fiscal year, up from an estimated EGP1.6 trillion for FY24/25.The Finance Ministry intends to issue new local debt instruments worth EGP1.5 trillion in the upcoming fiscal year, up from EGP1.2 trillion in the current fiscal year, as part of the government's plan to raise spending on social welfare and narrow the budget deficit.Egypt is among six Arab countries set to face a significant impact from Trump's tariff regime, assuming the tariff measures are fully implemented, the United Nations Economic and Social Commission for Western Asia (ESCWA) said in a policy brief. A significant impact is defined as at least 5% of a country's global exports going to the US.The state is working to liberalize the country's electricity market by 2026, along with restructuring the Egyptian Electricity Transmission Company (EETC) and its separation from the Egyptian Electricity Holding Company (EEHC).Federation of Egyptian Industries delegation is in Riyadh to talk investment in the Kingdom during a three-day business forum that wraps tomorrow. The government has estimated the financial allocations needed to import LNG and diesel shipments to meet the country's fuel needs during FY25/26 at approximately USD9.5 billion, compared to more than USD6 billion spent so far this year.President El-Sisi approved a USD500 million loan agreement from the International Bank for Reconstruction and Development (IBRD) to finance the Development Policy Financing for Resilience program.Scatec's 1 GW Obelisk solar plant will be connected to the grid by 220 kV transmission lines built under a contract between the Egyptian Electricity Transmission Company (EETC) with the consortium of Kharafi National and Power Ring. The project is planned to power EGAL's aluminum complex in Nagaa Hammadi. CCAP's United Foundries Company is planning to invest up to USD10 million in a new foundry in Helwan focusing on producing castings for the gold mining and cement industries, adding some 40k tons to the company's production capacity and bringing total output to around 70k tons annually.Hilton will open two new hotels in the New Capital. The two hotels, Hilton Cairo New Capital Downtown and Hilton Garden Inn Cairo New Capital Downtown, are scheduled to open in 2028.

Oil Minister Karim Badawi met with CEO of US-based LNG solutions company Excelerate Energy Steven Kobos where they discussed leasing floating storage and regasification units to Egypt, sharing technical expertise, and LNG trade cooperation, according to a Ministry statement.A high-level investment delegation has received preliminary approval to visit Iraq, unnamed sources said. The Holding Company for Food Industries intends to list a number of its subsidiaries on the EGX in the coming period.Oil producer Capricorn Energy said it has reached a preliminary agreement with the EGPC to improve gas pricing to increase production, under terms aimed at boosting investment and production, along with updated commercial terms.British company BP seeks to increase gas production in Egypt by approximately 160 million cubic feet per day, from two wells in the King Mariout and Fayoum concession areas in the deep waters of the Mediterranean Sea, in 2H25.A government official said that the Ministry of Petroleum expects to receive four shipments of imported LNG during April. President Abdel Fattah El-Sisi approved a USD131 million loan agreement from the African Development Bank to help finance the first phase of the Private Sector Development and Economic Diversification Support Program, as part of the state budget support, according to a report published in the Official Gazette.SWDY reported steady 4Q24 results with attributable earnings coming in at EGP4.2 billion (+106% YoY, -13% QoQ). FY24 attributable earnings surged to EGP17.5 billion (+73% YoY). SWDY board of directors proposed a cash dividend distribution of EGP1.00/share, implying a payout ratio of 12.3% and a dividend yield of 1.2%. SWDY is trading at FY25e P/E of 9.7x and EV/EBITDA of 5.5x.EGAL signed a 25-year USD-denominated corporate Power Purchase Agreement with Scatec for a 1.1 GW solar plant and 200MWh battery energy storage system in Naga Hammadi backed by a sovereign guarantee. Scatec targets to reach financial close and start construction within the next 12 months. We expect the new plant to save around 10-15% of the company's electricity cost which could contribute to increasing our FV by EGP20.00/share to EGP175.00/share. We remind you that electricity represents more than 40% of production costs and EGAL's gross margin shrinks by 2-3% for every EGP0.25/kWh increase in electricity tariff, according to our calculations.CIEB lowered its proposed 2024 dividend payout to EGP3.20/share, representing 50.2% of distributable profits, down from a previously planned EGP3.82/share, or 60% of distributable profits, according to a Board decision. The payout remains subject to the general assembly's approval.OLFI is to distribute cash dividends of EGP2.00/share for FY24 on 27 March 2025, for shareholders on record on 24 March 2025, implying a DY of 10.4%.EFID's BoD is considering the approval of doubling the company's capital to EGP280 million. The proposed capital increase of EGP140 million will be distributed on 700 million shares and financed through the company's retained earnings of FY23. 

Negotiations are currently underway to open branches of Egyptian universities overseas, with the efforts taking place within a push internationalize the higher education sector in Egypt and education service exports.The Egyptian Customs Authority (ECA) has begun procedures to release the roughly 30k vehicles currently stranded at the country's ports that violated previous personal import or disabled-accessible vehicle import regulations, according to a document from the authority. Lawmakers gave the final sign-off to a government-drafted law that directs cash-based subsidies to citizens who fall below the poverty line and lack access to social ins. initiatives.  MPs signed off on a EUR 135 mn grant from the European Investment Bank to support the Environment Ministry's Sustainable Green Industry project, which will support the greening of the country's industrial sector by implementing climate change and environmental sustainability measures.Egypt's fuel imports amounted to c.USD15.5 billion in 2024, an increase of 26% YoY. According to a government official, petroleum products imports accounted for the largest share of the import bill last year, at a value of nearly USD10 billion.ESRS board of directors decided to continue the procedures for delisting its shares from the EGX, pending the general assembly's approval.  Objecting shareholders can sell their shares back to the company at the independent financial advisor's fair value of EGP138.15/share.The Parliament greenlit the Finance Ministry guaranteeing EGAL's financial commitments with Norwegian renewables firm Scatec under a power purchasing agreement between the two. MBSC inked an EGP298 million agreement to build a solar power plant, at the company's facility in Beni Suef, in partnership with Chinese tech giant Huawei, Chinese solar module manufacturer Jinko Solar, and local renewables company Integrated Renewable & Sustainable Communities. The solar project will support the company's efforts to power its industrial activities with renewables.ExxonMobil has found natural gas at its Mediterranean's North Marakia offshore concession after drilling at the block began in mid-December. The size of the find has yet to be determined, but pre-drill estimates came in at around 3.5 trillion cubic feet, the report reads.Chemicals and Fertilizers Exports Council is asking for increasing export subsidy to a minimum of EGP50 billion, from EGP23 billion currently to be able to increase exports to EGP100 billion.Tasaheel micro finance issues sukuk with a value of EGP7 billion next month. 

Prime Minister said that there is a plan to offer three to four companies affiliated with the military on the EGX. We should know more next week with the release of the government's privatization plan for the coming period.Prime Minister said that foreign companies, both new to the market and veterans, are getting ready to launch projects, including in the automotive and renewable energy industries.Scatec's Obelisk Solar was granted a golden license for a USD600 million solar project over a 16.3 sq km area in Nagaa Hammadi. Scooter manufacturer Piaggio is mulling reopening its factory in Egypt.Home appliances manufacturer Ariston is thinking about expanding its presence in the Egyptian market. Railway company HitachiRail, which recently acquired Thales' ground transportation unit, is looking to expand its footprint in Egypt.Luxury yacht manufacturer Navigo highlighted its interest in investing in Egypt's yacht industry.Industrial vehicles manufacturer Iveco is conducting a feasibility study to launch a new factory in Egypt for truck manufacturing.Railway and urban mobility company Salcef Group discussed establishing a new company in collaboration with Egyptian Railways for Track Renewal and Maintenance Company.The Prime Minister stated that there are five global alliances competing to plan the area surrounding the Pyramids, the Grand Egyptian Museum, and the Sphinx Airport.Italian state-owned Italian State Railways discussed submitting an offer to manage and operate Egypt's high-speed electric rail network.China's New Hope Group is exploring a USD100 million investment to establish a feed production complex in an industrial zone.FutureFert is set to launch the first phase of its USD40 million fertilizer plant after receiving a golden license for the project. Yemen's Al Kbous Tea plans to invest around USD30 million in Egypt over the next two years to boost production capacity and upgrade machinery.The New Urban Communities Authority is mulling a EGP150 billion sukuk program in 2025, which would help fund the development of land plots in new cities.United Bank's shares are expected to debut on the EGX next week, with sources telling media that shares could start trading on Tuesday. HRHO announced the completion of its advisory services for the IPO of United International Holing (UICH) in Tadawul Saudi Arabia with a market cap of USD264 million. ATLC general assembly approved the distribution of cash dividends of EGP0.599/share forFY23, implying a dividend yield of 13.1%.EFIH's cash dividends of EGP0.197/share record date is on 24 December 2024 and distribution date is on 29 December 2024.MBSC reported solid financial performance in 3Q24. Net profit came in at EGP165.4 million (+7.3% YoY, -8.1% QoQ). 9M24 net profit recorded EGP387.0 million, up from EGP243.7 million in 9M23. MBSC is trading at FY25 P/E of 10.3x and EV/EBITDA of 7.7x.ARCC is to distribute cash dividends of EGP1.585/share for FY23, implying a payout ratio of 87% and a dividend yield of 11%.CCAP's waste management company Ecaru will close and rehabilitate the Qalabshu landfill in Dakahlia as part of the Kitchener Drain Project, under a EUR10 million agreement inked with the Local Development Ministr

A “very important” Qatari real estate project on the North Coast is in the works, Prime Minister Mostafa Madbouly said. The Gulf nation is also looking into investments into the North Coast's tourism and hospitality sectors, according to Madbouly, who added that they will soon present Qatar with a list of relevant investments that may be of interest in Greater Cairo and the new capital.The government has temporarily suspended the local cotton trading system on the back of pricing issues that have crippled the industry this season, sector sources said. The crisis stems from guaranteed prices for farmers set by the government that significantly exceed the crop's current global market value, making it difficult to trade locally or internationally.Passenger car imports were up 43.3% y-o-y in 8M 2024 toUSD 1.5 bn, according to data released by state statistics agency Capmas.A Russian trade mission, featuring representatives from 14 companies, will visit Egypt on 4-5 December, a source at the Russian Export Center said. The mission will include representatives from construction, technology, and urban development companies who will conduct meetings with local players.The CBE intends to issue USD treasury bills ranging between USD900 million and USD1 billion next week, sources said.We conducted a preliminary analysis of the United Bank IPO to evaluate how its pricing compares to other listed banks. The private offering was covered 6x and the final offering price was set at EGP13.85 per share which values the bank at EGP15.24 billion.  We believe the bank is being offered at fair multiples, without any investor discount or potential for significant upside in the near term, compared to the current sector distressed multiples. A recent report from Fitch Solutions predicted that the banking sector would continue to deliver a strong performance until 2025. BM consumer finance firm, Sohoula, aims for a second securitization bond issuance deal next year of EGP1 billion, after completing the first issuance amounting to EGP478 million to reach the full integrated program aim of a total amount of EGP3.5 billion.The Madbouly government has reached an agreement with Norwegian renewables developer Scatec partially pay for the electricity purchased under the 25-year power purchase agreement inked with the Egyptian Electricity Transmission Company for its planned 1 GW solar and 100-200 MWh battery storage hybrid project in local currency. We note that the project should generate electricity for EGAL's industrial complex in Nagaa Hammadi.Local firm Treegas has signed a MoU with Czech company HPC that will see the firms establish a factory to localize the manufacturing and filling of fiberglass LPG cylinders in the Sokhna Industrial Zone, with planned investments of EUR10 million split over two phases. The government has launched its National Strategy for the Localization of Vaccine Manufacturing, according to a statement from the Health Ministry. The strategy will involve long term contracts to secure a stable market for local vaccine manufacturers.

The Supreme Constitutional Court ruled on Saturday that the 7% flat rate in the Old Rental Law for residential properties is unconstitutional and called on the Egyptian parliament to amend the law.The US Federal Reserve cut interest rates for the second time, this time by 25 bps, bringing them to 4.5%-4.75%.The Oil Ministry launched the Sustainable Aviation Fuel Production Company, which will invest USD530 million to develop production facilities and integrate the facility with other petroleum companies in Alexandria governorate. US multinational conglomerate Honeywell has finished its feasibility study with the European Bank of Reconstruction and Development for SAF production in Egypt, according to a statement from the Ministry.Emirati oil and gas giant Dana Gas is waiting for USD24 million out of a total USD59 million of outstanding dues owed by the government to be paid before it launches a USD100 million project to develop production, the company said.Tourist footfall is expected to reach a record high of 15.3 million in 2024, increasing 5% YoY, according to a statement from the Tourism Ministry. An unnamed Chinese company is looking to set up a USD360 million tire factory in the Suez Canal Economic Zone (SCZone) in partnership with the state-owned Arab Organization for Industrialization (AOI). Austrian wood panels manufacturer Kronospan wants to partner with Nag Hamady Fiberboard Company to set up a 150k sqm production line in the Egyptian company's existing factory to produce MDF, according to a statement by the Industry Ministry. Egypt is committed to repaying loans worth USD3 billion to Gulf banks in November. Egypt will repay some USD1.3 billion in USD-denominated bonds today for debt issued in 2016, according to Al Arabiya, citing unnamed sources. The Shalatin Mineral Resources Company, affiliated with the Ministry of Petroleum, aims to deliver gold to the CBE amounting to a ton by the end of this year 2024.ISPH reported positive 3Q24 results: Bottom line amounted to EGP185 million, up 49.8% QoQ and 3.4x YoY. 9M24 bottom line came in at EGP407 million, up 1.3x YoY. ISPH is trading at 2025 multiples of EV/EBITDA of 3.0x and P/E of 9.8x.EBRD gave its initial approval to a USD120 million equity bridge loan to Obelisk Solar — a special purpose vehicle owned by Norway's Scatec — to fund part of Scatec's 1-GW solar power plant in Nagaa Hammadi to power EGAL's industrial complex with 2 GW of green energy.Ministry of Electricity set the feed-in tariff for solar panels using the battery energy storage system at USD0.023/kWh for privately-owned solar panels and USD0.014/kWh for state-owned solar panels. CCAP's subsidiary, Egyptian Refining Company (ERC), plans to repay USD200 million of its outstanding USD742 million debt by December, company head Mohamed Saad stated. EFID announced the signing of a toll manufacturing agreement in the biscuit business with Misr Food Additives (MIFAD). Phillip Morris increased the prices of its tobacco products for the the third time this year, raising prices by EGP5 across its offerings in the local market.

Scatec is tans besig met die finale voorbereidings om die bouwerk van die projek te begin, die visepresident van projekontwikkeling vir Afrika suid van die Sahara, Alberto Gambacorta gesels oor die projek. Volg RSG Geldsake op Twitter

*Key news articles for today*The government will announce a fresh package of tax facilities and investment incentives later today.  Finance Minister said that he expects to see the facilities implemented before the end of the year.Minister of Transportation and Industry Kamel El Wazir said that president El Sisi ratified a decree to launch an initiative to assist halted factories with financing at 15%, subsidized by the Ministry of Finance.Egypt's interest payments dropped by 20.3% during July-August 2024, to EGP312 billion down from EGP391.7 billion in the comparable period last year.Ministry of Civil Aviation studies offering Ras Al Hekma airport to a BOT private sector partnership.The MPs greenlit a number of foreign agreements that unlock USD millions in grants.The first USD 1.8 mn phase of a solar panel mounting and installation factory is set to kick off in two months under a contract inked between industrial developer Main Development Company and project owner Pyramids Alu. QNBE (FV: EGP65.00, OW) recorded, a sequentially lower, but still strong 3Q24 net profit post-minority interest of EGP6,320 million (-6% q/q, +64% y/y, and +12% higher than Al Ahly Pharos estimates) bringing 9m24 net profit to EGP20,061 million (+60% y/y). We remind you that QNBE is among our tier II top picks for 2024. The stock is currently trading at 2024e multiples P/E of 2.7x.State-owned fertilizer producer “Delta Fertilizers” may soon be up and running again under a USD450 million plan to revive the company. Four local and Saudi companies have expressed interest in taking over the company's development. ABUK and MFPC as well as Oil Ministry's Egyptian Petrochemicals Holding Company are all reportedly competing to join the project. A fourth unnamed company is also in the running that is purportedly affiliated with Saudi Arabia's Public Investment Fund.One of the four companies will be chosen in 1Q25.The Smart Villages Development and Management Company is planning to list 30-35% of its shares on the EGX in 1H25.Germany's PtX Development Fund grants Scatec EUR30 million to support the Egypt Green Hydrogen plant that Scatec is setting up with Fertiglobe, ORAS (FV: EGP344.18, OW), the Sovereign Fund of Egypt, and the Egyptian Electricity Transmission Company. 

The CBE has released the Balance of Payment (BoP)'s performance report for FY2023/24. Key points are:The overall BoP recorded a surplus of c.USD9.7 bn during FY 2023/24.Egypt's current account deficit more than quadrupled, surging to USD 20.8 bn.The oil trade balance surged to USD8 bn deficit in FY2023/24, compared to a USD 410 mn surplus in FY2022/23.The non-oil trade deficit was flat, registering USD31.9 bn in FY2023/24.Suez Canal lost a quarter of its previous year revenues, triggered by regional disruptions, falling by 24.3% in FY2023/24, recording USD6.6 bn.Remittances from Egyptians abroad were almost flat as well, recording USD21.94 bn in FY2023/24.Tourism revenues increased by 5.5% YoY, to USD 14.38 bn in FY2023/24.Net FDI inflows more than tripled YoY recording a record-high USD46 bn in FY2023/24 fueled by Ras Al-Hekma inflows.Net portfolio inflows recorded a net inflow of USD 14.5 bn during FY2023/24, compared to a net outflow of USD3.8 bn in the previous year. The IMF is likely to conduct the fourth review of our USD8 bn loan program in November, a government source said. The review that will unlock a USD1.3 bn tranche was initially scheduled for September, before being delayed to October.Egyptian International Motors plans to invest some USD100 mn in its vehicle manufacturing business (assembling, marketing, and exporting vehicles) as part of a broader push to localize Egypt's auto industry. Automotive player Stellantis plans to invest EUR116 mn in the local manufacture of four vehicle models expected to hit the streets over the course of three years.Egypt pulled in some EGP1.2 bn over the last month and a half by cracking down on electricity theft, according to a cabinet statement.The Suez Canal Economic Zone (SCZone) and the Egyptian Holding Company for Silos and Storage are developing a grain complex for the handling, processing, and storage of grains, with initial investments of USD153 mn earmarked for the first and second phases.Norwegian renewables giant Scatec, Belgium's John Cockerill, John Cockerill-Technip JV Rely, and France's SLB have plans to set up a factory to manufacture electrolyzers for green hydrogen production in Ain Sokhna, according to a statement.ORHD launched Tuban which spans over 1.0 million sqm in the heart of El Gouna.EGAL's board of directors proposed a cash dividend distribution of EGP3.00/share for FY2023/24, implying a payout ratio of 13.3% and a dividend yield of 2.5%.Emirates National Oil Company subsidiary Dragon Oil wants to up its production from the Al Wasl field, CEO Ali Al Jarwan told CNBC Arabia. The company also plans to acquire more concessions in Egypt and Iraq.

Emirati sovereign wealth fund ADQ will lay the foundation stone for its USD multi-billion Ras El Hekma project on Friday, Deputy Housing Minister said.The Madbouly government will start introducing cash-based subsidies on a trial basis in certain areas of the country starting next fiscal year, Supply Minister said.Intro Group subsidiary Intro Technology signed a MoU with Omani data center leader Oman Data Park to establish a new USD450 million sustainable data center in the Suez Canal Economic Zone (SCZone), according to a joint statement.French yeast producer Lesaffre Egypt is planning to double its investments in the local market to USD100 million.The budget deficit declined during July and August of the current fiscal year to EGP263.1 billion, equivalent to 1.54% of GDP, compared to EGP383.1 billion, equivalent to 2.74% of GDP, during the same period of the previous year. Finance Minister revealed a program to launch a package of new initiatives and incentives to support green activities and export industries.The government intends to launch an international tender to expand the Al-Jabal Al-Asfar wastewater treatment plant, with the completion of the procedures in October. The Deputy Minister of Foreign Affairs and Immigration revealed that a study is underway to expand the sovereign guarantees for exporters, to include all economic activities carried out in Africa, protecting existing Egyptian investments in African countries, and ensuring the possibility of transferring exporters' receivables easily.RMDA announced the strategic acquisition of a leading anti-diabetic product, indicated for the treatment of type 2 diabetes; this marks the company's largest acquisition to date. The product currently ranks first in terms of units sold with a 9% market share within the overall newer generation oral anti-diabetics market which is valued at over EGP6.7 billion.SKPC sent a release announcing that the constituent general assembly of the Alexandria Supply Chain Company was held on 29 September 2024. The company aims at establishing a maritime facility to meet the current and future needs of petrochemicals companies for imported ethane gas. Belgium engineering group John Cockerill is joining Norwegian firms Scatec and Yara International, the Egyptian Petrochemical Holding Company, and Misr Fertilizer Production Company (Mopco) (MFPC) in producing green ammonia in Damietta with investments exceeding USD900 million, according to a Ministry statement. TAQA is looking to set up two new solar plants with investments ranging between USD25-30 million, the company's head of sustainability Sherif Mubarak told Al Borsa. The Oil Ministry will ensure the supply of mazut to building material factories through a centralized distribution system so they can operate at full capacity starting today, Transport and Industry Minister Kamel El Wazir said yesterday. HRHO's commercial bank, aiBank, has rebranded to Bank NXT.HRHO is considering the establishment of a regional headquarters in Saudi Arabia and seeks to increase Saudi Arabia's share of its revenues to 20% over the next five years.RAYA intends to issue EGP1.0-1.5 billion worth of securitization bonds before the end of this year, according to local press.ALCN released its edited financial results for FY23/24: bottom line came in at EGP6.28 billion (+43% YoY), and revenue recorded EGP6.58 billion, compared to EGP4.96 billion in FY22/23.

Vi får i denne episoden i et lengre innslag besøk av analytiker Teodor Sveen-Nilsen fra SB1M som dekker olje-og gass-sektoren. Innhold: 02:03 Siste ukes handler 09:14 Indeksendringer og -trading 15:28 Emisjoner og nedsalg med suspensjon før emisjon i Ensurge, Idex, NRC-bråk, Seacrest Petroleo, Elopak og Scatec. 31:43 Rentekutt i USA 33:02 Riggbud i Sandnes 34:00 Teodor Sveen-Nilsen kommer på besøk og snakker om: 35:37 Etterspørsel og tilbud i oljemarkedet 41:40 Utvikling i konvertering til andre energibærere 45:24 Gassproduksjon og gassmarkedet 52:50 Inntrykk fra Brussel-besøk; gasspris og industri 54:56 Call-on-OPEC og hvem øker produksjonen 57:25 «Stranded» funn 1:01:40 Anslag på olje- og gasspris 1:02:23 Equinor 1:07:30 Aker BP 1:09:38 Vår Energi 1:10:31 Panoro Energy og BW Energy 1:14:05 BlueNord 1:18:45 Petronor 1:21:08 IPC 1:22:45 Questerre 1:23:42 Teodors favoritter 1:25:00 Kommende ukes favoritter og obs'er

The Madbouly government is in the process of drafting an investment plan to offer the Red Sea's Ras Banas to private sector players in a transaction similar to ADQ's Ras El Hekma USD35 billion agreement.Egypt has bought 20 cargoes of liquefied natural gas (LNG) via the first tender issued to cover its winter demand since 2018, securing full volumes it was seeking at smaller-than-expected premiums.UAE's AMEA Power will invest USD800 million to develop two renewable energy projects in Upper Egypt after inking new purchase power agreements (PPAs) with the Egyptian Electricity Transmission Company (EETC) on Thursday.Prime Minister touched down in Riyadh yesterday alongside Finance Minister and Investment Minister for talks with their Saudi counterparts aimed at strengthening trade and investment between the two countries. The Transport Ministry has tasked the Finance Ministry's PPP unit to prepare feasibility studies for three PPP projects at the Dekheila Port. The projects include a multi-purpose container terminal with an estimated cost of USD300 million, a dry port, and an industrial-purpose pipeline extension whose cost has not yet been determined, a source said.Chinese state-owned construction firm and China Energy subsidiary Gezhouba Group proposed establishing a “logistics cargo city” at Cairo International Airport during a meeting with the Aviation Ministry.Norway's Scatec inked a 25-year power purchase agreement with the Egyptian Electricity Transmission Company EETC for its planned 1 GW solar and 100-200 MWh battery storage hybrid project in Egypt, it said on Thursday.The Egyptian Tax Authority will unveil the implementation mechanisms of the recently-announced package of tax incentives this week, advisor to the Head of the Tax Authority said.State grains buyer GASC purchased 430k tons of Russian wheat last week at USD235 per ton, according to a Supply Ministry statement. The Ministry of Electricity plans to add capacity to the electrical grid of up to 3 gigawatts from solar energy projects and wind farms by 2025 summer.The government is working to launch 4 projects through PPP system at an investment cost of about EGP16 billion, according to a government report.Egypt is seeking a loan from the New Development Bank worth USD300 million, with the aim of expanding the comprehensive health insurance system. The CBE's net foreign assets declined to EGP499.26 billion (c.USD10.3 billion) at the end of August, compared to EGP508.58 billion (USD10.5 billion) at the end of last July.Ukrainian President said that Russia had attacked a cargo ship in international waters carrying around 5-20k tonnes of wheat from Ukraine to Egypt on Thursday. EGAS finalized a study to increase the price of natural gas supplied to factories by 10-30%. The study excludes factories with a preset variable pricing formula.The government targets issuing projects to develop three fertilizers companies, which are owned by the Ministry of the Public Enterprises, through partnership with the private sector, during 1Q25.A consortium of Scatec, Fertiglobe, and ORAS has inked two land usufruct agreements with EETC and NREA to set up a wind and a solar power plant that will feed their USD500 million green hydrogen plant. A consortium of ORAS, Toyota Tsusho, and Engie inked a land usufruct agreement and a PPA with the EETC and the New and Renewable Energy Authority (NREA) for a project that will see the consortium add 150 MW of wind energy capacity to its 500 MW wind farm in the Gulf of Suez, according to a Cabinet statement. SWDY appointed Ahmed Mohamed Shokry as the Group CFO.

The MPC will meet on Thursday, 5 September, to decide on key interest rates. We expect the CBE to keep the current rates on hold in its upcoming meeting on 5 September, with a potential rate cut in 4Q24, or - more conservatively - in 1Q25.Net foreign asset surplus expanded 3.5% to USD13.3 billion in July, up from USD12.9 billion in June.The government has purchased a “large volume” of fresh oil hedging contracts, Prime Minister Madbouly said.The government has stocked up on strategic reserves of essential commodities, and Egypt currently has a six-month supply of strategic reserves, according to Prime Minister Madbouly.The government is looking into introducing a number of incentives for tourism developers over the coming couple of years.Madbouly said that he hopes to see the initial phases of the implementation of cash-based subsidies at some point during the next fiscal year.The government has paid some EGP10 billion in overdue payments to pharma and medical supplies manufacturers over the last two months. An energy corridor connecting Egypt and Cyprus that would carry natural gas and renewable energy was discussed by Oil Minister and his Cypriot counterpart. The Trade and Industry Ministry launched a new online platform showcasing industrial investment offerings in partnership with EFIH.Chairman of GAFI said that Egypt aims to increase FDI above previous levels to reach about USD15 billion at the end of the current fiscal year 2024-2025.The German Development Bank approved financing worth EUR147 million for energy efficiency improvement projects in EgyptMinister of Petroleum and Mineral Resources said that the Sukari gold mine has produced 5.8 million ounces since the start of production.TMGH (FV: EGP75.00, OW) is undertaking the legal and technical procedures related to projects in Iraq.MBSC posted its financial results for 2Q24 with net profit soaring to EGP180.0 million (+314% YoY, +334% QoQ) mainly on a reverse of a financial obligation of EGP135.4 million after settling the contractual dispute with CCAP's subsidiary. 1H24 earnings surged 111% YoY to EGP221.5 million. MBSC is trading at FY24e PE of 8.8x and EV/EBITDA of 10.2x.SWDY (FV: EGP45.69, EW) did not sign any contracts regarding the execution of a big industrial zone in Iraq, according to a release sent to EGX.The government is considering a program to support steel rebar exports to African and Arab countries. The subsidy program is to include reducing production costs and manufacturing inputs, as per local media. A consortium of ORAS (FV: EGP344.18, OW), Hitachi, and French firm Colas Rail will develop Metro Line 1 under an agreement inked with the National Tunnels Authority. The project is to be financed by EGP10 billion from the Transport Ministry and EUR605 million from soft loans from international financial institutions, as per local media. Fertiglobe, ORAS (FV: EGP344.18, OW), and Scatec will receive usufruct rights in Ain Sokhna Industrial Zone to set up wind and solar power plants that will feed their green hydrogen plant.According to media, BINV plans to sell a 20-30% stake in its subsidiary, Gourmet, before the end of 2024.The FRA is studying the files of issuing three sukuk programs worth up to EGP12 billion.Sources confirmed the completion of the formation of the new Board of Directors of National Bank of Egypt and Banque Misr.According to local press, Basata Holding for Financial Payments, a JV between MTIE and BINV, wants to increase its stake in Jordanian bill payment provider MadfoatCom to 49%.According to local press, DSCW wants to complete its proposed acquisition of a controlling stake in Twin Top Real Estate Investment Company by the end of 3Q24.

Alberto Gambacorta – Senior VP: Business Development, Scatec SAfm Market Update - Podcasts and live stream

Annual urban inflation cooled for the fourth consecutive month, registering 27.5% YoY in June, down from 28.1% YoY in May.The new government explained detailed plans for its three-year term. Goals include:Private investments to make up 51% of total investments in Egypt by the fiscal year 2026-2027 and 70% by 2030. Cabinet aims to reduce the unemployment rate to 6.5% by FY2026-27 and to 6.1% by 2030.Cabinet has revised downwards its tourism target and now expects to welcome 25 million tourists annually by 2030, down from a previously-set goal of hitting 30 million tourists by 2028.The government aims to expand health insurance coverage to reach 85% of the population by 2026-2027 and have local pharma production meet 94% of local market needs.Raise growth rates during the fiscal year 2026-2027 to 5.5%, up from the target of 4.2% for the current fiscal year.The government plan document also estimated the value of the proceeds of the first and second phases of the government IPO program at USD5.8 billion.Italian Energy giant Eni plans to drill two new wells in the Zohr field in 2H2025 with investments of USD160 million.According to a member of the Egyptian Federation of Tourism Chambers, Egypt's general revenue from tourism amounted to USD6.6 billion in 1H2024, as the number of tourists arriving to Egypt reached 7 million tourists.The EU Ambassador to Egypt said that it is likely that the disbursement of the financing packages related to the strategic partnership between Egypt and the EU will begin during the fall semester.The government's work program reportedly revealed its intention to allocate the equivalent of 1% of GDP from the proceeds of the government IPO and divestment program to reduce government debt.UAE-based Al Nowais' AMEA Power is looking to up its investments in Egypt and set up 2.5 GW-worth of solar and wind projects, according to a statement. The IMF Executive Board has pushed back the third review of our USD8 billion loan program to 29 July to “finalize some details”.The Minister of Finance confirmed the disbursement of about EGP3 billion by the end of this week in Phase 7 of the immediate cash payment initiative for exporters.We updated our FV for ESRS to EGP120.21/share, up from EGP97.02/share, and maintain our Overweight recommendation. ESRS is currently trading at FY24e P/E of 5.0x and EV/EBITDA of 3.4x. Abu Dhabi-based Electra Investment Holding now holds a 20.0% stake in SWDY.Germany, through its H2Global hydrogen initiative, inked a 20-year, EUR397 million green ammonia offtake agreement with UAE-based renewables player Fertiglobe. Fertiglobe's green hydrogen partnership with ORAS (FV: EGP344.18, OW), Scatec, the Sovereign Fund of Egypt (SFE), and the Egyptian Electricity Transmission Company will provide the green hydrogen needed for Fertiglobe to produce green ammonia at its ammonia plants.TALM reported 9M23/24 results where net profit recorded EGP613 million (+78% YoY).BPE Partners is eyeing two investments worth a combined c. EGP400.0 million in the local market.  BTFH is planning to add 6 new investment funds to its current 17 funds. 

At the end of the two-day Egypt-EU Investment conference, Prime Minister said that 29 agreements and MoUs had been signed over the event totaling EUR49 billion with EU-affiliated entities. On top of this, a further six agreements and MoUs with non-EU-affiliated entities that export to the EU inked a further EUR18.7 billion.Egypt is looking to raise its target for the renewable share of energy generation to 58% by 2040 in an updated strategy for expanding green power.The government has decided to postpone any hikes to electricity prices until September, a source from the Electricity Ministry said. The government has put off implementing the hikes until the electricity crisis is resolved, the source said.State IPO program is to ramp up again in October.Egypt received seven local and international offers to exploit eight government headquarters in the downtown Cairo area, Minister of Planning said.The new government lineup could be sworn in within a few days.Egypt's net foreign assets recorded their first surplus in over two years.The IMF has scheduled Egypt's third review under the EFF to be discussed by the Fund's executive board on 10 July. Subject to the Board's approval, Egypt will access USD820 million. The current account (CA) deficit inched up to USD7.46 billion in 3QFY2023/24, the highest on record for a single quarter, up from USD6.8 billion in 2Q, bringing up the total CA deficit for 9MFY2023/24 to c.USD17 billion.Remittances from Egyptians working abroad inched up to USD5 billion in 1Q2024 from USD4.91 billion in 4Q2023.Egyptian external debt decreased by the end of 1Q2024 by USD7.427 billion to reach USD160.607 billion, compared to USD168.034 billion in December. The Egyptian Mercantile Exchange (EMX) could begin offering wheat and sugar before the end of the year.The independent financial advisor finalized the study on SWDY's share fair value on 26 June 2024, and concluded that the fair value is EGP52.38/share. SWDY is setting up a copper factory in Saudi Arabia that will go live in six months' time.Steel rebar prices are stable in July at most of local steel manufacturers. The SFE inked a binding offtake agreement with ORAS, Scatec, and Fertiglobe to produce 100 MW of green hydrogen from its Ain Sokhna plant. The Ministry of Finance's Private Sector Partnership Unit is preparing to launch desalination plant projects worth USD2 billion in 4 to 6 plants as a first phase. SKPC started receiving feed gasses and gradually resumed operations in its factories on Thursday. A consortium of TAQA and France's Voltalia will build a USD3.5 billion green ammonia project in Ain Sokhna, under an agreement inked with SFE.The Egyptian Petrochemical Holding Company and MFPC, along with Norwegian firms Scatec and Yara International, will produce green ammonia in Damietta with initial investments of around USD890 million. ETEL inked an MoU with Hungarian telecom company 4iG Group to develop and operate a joint venture for building and managing fiber-to-the-home (FTTH) and fiber-to-the-tower (FTTT) networks, with total investments of at least USD600 million.EBRD will provide COMI with USD60 million for on-lending to local women-led businesses and green investments.HRHO's Corp-Solutions issued EGP433 million of short-term notes. The Ministry of Trade and Industry has extended the sugar export ban for the third time in a row, starting from July until the end of September, to maintain the supply in the markets and support price stability at current levels. All accumulated cars at Egyptian ports until 25 June 2024 will be released in a week, according to a government official. 

This audio is brought to you by Endress and Hauser, a leading supplier of products, solutions and services for industrial process measurement and automation. Electricity Minister Kgosientsho Ramokgopa describes surplus electricity arising from existing renewable energy facilities as "low hanging fruit" in improving the supply-demand balance and reports that discussions are under way to assess ways to make this energy available to the grid. Speaking during a regular update on the Energy Action Plan, Ramokgopa confirmed that the issue, which had been under consideration for years, had again been raised with him by the leadership of Scatec during his recent visit to the group's Kenhardt solar-battery facility in the Northern Cape. The hybrid Kenhardt plant comprises 540 MW of solar photovoltaic capacity and 225 MW/1.1 GWh of battery storage to provide 150 MW of dispatchable electricity daily. However, it is restricted, owing to the design of the much-criticised risk-mitigation procurement programme, from delivering any surplus solar electricity into the grid. It is understood that this results in up to 30% of the plant's solar generation being lost to the system. This despite the threat of daily loadshedding, which has eased somewhat in recent weeks, with Eskom having refrained from implementing rotational cuts for 26 days at the time of the briefing. Ramokgopa said finding a way to absorb the surplus being generated by Kenhardt and other renewables independent power producers (IPPs) required a "three-way conversation" between Eskom, the IPPs and government's IPP Office regarding a fair contractual model. It would also be feasible, he added, only if there was sufficient grid capacity to absorb the electricity. That said, discussions regarding the surplus available from existing IPPs have been under way for years, and even predate the 2022 establishment of the National Energy Crisis Committee, which initially indicated there to be some 70 MW of such surplus capacity available, which was before Kenhardt entered commercial operations. It is not clear why the negotiations have not progressed, with Ramokgopa indicating that several IPPs had approached him directly about the surplus that they "essentially throw away" because it exceeded their contractual limits. "We have initiated discussions with Eskom and the IPP Office to see how best we can design an intervention that makes it possible for us to benefit from that excess generation, without undermining what was a public procurement process to contract the megawatts," the Minister said. The outcome, he added, should not lead to questions about the credibility of the procurement processes or the resulting contracts, as the business case of the IPPs would be improved should the surplus electricity above the initial contracted amount be purchased. "It's a conversation we are having and the sooner we resolve it the better, [because] this is one of the matters I refer to as a low-hanging fruit." DIESEL USE FALLING Meanwhile, Ramokgopa expressed confidence that the loadshedding corner had been turned, which he attributed to more stable production from the coal fleet and the relief on the system being provided by both large-scale renewables and surging rooftop solar installations. Last year about 2 500 MW of rooftop solar was added, much of which was coupled to battery storage, increasing the overall installed base to above 5 000 MW. The installations had decreased daytime demand, which provided space for the replenishment of pumped storage reserves. The combination of improved coal stability, renewables, batteries and lower demand meant that Eskom was expecting to operate the open cycle gas turbines (OCGTs) it owned, as well as those operated by IPPs, at a far reduced capacity factor than was the case in its 2023/24 financial year. The utility confirmed that it exceeded its R30-billion diesel budget for the period by R3-billion. Ramokgopa said that, since December, Eskom had been using ...

This audio is brought to you by Endress and Hauser, a leading supplier of products, solutions and services for industrial process measurement and automation. Electricity Minister Kgosientsho Ramokgopa describes surplus electricity arising from existing renewable energy facilities as "low hanging fruit" in improving the supply-demand balance and reports that discussions are under way to assess ways to make this energy available to the grid. Speaking during a regular update on the Energy Action Plan, Ramokgopa confirmed that the issue, which had been under consideration for years, had again been raised with him by the leadership of Scatec during his recent visit to the group's Kenhardt solar-battery facility in the Northern Cape. The hybrid Kenhardt plant comprises 540 MW of solar photovoltaic capacity and 225 MW/1.1 GWh of battery storage to provide 150 MW of dispatchable electricity daily. However, it is restricted, owing to the design of the much-criticised risk-mitigation procurement programme, from delivering any surplus solar electricity into the grid. It is understood that this results in up to 30% of the plant's solar generation being lost to the system. This despite the threat of daily loadshedding, which has eased somewhat in recent weeks, with Eskom having refrained from implementing rotational cuts for 26 days at the time of the briefing. Ramokgopa said finding a way to absorb the surplus being generated by Kenhardt and other renewables independent power producers (IPPs) required a "three-way conversation" between Eskom, the IPPs and government's IPP Office regarding a fair contractual model. It would also be feasible, he added, only if there was sufficient grid capacity to absorb the electricity. That said, discussions regarding the surplus available from existing IPPs have been under way for years, and even predate the 2022 establishment of the National Energy Crisis Committee, which initially indicated there to be some 70 MW of such surplus capacity available, which was before Kenhardt entered commercial operations. It is not clear why the negotiations have not progressed, with Ramokgopa indicating that several IPPs had approached him directly about the surplus that they "essentially throw away" because it exceeded their contractual limits. "We have initiated discussions with Eskom and the IPP Office to see how best we can design an intervention that makes it possible for us to benefit from that excess generation, without undermining what was a public procurement process to contract the megawatts," the Minister said. The outcome, he added, should not lead to questions about the credibility of the procurement processes or the resulting contracts, as the business case of the IPPs would be improved should the surplus electricity above the initial contracted amount be purchased. "It's a conversation we are having and the sooner we resolve it the better, [because] this is one of the matters I refer to as a low-hanging fruit." DIESEL USE FALLING Meanwhile, Ramokgopa expressed confidence that the loadshedding corner had been turned, which he attributed to more stable production from the coal fleet and the relief on the system being provided by both large-scale renewables and surging rooftop solar installations. Last year about 2 500 MW of rooftop solar was added, much of which was coupled to battery storage, increasing the overall installed base to above 5 000 MW. The installations had decreased daytime demand, which provided space for the replenishment of pumped storage reserves. The combination of improved coal stability, renewables, batteries and lower demand meant that Eskom was expecting to operate the open cycle gas turbines (OCGTs) it owned, as well as those operated by IPPs, at a far reduced capacity factor than was the case in its 2023/24 financial year. The utility confirmed that it exceeded its R30-billion diesel budget for the period by R3-billion. Ramokgopa said that, since December, Eskom had been using ...

This audio is brought to you by Endress and Hauser, a leading supplier of products, solutions and services for industrial process measurement and automation. Leading African independent power producer Globeleq says the 153 MW/612 MWh Red Sands project, which was recently awarded preferred bidder status under South Africa's inaugural battery storage public procurement round, will be the largest standalone battery energy storage system (BESS) in Africa and will carry an investment value of R5.7-billion. It is smaller than the 225 MW/1 140 MWh BESS deployed at Scatec's Kenhardt project, also in the Northern Cape. However, Kenhardt is a hybrid solar-battery project developed under the separate Risk Mitigation Independent Power Producer Procurement Programme, which requires the plant to produce 150 MW of dispatchable electricity daily from 5:00 until 21:30. The Red Sands project was originally developed by African Green Ventures, which Globeleq acquired last year from Magnora, a Norwegian company listed on the Oslo Stock Exchange. Located about 100 km southeast of Upington, the lithium-ion battery project will be constructed on a 5 ha site and will connect to the grid through the Eskom Garona substation, which Globeleq says will be upgraded by Red Sands to ensure that full network support capabilities of the batteries can be utilised. Red Sands was not initially named as a preferred bidder on November 30, when Minerals Resources and Energy Minister Gwede Mantashe announced the first four preferred projects selected following Bid Window One (BW1) of South Africa's Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP). However, Mantashe also announced that "value for money" negotiations were under way with a fifth bidder with the aim of having the bid window's full 513 MW/2 025 MWh allocation assigned to independent power producers across the five Northern Cape substations selected by Eskom. The four projects identified were the 103 MW Oasis Nieuwehoop and 77 MW apiece Oasis Aggeneis and Oasis Mookodi projects, bid by an EDF Renewables-led consortium and the 103 MW Scatec-led Mogobe, located at the Ferrum substation. On March 28, the Department of Mineral Resources and Energy (DMRE) announced that negotiations with a fifth bidder had been concluded and that the Red Sands project had been selected as a preferred bidder for development at the fifth substation selected for the round, which was launched in March 2023. Globeleq CEO Mike Scholey expressed delight at Red Sands having received preferred-bidder status and said the company looked forward to working with government to advance the project to financial close and into operation. Globeleq says the project will take 24 months to construct after financial close, which is expected later this year. "Electricity storage is going to be key not only in helping South Africa meet its considerable industrial and domestic demand for energy but also in meeting growing demand right across Africa as more and more renewable energy projects benefit from the advances our industry has made with battery storage technology," Scholey said. Red Sands will be Globeleq's first large-scale BESS project in South Africa where the group also owns and operates six solar photovoltaic plants and two wind farms with a total generating capacity of 384 MW. The company, which is owned 70% by British International Investment and 30% by Norfund, also owns a combined solar and BESS plant at Cuamba in Mozambique and is developing other BESS projects across the African continent. Meanwhile, the DMRE recently launched a request for proposals for BESIPPPP BW3, which has a 616 MW/2 464 MWh allocation across five pre-selected substation sites in the Free State. A bid submission deadline of July 31 has been set after the deadline for BESIPPPP BW2, which was launched in December for sites in the North West province, was extended from April 30 to June 6.

This audio is brought to you by Endress and Hauser, a leading supplier of products, solutions and services for industrial process measurement and automation. Leading African independent power producer Globeleq says the 153 MW/612 MWh Red Sands project, which was recently awarded preferred bidder status under South Africa's inaugural battery storage public procurement round, will be the largest standalone battery energy storage system (BESS) in Africa and will carry an investment value of R5.7-billion. It is smaller than the 225 MW/1 140 MWh BESS deployed at Scatec's Kenhardt project, also in the Northern Cape. However, Kenhardt is a hybrid solar-battery project developed under the separate Risk Mitigation Independent Power Producer Procurement Programme, which requires the plant to produce 150 MW of dispatchable electricity daily from 5:00 until 21:30. The Red Sands project was originally developed by African Green Ventures, which Globeleq acquired last year from Magnora, a Norwegian company listed on the Oslo Stock Exchange. Located about 100 km southeast of Upington, the lithium-ion battery project will be constructed on a 5 ha site and will connect to the grid through the Eskom Garona substation, which Globeleq says will be upgraded by Red Sands to ensure that full network support capabilities of the batteries can be utilised. Red Sands was not initially named as a preferred bidder on November 30, when Minerals Resources and Energy Minister Gwede Mantashe announced the first four preferred projects selected following Bid Window One (BW1) of South Africa's Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP). However, Mantashe also announced that "value for money" negotiations were under way with a fifth bidder with the aim of having the bid window's full 513 MW/2 025 MWh allocation assigned to independent power producers across the five Northern Cape substations selected by Eskom. The four projects identified were the 103 MW Oasis Nieuwehoop and 77 MW apiece Oasis Aggeneis and Oasis Mookodi projects, bid by an EDF Renewables-led consortium and the 103 MW Scatec-led Mogobe, located at the Ferrum substation. On March 28, the Department of Mineral Resources and Energy (DMRE) announced that negotiations with a fifth bidder had been concluded and that the Red Sands project had been selected as a preferred bidder for development at the fifth substation selected for the round, which was launched in March 2023. Globeleq CEO Mike Scholey expressed delight at Red Sands having received preferred-bidder status and said the company looked forward to working with government to advance the project to financial close and into operation. Globeleq says the project will take 24 months to construct after financial close, which is expected later this year. "Electricity storage is going to be key not only in helping South Africa meet its considerable industrial and domestic demand for energy but also in meeting growing demand right across Africa as more and more renewable energy projects benefit from the advances our industry has made with battery storage technology," Scholey said. Red Sands will be Globeleq's first large-scale BESS project in South Africa where the group also owns and operates six solar photovoltaic plants and two wind farms with a total generating capacity of 384 MW. The company, which is owned 70% by British International Investment and 30% by Norfund, also owns a combined solar and BESS plant at Cuamba in Mozambique and is developing other BESS projects across the African continent. Meanwhile, the DMRE recently launched a request for proposals for BESIPPPP BW3, which has a 616 MW/2 464 MWh allocation across five pre-selected substation sites in the Free State. A bid submission deadline of July 31 has been set after the deadline for BESIPPPP BW2, which was launched in December for sites in the North West province, was extended from April 30 to June 6.

This audio is brought to you by Endress and Hauser, a leading supplier of products, solutions and services for industrial process measurement and automation. The Department of Mineral Resources and Energy (DMRE) has launched South Africa's third public procurement round for utility-scale batteries, while also extending the bid submission deadline for Bid Window Two (BW2) of the Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP) launched in December, and naming a fifth preferred bidder from BW1. In a statement, the department said the BESIPPPP BW3 request for proposals was seeking bidders for 616 MW/2 464 MWh of battery projects by July 31 for five pre-selected substation sites. The sites, which have been identified by Eskom, are all located in the Free State and include the Harvard, Leander, Theseus, Everest, and Merapi substations. The DMRE also confirmed an extension to the bid submission date for BESIPPPP BW2 from April 30 to June 6, having previously announced a similar extension for BW7 of the Renewable Energy Independent Power Producer Procurement Programme from April 30 to May 30. The extensions, the DMRE indicated, were granted so as to align with the new timelines granted for application for cost estimate letters from Eskom for grid connection, as well as requests from potential bidders. Meanwhile, the department also announced the appointment of a fifth preferred bidder for BESIPPPP BW1, having selected the other four on November 30, following the inaugural public procurement round for battery storage for 513 MW/2 025 MWh launched in March last year. Following "value for money" negotiations, the DMRE reported that AGV Projects had been selected to build the 153 MW Red Sands battery energy storage project at the Garona substation, one of five Northern Cape substations sites identified for the round by Eskom. The Red Sands battery energy storage project had an investment value of R6.4-billion and a bid evaluation price of R16.5-billion, or R546/MWh cost. The other four projects had a combined investment value of R10-billion and a combined capacity of 360 MW/1 440 MWh. They included the 77 MW apiece Oasis Aggeneis and Oasis Mookodi projects, the 103 MW Oasis Nieuwehoop, all being developed by consortia led by EDF, as well as the 103 MW Mogobe battery energy storage project, being developed by a Scatec-led consortium.

This audio is brought to you by Endress and Hauser, a leading supplier of products, solutions and services for industrial process measurement and automation. The Department of Mineral Resources and Energy (DMRE) has launched South Africa's third public procurement round for utility-scale batteries, while also extending the bid submission deadline for Bid Window Two (BW2) of the Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP) launched in December, and naming a fifth preferred bidder from BW1. In a statement, the department said the BESIPPPP BW3 request for proposals was seeking bidders for 616 MW/2 464 MWh of battery projects by July 31 for five pre-selected substation sites. The sites, which have been identified by Eskom, are all located in the Free State and include the Harvard, Leander, Theseus, Everest, and Merapi substations. The DMRE also confirmed an extension to the bid submission date for BESIPPPP BW2 from April 30 to June 6, having previously announced a similar extension for BW7 of the Renewable Energy Independent Power Producer Procurement Programme from April 30 to May 30. The extensions, the DMRE indicated, were granted so as to align with the new timelines granted for application for cost estimate letters from Eskom for grid connection, as well as requests from potential bidders. Meanwhile, the department also announced the appointment of a fifth preferred bidder for BESIPPPP BW1, having selected the other four on November 30, following the inaugural public procurement round for battery storage for 513 MW/2 025 MWh launched in March last year. Following "value for money" negotiations, the DMRE reported that AGV Projects had been selected to build the 153 MW Red Sands battery energy storage project at the Garona substation, one of five Northern Cape substations sites identified for the round by Eskom. The Red Sands battery energy storage project had an investment value of R6.4-billion and a bid evaluation price of R16.5-billion, or R546/MWh cost. The other four projects had a combined investment value of R10-billion and a combined capacity of 360 MW/1 440 MWh. They included the 77 MW apiece Oasis Aggeneis and Oasis Mookodi projects, the 103 MW Oasis Nieuwehoop, all being developed by consortia led by EDF, as well as the 103 MW Mogobe battery energy storage project, being developed by a Scatec-led consortium.

Europower Investor is the podcast that brings together investors, leading politicians and top management from the renewable energy industry.This podcast episode is a live recording from a debate at the Europower Investor conference. In the debate you will hear:Cecilie Arnemo Åsmul, Managing Director, NØK FornybarAlexandra Bech Gjørv, Chairman of the board, StatkraftJørgen Kildahl, Senior Advisor, Energy Infrastructure Partner/Non Executice Director in Scatec, Alpiq and ØrstedOle Petter Pedersen, Debate moderator, Editor in Chief, Europower Hosted on Acast. See acast.com/privacy for more information.

*Key news articles for today*The OECD sees that phasing out the country's broad-based energy subsidies to, eventually, reflect global energy prices is a must, adding that fully phasing out subsidies both for electricity and natural gas would help address inefficiencies in electricity use in manufacturing, transport, and logistics, which account for nearly 40% of domestic power demand. Sources at the Ministry of Electricity estimated the arrears of foreign companies operating in the sector at more than USD500 million at 2023-end. Egypt is looking to be re-listed in the JPMorgan Emerging Markets Government Bond Index, following its recent economic reform steps, according to the Minister of Finance. Minister of Trade and Industry, revealed that Egyptian merchandise exports recorded c.USD6.12 billion during the months of January and February 2024, compared to USD5.7 billion during the same period in 2023. On the other hand, trade deficit during December 2023 recorded USD3.03 billion, compared to USD2.57 billion during the same month of the previous year. The volume of transactions in the USD interbank market between Egyptian banks amounted to USD2.569 billion during the first 3 days of the flotation decision. The Holding Company for Construction intends to offer majority shares from Al-Nasr Housing and Development, Al-Maadi Development and Construction, and Misr Reinforced Cement Works companies within the framework of implementing the government offerings plan.COMI has raised the monthly maximum cap on FX transactions abroad to the equivalent of EGP75k-200k depending on account type, up from EGP25k-175k. Egyptians abroad can now also withdraw the equivalent of EGP3.5k-10.5k from ATMs abroad every month, up from EGP2k-6.5k. COMI also increased the monthly ceiling on FX transactions at home to EGP50k for all account types, up from EGP3.5k-12.5k. DOMT (FV: EGP13.42, EW) reported 4Q23 results: •                  Attributable net profit for the quarter recorded EGP100 million (-2.7% YoY, -2% QoQ), which is the weakest throughout the whole of FY23. FY23 attributable net profit recorded EGP454 million (+71% YoY).•                  DOMT BoD proposed cash dividends distribution of EGP0.50/share, implying a payout ratio of 31% and a dividends yield of 3%.•                  DOMT is currently trading at a FY24 P/E of 7.5x.  Norwegian renewables developer Scatec's planned solar plant to power EGAL's Nagaa Hammadi industrial complex will be set up with investments of USD1.1 billion. The solar plant will produce 2-GW worth of green power. The developer will finance the project, conduct the required studies, develop the plant, and install the needed equipment.Chems The Ministry of Petroleum targets injecting investments worth USD535 million in Zohr field during the coming fiscal year. Meanwhile, Petrobel targets investing USD614 million during FY24/25 to increase crude oil and gas production rates to 179k BOE per day.

Ras El-Hekma: Potential Addition to TMGH Valuation Is MassiveOn Friday, the Prime Minister announced a USD35.0 billion investment by ADQ to acquire the development rights for Ras El-Hekma on the North Coast in Egypt. ADQ's press release mentions TMGH as one of the partners it will work with.In an attempt to preliminarily gauge how much potential value this project could add to our TMGH valuation. We assume TMGH to be brought onboard as a subdeveloper by ADQ to develop a land area of 23.3 million sqm (based on unconfirmed media reports).We multiply this 23.3 million sqm land area by EGP2,500/sqm  to reach a valuation of EGP58.2 billion, translating into EGP28.19/TMGH share.This, in addition to incorporating the seven Legacy hotels (adding around EGP3.12/TMGH share post minority) would take our total TMGH valuation from EGP42.95/share to a total preliminary valuation of around EGP82.95/share.We reiterate our Overweight recommendation of TMGH.Egypt's government officially announced the Ras El-Hekma investment deal. The deal size is as big as USD35 billion, which will be divided into two installments:The first is in a week's time, amounting to USD15 billion. This will be in the form of USD10 billion freshly injected, in addition to swapping USD5 billion for a part of the UAE deposits at the CBE.The second installment will be two months later, amounting to USD20 billion. Similarly, this will be divided into USD14 billion of fresh USD inflows and a deduction of another USD6 billion of UAE deposits.The USD has weakened on the parallel market to something in the EGP49.50 to EGP52.00 range.A government official said that the proceeds of the Ras El-Hekma deal will be addressing the import backlog and paying arrears owed to foreign partners as cabinet's top priorities.The IMF staff and Egyptian officials continue to make excellent progress towards finalizing the long-stalled first and second reviews of Egypt's loan program according to the Fund's director of communication said. The Norwegian company SCATEC plans to establish a new wind power plant in Egypt in the Gabal El-Zeit region on an area of ​​22 square kilometers.The government will be pausing rolling blackouts during the holy month of Ramadan — expected to start 11 March — according to a cabinet decision.Minister of Finance announced the government's intention to draft a new income tax law, which will be presented for a dialogue within weeks.National Dialogue sessions on the economic axis will kick off on Monday. The sessions will last for four days, with discussions on issues associated with the state's budget, inflation, social justice, and investments.Kima released 2Q23/24 unaudited financial indicators. Net profit grew 22% YoY (-53% QoQ) to EGP163 million in 2Q23/24. Net profit declined by 15% YoY to EGP514 million in 1H23/24. Kima is currently trading at a 2023/2024f PE of 11.8x and EV/EBITDA of 6.7x.Egyptian Petrochemicals Holding Company (ECHEM) and Alexandria National Refining and Petrochemicals Company (ANRPC) are considering teaming up with an undisclosed local private-sector player to establish a USD380 million sustainable aviation fuel (SAF) project with an estimated production capacity of 120k tons a year.Energean will announce the results of exploratory drilling at its Orion X1 well in the next two to three weeks.TAQA, the Saudi Industrialization and Energy Services Company, is eyeing investment opportunities in Egypt's offshore oil well services sector to drive its growth targets. 

The EGX is preparing a proposal to allow individuals to trade T- bills in the secondary market soon, within the framework of the EGX management strategy for development.The government is considering a new increase in the procurement price of wheat ardeb for the current season by EGP400, to reach EGP2,000/ ardeb in conjunction with the rise in the price of wheat in the local market.Egypt's gas exports increased during Last December to 438 million cubic meters compared to 206 million cubic meters In November, according to data from the Energy Data Platform Joint “JODI”.ESRS (FV: EGP97.02, OW) raised its rebar price by EGP3,600/ton to EGP53,520/ton on increasing FX rate in parallel market. EGAL (FV: EGP77.75, OW) has signed a cooperation agreement with Norwegian company Scatec ASA to build a 1 gigawatt (GW) solar power plant in the Industrial Complex in Naga Hammadi. Under the agreement, the plant will be built over two phases. The first phase is planned to be built within 18 months of the date of the agreement, while the second phase is set to be completed within 24 months. Scatec will develop and fund the project, in addition to installing equipment and conducting relevant studies.The Oil Ministry aims to attract somewhere around USD7.5 billion in foreign direct investments from foreign partners in the Egyptian oil sector during the next fiscal year, compared to the USD6 billion in investments expected in the current fiscal year.Egypt's anticipated agreement with the IMF will help settle debts that it currently owes to foreign oil firms.The oil minister confirmed unconfirmed reports from last year that the Middle East Oil Refining Company (Midor) will be the next company from the petroleum sector within the government's privatization program.Egypt is likely to suspend exports of liquefied natural gas during the coming summer on the back of increased domestic demand as rising temperatures strain supplies, The ministry of Petroleum has extended the deadline for a current oil exploration tender from 25 February to 1 April and plans to launch a new gas exploration tender during the second half of 2024.Emirates National Oil Company subsidiary, Dragon Oil, plans to invest some USD500 million in Egypt this year to drill new wells and maintain oil production levels at 61k barrels per day (bpd). Dragon Oil wants to raise its production from the North Safa oil field in the Gulf of Suez to 8k bpd next year up from 6k bpd.Apache aims to secure new oil and gas concessions areas in 2024. Egypt is committed to paying its dues to the company over a 30-year period.Energean confirmed its intention to continue investing in Egypt's oil sector despite the company's accumulated receivables.ERP, the American energy company targets investing USD250 million in Egypt during the current and the coming year.According to local media, JUFO expect a 30-50% increase in demand on their products during Ramadan compared to any other month.Member of the Board of Directors of the Chamber of Pharmaceutical Industry and the Head of the Cosmetics Division of the Federation of Egyptian Industries stated that 70 pharmaceutical companies asked banks to source USD22 million advance payments for foreign suppliers, to be able to ship raw materials and supplies from countries of origin to Egypt.Beltone Holding has entered into a multidimensional collaboration agreement with Bank of Africa Group (BOA Group) that will help Beltone and its new partner in developing mutual growth and leveraging product cross-selling potential in the African market.EXPA signed an agreement with the European Bank for Reconstruction and Development to obtain a loan worth USD25 million, with the aim of financing small and medium export companies.

This audio is brought to you by Endress and Hauser, a leading supplier of products, solutions and services for industrial process measurement and automation. The 128 MW Oya Energy hybrid project, which will combine variable renewables and batteries to produce dispatchable electricity daily between 5:00 and 21:30 for injection into South Africa's loadshedding-prone grid, reached financial close on Tuesday, February 13. The project was named as a preferred bidder for a 20-year power purchase agreement (PPA) under South Africa's Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP), which was launched as a so-called emergency procurement round in 2020 for some 2 000 MW. The bulk of the allocation was awarded to three powership projects at Coega, Richards Bay and Saldanha Bay, but these ran into immediate legal and environmental problems, which resulted in serious delays to the RMIPPPP as a whole. In December, Eskom announced that the grid connection budget quotes for the three Karpowership projects, along with another hybrid project that included gas and batteries, had officially expired, finally releasing scarce grid capacity that had been reserved for the projects. The expiry meant that only hybrid projects bid under the RMIPPPP - which many described as having been tailored for gas-to-power, given the dispatchable profile stipulated and a rule disallowing the hybrid projects from charging their batteries using the grid - eventually advanced to financial close, with three Scatec solar-battery projects having entered into commercial operation on December 11 last year. The Oya Energy Hybrid Project, which will be developed on a single location on a site that spans the Western and Northern Cape provinces, between the towns of Ceres and Sutherland, combines 155 MW of solar photovoltaic and 86 MW of wind with a 92 MW/242 MWh lithium-ion battery energy storage system to produce the dispatchable electricity required under the PPA. The power station will be jointly owned and operated by ENGIE (35%), G7 Renewable Energies (20%), Meadows Energy (22.5%) and Perpetua Investment Holdings (22.5%), with RMB having acted as the sole mandated lead arranger and bookrunner for the project. ENGIE country manager Mohamed Hoosen described the project as "an innovative first-of-its-kind power solution", while G7 CEO Dr Kilian Hagemann argued that it represented "the blueprint for a carbon neutral, 100% renewable future power grid". The project, the investment value for which has not been disclosed, falls within the Komsberg Renewable Energy Development Zone and will be constructed by a joint venture comprising Power Africa and SinoHydro. It is scheduled to will reach commercial operation in the last quarter of 2025.

This audio is brought to you by Endress and Hauser, a leading supplier of products, solutions and services for industrial process measurement and automation. The 128 MW Oya Energy hybrid project, which will combine variable renewables and batteries to produce dispatchable electricity daily between 5:00 and 21:30 for injection into South Africa's loadshedding-prone grid, reached financial close on Tuesday, February 13. The project was named as a preferred bidder for a 20-year power purchase agreement (PPA) under South Africa's Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP), which was launched as a so-called emergency procurement round in 2020 for some 2 000 MW. The bulk of the allocation was awarded to three powership projects at Coega, Richards Bay and Saldanha Bay, but these ran into immediate legal and environmental problems, which resulted in serious delays to the RMIPPPP as a whole. In December, Eskom announced that the grid connection budget quotes for the three Karpowership projects, along with another hybrid project that included gas and batteries, had officially expired, finally releasing scarce grid capacity that had been reserved for the projects. The expiry meant that only hybrid projects bid under the RMIPPPP - which many described as having been tailored for gas-to-power, given the dispatchable profile stipulated and a rule disallowing the hybrid projects from charging their batteries using the grid - eventually advanced to financial close, with three Scatec solar-battery projects having entered into commercial operation on December 11 last year. The Oya Energy Hybrid Project, which will be developed on a single location on a site that spans the Western and Northern Cape provinces, between the towns of Ceres and Sutherland, combines 155 MW of solar photovoltaic and 86 MW of wind with a 92 MW/242 MWh lithium-ion battery energy storage system to produce the dispatchable electricity required under the PPA. The power station will be jointly owned and operated by ENGIE (35%), G7 Renewable Energies (20%), Meadows Energy (22.5%) and Perpetua Investment Holdings (22.5%), with RMB having acted as the sole mandated lead arranger and bookrunner for the project. ENGIE country manager Mohamed Hoosen described the project as "an innovative first-of-its-kind power solution", while G7 CEO Dr Kilian Hagemann argued that it represented "the blueprint for a carbon neutral, 100% renewable future power grid". The project, the investment value for which has not been disclosed, falls within the Komsberg Renewable Energy Development Zone and will be constructed by a joint venture comprising Power Africa and SinoHydro. It is scheduled to will reach commercial operation in the last quarter of 2025.

Guest: Andy Louw | Spokesperson for Infrastructure Investments at Stanlib See omnystudio.com/listener for privacy information.

Budget deficit widened to 3.9% of GDP in 1Q FY 2023-24 from 2.1% a year earlier, largely due to the government's spiraling interest bill.The government has downgraded its growth forecast for the current fiscal year to 3.5% down from the previous 4.2% forecast made last month.The IMF will move forward with Egypt's USD3 billion loan program “soon". The Fund's Managing Director Kristalina added on another note that that the IMF will very likely scale up Egypt's current loan program due to the additional burden posed by the war in Gaza.Norwegian renewables developer Scatec has inked a USD1.1 billion green methanol MoU with the Suez Canal Economic Zone (SCZone). The government is looking to offload a stake in the military's Chill Out fuel retailer. The process will begin after the government concludes the sale of Wataniya which, according to the Minister, will take several more weeks to close.Officials are mulling the sale of EGP8 billion worth of real estate assets to investors in 1Q 2024. HELI is among the state-run companies investors are looking at.The government reportedly intends to offer a 31% stake in the Upper Egypt Tourism and Real Estate Development Company to the private sector, and that international investors have expressed interest in acquiring the stake.Kima is planning to arrange for the advance payment to establish the nitric acid and ammonium nitrate project before the end of December. The project will cost EGP1 billion as well as USD280 million. The down payment amounts to 20% of the EGP sum in addition to 25% of the USD amount, according to local press.Benchmark Power International (BPI) will set up a USD1 billion green ammonia plant in Suez, which will produce 183 tons of green hydrogen a day to produce 1k tons of green ammonia.Weekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 78.9 | -2.1% | Diesel-HSFO Spread, USD/ton | 387 | -8.9% | Egypt Urea, USD/ton | 355 | -11.3% | Polyethylene, USD/ton | 990 | 0.0% | Polypropylene, USD/ton | 925 | -1.1% | Steel/Iron Ore Spreads, USD/ton | 357 | 3.0% | LME Aluminum Cash Price, USD/ton | 2,172 | -0.2% | Egyptian Retail Cement, EGP/ton | 1,990 | -1.2% | Steam Coal FOB Newcastle Australia, USD/ton | 134 | 9.4% | SMP, USD/MT | 2,622 | -3.7% | Last price may vary week over week in some indices due to time difference

Egypt has USD42.3 billion in foreign debt repayments in 2024, including interest payments.According to CBE data, Kuwait has rolled over a total of USD4 billion deposits. Also, the data shows a rollover of a USD1 billion UAE deposit.China-based chemicals manufacturer Befar Group could build a USD2 billion industrial complex for producing specialty chemicals in East Port Said under a letter of intent inked with the SCZone last week.Norwegian renewables developer Scatec will establish a 1-GW solar and 200-MWh battery storage project in Egypt, under an agreement signed with the Egyptian Electricity Holding Company (EEHC).Egypt will ink some USD270 million worth of projects aimed at slashing the industrial sector's carbon emissions, Environment Minister Yasmine Fouad said.The Ministry of Finance will request the expansion of the use of green sovereign financing in financing projects that reduce carbon emissions. Cabinet approved an MoU that will allow China Electric Power Equipment and Technology — a subsidiary of Chinese state-owned electric utility corporation State Grid — to begin its feasibility studies on a proposed 10-GW solar energy project.Five countries and the EU committed financing a combined USD420 million to the loss and damage fund, helping developing nations in their fight against climate change. Funds could start rolling out as soon as 1Q24.We upgraded our fair value for ORAS to EGP233.65/share up from EGP192.45/share, and maintain our Overweight recommendation for the stock.  ORAS is currently trading at FY24e P/E of 11.4x and EV/EBITDA of 3.2x. Net foreign banking system assets deficit amounted to USD27.12 billion in October, recording an increase of 1.2% on a monthly basis. FAIT (FV: EGP33.00, EW) 3Q23 consolidated bottom line recorded EGP863 million (+61% y/y, +12% q/q), bringing 9M23 bottom line to EGP3.9 billion (+48% y/y). We issued an Equalweight recommendation on FAIT on an updated FV of EGP33.00/share. The stock is currently trading at P/B24 of 0.8x and P/E23 of 8.1x.The African Development Bank (AfDB) has approved a USD148 million financial package for COMI, which will be used to on-lend its clients and strengthen its capital position. Naguib Sawiris is planning to invest at least USD120 million in a project that aims to replace motorcycles' and tuk-tuks' traditional combustion engines with electric motors. The plan will be carried out through the e-mobility startup BlueEV, under an investment agreement signed with OIH earlier this year.CCAP's TAQA is set to submit a binding offer to purchase an unspecified number of fuel stations from military-owned fuel retailer Wataniya after Taqa's board approved the decision on Wednesday. Several OPEC+ countries agreed on Thursday to make deeper voluntary supply cuts in a bid to stabilize the markets. Real estate developers are in discussion with the government over incentives for Egyptian expats and foreigners who opt to pay in foreign currency to purchase properties in Egypt from private-sector developers.AMIC released its report for October showing personal cars sales of 6,970 units (+14.7% YoY, -11.6% MoM).The head of Pharmaceutical Industry Chamber of the Federation of Egyptian Industries stated that Egypt released only 30% of raw materials needs for pharmaceutical companies this year and the remaining quantity accumulated in the ports was not entered due to the shortage of foreign currency. This led to a decline of 40% in production capacities of pharmaceutical factories and a shortage of medicines in the market by 30-40% in 2023, according to local media.

The South African government has selected preferred bidders for the development of four utility-scale battery energy storage system (BESS) projects in the Northern Cape, with a combined investment value of R10-billion. The four BESS installations will have a combine capacity of 360 MW/1 440 MWh, with three using lithium-ion battery technology, and one being a lithium-iron-phosphate solution. Mineral Resources and Energy Minister Gwede Mantashe identified the projects as being Oasis Aggeneis, Oasis Mookodi and Oasis Nieuwehoop, which were bid by EDF Renewables, together with partners and which would be deployed at Eskom-selected substation sites in Aggeneis, Mookodi and Nieuwehoop respectively, and the Scatec-led Mogobe BESS project, to be developed at the Ferrum substation. He reported that the Independent Power Producer (IPP) Office was also in negotiations for a project at a fifth site, identified previously as being Garona, also in the Northern Cape. "An additional preferred bidder will be announced as soon as the value for money negotiations have been concluded," he said at a briefing in Pretoria. The four projects have been awarded following an inaugural BESS public procurement bid window for 513 MW/2 025 MWh, known as the Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP). A total of 17 bids were received by the August 2 closing date and the projects were selected following an independent evaluation conducted between August and October. Mantashe said the projects were anticipated to achieve commercial close by June 2024. He also confirmed a second BESIPPPP bid window for 1 230 MW would be launched in the coming two weeks, along with the long-delayed Bid Window Seven of the Renewable Energy Independent Power Producer Procurement Programme and an inaugural gas-to-power request for proposals. "The department is in the process of finalising governance approvals for the release of the requests for the procurement of additional generation capacity," Mantashe added. HYBRID PROJECT CLOSER TO CONSTRUCTION The briefing was followed by a signing ceremony for the legal close of the 75 MW Mulilo Total Hydra Storage Project, which was appointed as a preferred bidder under the much-delayed Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP) in 2021. The hybrid solar photovoltaic/BESS project is proposed for construction in De Aar, in the Northern Cape, and will provide dispatchable renewable electricity daily between 05:00 and 21:30. "The project anticipates reaching commercial close by mid-December 2023, and will start the 24-month construction phase in early 2024. "The new generation capacity should therefore be online from early 2026," Mantashe announced. It is the sixth of an initial 11 RMIPPPP projects to reach commercial close, with the first two of Scatec's three projects under the programme - Kenhardt 1 and 2 - already in operation and with Kenhardt 3 expected to enter commercial operation in early December. The three projects will provide 150 MW of dispatchable electricity using a combination of renewables and BESS. The EDF Renewables-led Umoyilanga hybrid project, meanwhile, reached financial close on November 28, and has entered construction, while the Oya hybrid project, being developed by ENGIE and G7 Renewables Energies, is said to be advancing toward financial close. IPP Office head Bernard Magoro reiterated that a firm end of December deadline had been set for the commercial close of all RMIPPPP projects, which have been locking up scarce grid-connection capacity for over two years. Besides several hybrid projects that were named as preferred bidders following the launch of the RMIPPPP, the lion's share of the capacity under the controversial tender was allocated across three floating gas-to-power projects bid by Karpowership. These projects have faced legal and environmental opposition, but environmental impact assessment (EIA) approvals were recently provided t...

The South African government has selected preferred bidders for the development of four utility-scale battery energy storage system (BESS) projects in the Northern Cape, with a combined investment value of R10-billion. The four BESS installations will have a combine capacity of 360 MW/1 440 MWh, with three using lithium-ion battery technology, and one being a lithium-iron-phosphate solution. Mineral Resources and Energy Minister Gwede Mantashe identified the projects as being Oasis Aggeneis, Oasis Mookodi and Oasis Nieuwehoop, which were bid by EDF Renewables, together with partners and which would be deployed at Eskom-selected substation sites in Aggeneis, Mookodi and Nieuwehoop respectively, and the Scatec-led Mogobe BESS project, to be developed at the Ferrum substation. He reported that the Independent Power Producer (IPP) Office was also in negotiations for a project at a fifth site, identified previously as being Garona, also in the Northern Cape. "An additional preferred bidder will be announced as soon as the value for money negotiations have been concluded," he said at a briefing in Pretoria. The four projects have been awarded following an inaugural BESS public procurement bid window for 513 MW/2 025 MWh, known as the Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP). A total of 17 bids were received by the August 2 closing date and the projects were selected following an independent evaluation conducted between August and October. Mantashe said the projects were anticipated to achieve commercial close by June 2024. He also confirmed a second BESIPPPP bid window for 1 230 MW would be launched in the coming two weeks, along with the long-delayed Bid Window Seven of the Renewable Energy Independent Power Producer Procurement Programme and an inaugural gas-to-power request for proposals. "The department is in the process of finalising governance approvals for the release of the requests for the procurement of additional generation capacity," Mantashe added. HYBRID PROJECT CLOSER TO CONSTRUCTION The briefing was followed by a signing ceremony for the legal close of the 75 MW Mulilo Total Hydra Storage Project, which was appointed as a preferred bidder under the much-delayed Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP) in 2021. The hybrid solar photovoltaic/BESS project is proposed for construction in De Aar, in the Northern Cape, and will provide dispatchable renewable electricity daily between 05:00 and 21:30. "The project anticipates reaching commercial close by mid-December 2023, and will start the 24-month construction phase in early 2024. "The new generation capacity should therefore be online from early 2026," Mantashe announced. It is the sixth of an initial 11 RMIPPPP projects to reach commercial close, with the first two of Scatec's three projects under the programme - Kenhardt 1 and 2 - already in operation and with Kenhardt 3 expected to enter commercial operation in early December. The three projects will provide 150 MW of dispatchable electricity using a combination of renewables and BESS. The EDF Renewables-led Umoyilanga hybrid project, meanwhile, reached financial close on November 28, and has entered construction, while the Oya hybrid project, being developed by ENGIE and G7 Renewables Energies, is said to be advancing toward financial close. IPP Office head Bernard Magoro reiterated that a firm end of December deadline had been set for the commercial close of all RMIPPPP projects, which have been locking up scarce grid-connection capacity for over two years. Besides several hybrid projects that were named as preferred bidders following the launch of the RMIPPPP, the lion's share of the capacity under the controversial tender was allocated across three floating gas-to-power projects bid by Karpowership. These projects have faced legal and environmental opposition, but environmental impact assessment (EIA) approvals were recently provided t...

Oktober ble en tøff måned for aksjer, men november har så langt startet på den positive siden. I denne episoden har Marius Brun Haugen med seg aksjestrateg Paul Harper i studio, som blant annet forklarer hvordan han vurderer veien videre for markedet.De er også innom en rekke aksjecase som flyselskapet Norwegian, fornybar-selskapet Scatec, de store oljeselskapene, Europris, bank og shipping. I tillegg har Marius sett nærmere på hva som var de mest populære aksjene blant privatinvestorene i oktober.Sist, men ikke minst får du høre hvordan makroanalytiker Kyrre Aamdal og valutastrateg Magne Østnor fra DNB Markets vurderer mulighetene for en ny renteheving fra Norges Bank i desember.Episoden ble spilt inn fredag 3. november klokken 12:00. Produsent: Kim A. Farago, DNB Wealth Management. Hosted on Acast. See acast.com/privacy for more information.

Foreign nationals already in Egypt applying for residence permits will be required to pay their required fees in hard currency starting Saturday, 16 September.Three unnamed firms hailing from the Arab world and China are looking to invest USD600 mn to build wind farms in Egypt.The final buyer of the Beni Suef power plant will repay international creditors' loans directly linked to the plant.Fitch said that pressure on the EGP may ease if the government succeeds in selling assets to external investors, thus stimulating foreign capital flows to Egypt. The agency expected that the government would rely on the sale of assets to finance imports backlog amounting to USD 5.5 billion.Egypt is the second-most vulnerable country to a debt crisis in the world, according to Bloomberg, which ranked 60 countries based on the volume of government debt, interest costs, and the yields on USD bonds.According to a report from Fitch, Egypt's net foreign asset position will likely get worse before it gets better as a combination of foreign outflows, import backlogs and a managed exchange rate will likely intensify FX liquidity pressures in the banking sector. Sources revealed that there is interest from Gulf entities in buying EXPA's share of the government that owns more than 80% indirectly through its various arms.The chairman of ERC, CCAP's subsidiary, announced that his company is planning to increase diesel production capacity in the medium term, according to local press. The completion of Ethydco's 100% acquisition by SKPC is contingent to the finalization of ADQ's acquisition of a 27% stake in Ethydco. Where at the end, ADQ will be holding a 20% stake in SKPC, according to local press. Minister of petroleum held negotiations with the CEO of the Norway company “Scatec” to explore the latest developments of the green ammonia and methanol project that will take place in Damietta- Mopco's factory. The International Energy Agency warned yesterday that the continuation of oil supply cuts by Saudi Arabia and Russia will create a significant supply shortfall that could trigger volatility in the global energy markets.A number of private players are in talks with the government to help set up an industrial zone in the Eastern Desert's Golden Triangle. The planned industrial zone's first phase is set to cost USD2 billion in initial investment, and the zone will ultimately cater to the mining, agriculture, trade, and tourism sectors. ORAS (FV: EGP181.70, OW) subsidiary Orascom Industrial Parks, IDG, SWDY's (FV: EGP22.87, OW) Elsewedy Industrial Development, and CPC Egypt have all held meetings with the government about their potential involvement. The government expects to reach an agreement with “several” of the developers in early 2024, according to local media.Egypt plans to establish an integrated industrial complex, in cooperation with an international company, to produce flat steel with investments worth USD1 billion. We remind you that EGTS's next court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is, if not further postponed, on 17 September 2023.

On this week's podcast, we run through top stories in the market including: OMERS invests in Canadian fibre operator Beanfield Financial close for Boswell Springs Wind Project Syndication for Rio Grande LNG due to launch Enel Chile to sell 416MW solar portfolio to Sonnedix Sacyr reaches financial close on Colombian highway UKIB provides £250m of debt to nextfibre Freyr awarded EU grant towards Giga Arctic project Release by Scatec raises $102m

Egypt's PMI rose in June to 49.1, its highest level in almost two years. The cabinet has denied rumors circulating about the Customs Authority banning the import of a list of goods for a three-month period. Cabinet approved a decision lifting current controls on foreign ownership of real estate, provided that foreigners pay for their purchases in hard currency and via bank transfer to a state-owned bank. Ministers approved two draft decisions allocating state owned land in New Cairo and Sixth of October to international real estate developers, to be paid for in USD. Foreign investors will be allowed to register as importers with 10-year licenses. The Parliament's Economic Affairs Committee approved amendments to the Investment Law aimed at expanding incentives, while the Budget and Planning Committee approved a draft bill reinstating taxes on state entities. According to the Institute of International Finance (IIF), adopting a flexible exchange rate will be key to resolving the imbalances and rebuilding reserves. The Finance Ministry will pay out the latest batch of export subsidies on 12-13 July. The cabinet approved a USD733 mn loan from the Japanese International Corporation Agency (JICA) to finance the construction of Cairo Metro Line 4. Cabinet approved in principle a plan put forward by French manufacturer Alstom to establish an industrial complex in Alexandria's Burj Al Arab. Scatec signed a land allocation agreement with the Electricity Ministry for a planned 5-GW wind farm in Sohag governorate. Infinity Power acquires Lekela power for USD850 million. EGX announced that TAQA will start trading next Sunday, 9 July 2023. We remind you with our multiples-based valuation which valued TAQA at EGP7.8 billion, or EGP5.75/share. According to the IFA report of Both SKPC and Ethydco, SKPC (including 20% of Ethydco) is worth EGP23 billion (EGP30.6/share) and Ethydco is worth EGP33.5 billion. This translates into a 1.45x swap ratio. The valuation of the new combined entity will be EGP50 billion. The new entity's total number of shares should add up to 1.6 billion with a valuation of EGP30.6 per share. Accordingly, the upside potential here is the difference between the current market price (EGP23.81) and the IFA's FV of EGP30.6/share, i.e., 28.5% upside potential. At EGP30.6/ per share, the implied multiples for SKPC in 2023e (pre acquisition) are P/E of 9.1x and EV/EBITDA of 7.4x. Chevron will start digging its first oil and gas exploratory well in its red sea concession during 1H2024. HELI is preparing to issue a tender for the design of a residential compound in New Heliopolis. Real estate developer City Edge yesterday signed a partnership contract on behalf of the Housing Ministry with Hilton that will see Hilton manage two new hotels. Temry for frozen poultry recorded EGP500 mn in sales during 1H23 from their FY23 targeted EGP1.2 bn. The company's management are expecting fluctuations in poultry prices in the upcoming period due to disruptions in the birds' life cycle and unsteady feed and medicines prices. Basata's new e-payment platform “Basata Pay” has launched in the Egyptian market. Basata Pay will capitalize on the Bee and Masary's PoS machines.

Med Terje Pilskog, administrerende direktør i Scatec, og Hildegunn T. Blindheim, administrerende direktør i Offshore Norge, er scenen satt for å diskutere Norges fremtid som energinasjon.

Afrikanske og latinamerikanske investeringer representerer spennende fremvoksende markeder med stor betydning for det grønne skiftet. I den nyeste episoden av Fremtidens Næringsliv diskuterer vi utviklingen i disse regionene og deres rolle i bærekraftig økonomisk utvikling. Bli med og hør om utfordringer, suksesser og visjonen for en mer bærekraftig fremtid. Gjester:Ann-Mari Lillejord, EVP for Europa og Latin-Amerika i ScatecTellef Thorleifsson, CEO i NorfundProgramledere:Kim Gabrielli (UN Global Compact Norge)Produsent:Kristin Steenfeldt-Foss Hosted on Acast. See acast.com/privacy for more information.

NI Capital is preparing to sell stakes in seven state-owned companies as part of the government's privatization program, two of which are expected to be complete by the end of the fiscal year, or June 2023.  The Ministry of Finance started accepting the paperwork for reimbursing exporters for the sixth phase of the export rebates program (EGP10 billion in total). Cash reimbursements will be made in July or August.   The Minister of International Cooperation signed letters with the Italian Ambassador to Cairo to extend the agreement for the third phase of the development debt swap program until December 2024. Egypt signed a memorandum of understanding with the Norwegian company “Scatec” to start feasibility studies for the electricity interconnection project for the purpose of exporting 3GW of renewable energy to Europe via Italy.  Apache wants to obtain new concessions in the Western Desert to drill more wells. The Egyptian Stock Exchange applied for FRA's initial approval to establish a derivatives settlement company.EKHO released 1Q23 net profit of USD60 million, -16% YoY. Consolidated revenues declined -23% YoY to USD225 million, pressured by Urea prices, and the lag in the rise of prices within NatEnergy, despite the rise in Sprea revenues. EKHO is currently trading at 2023f PE of 6.0x and EV/EBITDA of 3.3x.MOIL released FY2022 top line registered USD102 million, - 12% YoY, and a net loss of USD104 million compared to USD77 million losses in 2021. ORWE (FV: EGP18.50, OW) released 1Q23 attributable net profit for the quarter of EGP411 mn (+73.8% YoY). The rise came backed mainly by the China divestment recording EGP277 mn. Margins are supported by the mix of rising ASP and declining commodities prices. After revisiting our FX rates assumptions and commodities expectations, we upgrade our FV to EGP18.50/share. ORWE is currently trading at a P/E of 6.0x and an EV/EBITDA of 5.3x.Some commercial sectors launched calls to boycott securing foreign currency from the parallel market, led by car dealers, in order to control the overshooting witnessed in the rate. The proposal is to reduce importing for 1-3 months.  There are market expectations of a rise in poultry prices in light of the continued decline in daily production and the industry losing more than 80% of production capacity. We raised our ORHD FV to EGP20.38/share mainly on the back of incorporating the current EGP/USD FX rate of 30.88 in our valuation of residual land in El Gouna which is based on a price of USD23/sqm, as well as the latest higher net debt position. OCDI (FV: EGP23.30, OW) made the down payment to acquire a 180 feddan land plot directly south of its North Coast project, Caesar, and is planning to invest over EGP10.0 billion in the development of the project over the next four years.MNHD (FV: EGP3.16, EW) declared cash dividends of EGP0.15/share (DY of 4.6%). AMER is planning to issue sukuk worth EGP1.5-2.0 billion within the next two months.SAUD 1Q23 net profit recorded EGP474 million (+29% y/y) on the back of 1) strong top-line growth, and 2) strong non-funded income growth. SAUD is currently trading at P/B23 of 0.8x and P/E23 of 3.8x, with ROAE of 21%. We upgraded FV to EGP15.00. HRHO called an extraordinary general meeting on May 24 to discuss proposals to change its name from EFG Hermes Holding to EFG Holding and raise its issued and paid-in capital by 25% to EGP 7.3 bn, through 1 bonus shares for every 4 shares held.FRA raised the one-ticket funding limit for microfinance companies by 10% to EGP220,000. InterContinental Hotels Group is opening in Arkan Palm in West Cairo the 140-room Voco West Cairo 205 Suites in June 2026 and the 250-room InterContinental West Cairo 205 in January 2028.   

Panelet - denne gang uten jallakongen som enten er konk eller på heisatur på Norefjell - diskuterer ukens hektiske aksjehandler, verstingaksje med emisjon, bankuroen tiltar og sprer seg, vill trading i amerikanske regionbanker, Credit Suisse i problemer, voldsomme rentesvingninger, kronekursen svekkes, oljeprisfall, PGS betaler ågerrenter, mest net cash relativt til børsverdi, Equinor kjøpte i Scatec, Chat GPT som regnskapsanalytiker og utvides i versjon 4, indeksendringer og ukens favoritter. Episoden er sponset av IG - besøk ig.com/no

Nå er det urolig i både aksje- og rentemarkedet. Bankene har fått kjørt seg på børsen, men også oljerelatert aksjer har fått en ekstra trøkk i takt med at oljeprisen har falt til nivåer på lave 70-tallet. Er dette starten på en større aksjekorreksjon eller blåser det over? Vil den amerikanske sentralbanken prioritere finansiell stabilitet på kort sikt fremfor å bekjempe prisveksten? Og hvorfor har ikke investorene gått i panikkmodus enda? Dette er temaer som aksjestrateg Paul Harper diskuterer med Marius Brun Haugen i denne episoden. De er også innom flere forskjellige aksjer som Equinor, Scatec, Orkla, Ørsted og Vestas. Sendingen ble spilt inn torsdag 16. mars 2023.Produsent: Kim A. Farago, DNB Wealth Management.Dersom du har ønsker om gjester vi skal invitere, temaer vi skal ta opp, eller aksjer vi skal kommentere kan du sende Marius en mail på utbyttepodden@dnb.no Hosted on Acast. See acast.com/privacy for more information.

Egypt, the UAE, Jordan, and Bahrain signed agreements to establish nine joint industrial projects at an investment cost of USD 2 bn. AUTO consolidated attributable net income in 4Q22 amounted to EGP8,714 mn compared to EGP413 mn in 4Q2. FY22 bottom-line recorded EGP9,985 mn compared to EGP1,408 mn recorded in FY21. The sharp incline was backed by the MNT-Halan divestment (EGP8.2 billion). We have upgraded our FV for AUTO earlier to EGP7.56/share with GB Capital 78.8% of our FV. AUTO is currently trading at a 2023 P/E of 2.4x and an EV/EBITDA of 3.7x.MCQE reported 4Q22 attributable net earnings recording EGP33 million (-15% YoY, +3.5-folds QoQ), bringing FY22 attributable earnings to EGP96 million (-34% YoY). Top-line surged with prices, but operating margins shrank. DPS is EGP0.5/share (DY 2.2%) in addition to a stock dividend of 1:3. MCQE is trading at FY23e P/E of 15.9x, EV/EBITDA of 6.1x and EV/ton of EGP627.MBSC reported FY22 losses of EGP146 million representing almost half the legal compensation related to the contractual dispute with CCAP's subsidiary ASEC. Net cash position inched up to EGP1.2 billion on December 31, 2022, representing c. 50% of the stock's market cap. MBSC is currently trading at FY23e P/E of 29.5x, EV/EBITDA of 9.4x, and EV/ton of EGP430. We upgrade our fair value for ECAP to EGP17.23/share with a valuation gap of 19.0%, with Equalweight. ECAP is currently trading at 2023f P/E of 6.2x and EV/EBITDA of 3.4x.MNHD achieved solid 4Q22 sales of EGP3.7 billion, up 325.1% y/y, bringing FY22 sales to EGP11.2 billion, up 224.4% y/y. Net profit in 4Q22 reached EGP202.4 million, up 517.1% y/y, bringing FY22 net profit up 160.5% y/y to EGP736.7 million. DPS is EGP0.15/share with DY of 4.3%. The Board also approved a EGP35.0 million capital increase to fund the company's ESOP. The Real Estate Development Chamber is calling for fixing the interest rate on land liability payments and including real estate development in the 11.0% subsidized interest rate program.MFPC standalone net profit after taxes in FY22 amounted to EGP3.835 billion which is up by 148% YoY. MFPC is trading at 2023 consolidated P/E of 5.3x and EV/EBITDA of 3.0x. MICH issued the net profit figures for January 2023, attaining a net profit of EGP68 million compared to EGP15 million in January 2022. MICH is trading at 2023 P/E of 3.5x.EFIH signed a cooperation agreement with “Giesecke+Devrient G+D”, specialized in banking cards and electronic payment solutions, to extend their cooperation on card issuance and digital payment services in Egypt. Around 70 pharmaceutical companies submitted repricing requests to the Egyptian Drug Authority.Norwegian renewable energy developer Scatec proposed a new electricity (3GW) interconnection project between Egypt and Europe.Consumer financing in Egypt hit EGP26.8 billion in 11M2022, up from EGP15.2 billion in 11M2021. Aman Holding intends to expand in new markets, including Saudi Arabia, and is considering issuing Sukuk at a value of EGP500 million, in addition to securing new banking facilities worth EGP4 billion. Weekly Commodities UpdateBrent, USD/bbl           83.2     0.2%Steel/Iron Ore Spreads, USD/ton       487.6   5.0%Diesel-HSFO Spread, USD/ton          438.0   4.1%Egypt Urea, USD/ton 391.0   2.9%LME Aluminum Cash Price, USD/ton           2,285.0            -2.6%Polyethylene, USD/ton           1,180.0            0.9%Polypropylene, USD/ton        1,055.0            -0.5%Egyptian Retail Cement, EGP/ton      1,883.0   

Hvordan navigerer Scatec, som kraftprodusent i fremvoksende markeder, dagens urolige klima? Scatec er til stede i mange land der behovet for ny fornybar energi er enormt. Økte renter, capex, men også økte energipriser er variabler som påvirker hverdagen til enhver kraftprodusent i disse dager. Hør Scatec-sjef Terje Pilskog med aksjemegler Sebastian Baartvedt i Paretopodden.Scatec er blant de ca. 80 kraft- og fornybarselskapene som deltar på vår 25. årlige Power & Renewable Energy-konferanse i Oslo 28. februar. På konferansen vil selskapene presentere sine siste oppdateringer, sentrale bransje- og politiske beslutningstagere vil diskutere aktuelle energispørsmål, og våre analytikere vil presentere våre utsikter for blant annet havvind, karbonfangst, hydrogen, batterier, resirkulering og gassmarkedet.Interessert i å delta? Les mer om konferansen her, og meld deg på via din kontakt hos Pareto Securities: https://paretosec.com/power-and-renewable-conference Lytt også til fornybardirektør Lars Ove Skorpen og aksjeanalytiker Bård Rosef oppsummere det siste året for kraft og fornybar energi og hvilke temaer som blir sentrale på konferansen: https://www.paretosec.no/pareto-tv/kraft-og-fornybar-energi-hva-har-skjedd-siste-aaret-og-hva-er-viktigste-temaer-naa-paretopoddenDisclaimer:Pareto Securities' podkaster inneholder ikke profesjonell rådgivning, og skal ikke betraktes som investeringsrådgivning. Handel i verdipapirer medfører til enhver tid risiko, og historisk avkastning er ingen garanti for fremtidig avkastning. Pareto Securities er verken rettslig eller økonomisk ansvarlig for direkte eller indirekte tap, eller andre kostnader som måtte påløpe ved bruk av informasjon i denne podkasten.Se våre nettsider https://paretosec.com/our-firm/compliance/ for mer informasjon og full disclaimer. Hosted on Acast. See acast.com/privacy for more information.

The Federal Reserve raised its benchmark interest rate to the highest level in 15 years by half a percentage point. Officials expect to keep rates higher through next year, with no reductions until 2024.According to a draft law to amend some provisions of the income tax law, the Egyptian government intends to impose a new tax bracket of 27.5% on individuals' income that exceeds EGP800,000 annually (USD32,000). The draft also includes:Bypassing the unpaid capital gains tax due on the disposal of shares listed on EGX during the period from January 2022 until the date of entry into force of the law's amendments.Deducting 50% of the capital gains achieved for individuals from the initial offerings, for a period of two years from the date of entry into force of the amendments to the income tax law. The Egyptian government aims to increase its tax revenue during the current fiscal year 2022-2023 by about 18.8%. It also seeks to increase its revenues from payroll tax by 18.6%.Retailers have two weeks to start clearly displaying the prices of all their goods under efforts aimed to tame food price inflation.To make it easier for Egyptians living abroad to buy a car under the government's new car import scheme, buyers will no longer be required to deposit fees for the program three months before transfers are made. They can instead provide to the government with a bank statement as proof of their ability to pay.The Cabinet awarded golden licenses to eight investment projects including a USD5.5 billion green ammonia plant in Ain Sokhna. Egypt targets increasing exports to Africa to USD10 to 15 billion within four years. Oil prices increased on Wednesday after OPEC and the International Energy Agency (IEA) forecast a rebound in demand over the course of next year and as US interest rate hikes are expected to ease further alongside slowing inflation.The 100 MW green hydrogen plant being developed by Scatec, Fertiglobe and ORAS (FV: EGP106.90, OW) received a license from cabinet yesterday. The EGX has approved the temporary listing of the Damietta Container & Cargo Handling Company's shares ahead of a potential IPO next year.Haleon — the former consumer healthcare unit of GSK that was spun off over the summer — will kick off operations under its own brand in Egypt next year. Haleon Egypt will locally produce 90% of its products.Drugmaker Pfizer is in talks with the government to manufacture its Prevnar vaccine in Egypt, which is designed to treat pneumonia.Eva Pharma and Lilly will partner to produce insulin for diabetes patients in the local market.CBE data revealed that the value of its assets increased to EGP3.7 trillion at the end of November 2022 (+5.7% MoM). Moreover, balances with the IMF recorded EGP7.105 billion (-39% YoY). The banking sector customer deposits increased, to record EGP7.82 trillion at the end of September (+1.3% MoM), while lending balances reached EGP3.695 trillion at the end of September (+2.8% QoQ)

Stocks that did not fully reflect inflation and exchange rate weakness: CIEB, EFIH, JUFO, TMGH, ORHD, PHDC, HELI, EKHO, ORAS.The cabinet approved plans for Egypt to join the New Development Bank, a multilateral lender set up by Brazil, Russia, India, China, and South Africa (the BRICS).The House of Representatives has given a preliminary nod to the government's proposed Retail Stores Bill. A Local Development Ministry decree published in the Official Gazette named 83 different commercial activities that will require the sign-off of security directorates to go legit.AUTO finalized the sale of 7.5% stake in MNT Investments with total proceeds of USD60 mn, and an earnout component that could potentially lead to total proceeds of USD71.3 mn, should it come into effect. The transaction values MNT Investment at a total of USD800-951 mn, and AUTO's remaining stake of 49.5% at USD396-471 mn.ESRS raised the price of rebars by EGP1,000/ton to EGP21,450/ton (including VAT) as of December 12, 2022, 5% higher than the EGP20,450/ton in the beginning of December. Subsidiaries of Gulf wealth funds have submitted bids as part of consortiums with other local and foreign investors to build the 21 desalination plants the government is tendering to the private sector. Four plants will be awarded by mid-January or early February. Among the bidders are Saudi PIF, Abu Dhabi's ADQ, the Qatari Investment Authority (QIA), Hassan Allam Holding, Al Nowais, Schneider Electric, and a consortium made up of Metito Holdings, Scatec, and ORAS.Egypt-based Engineering Consultants Group was awarded a contract to design a multi-purpose hall for Neom in Saudi.EGTS's court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is postponed to 4 February 2023.PACH stated that it did not receive any news regarding National Paints increasing the acquisition offer to EGP32/share instead of EGP29/share.The volume of instantaneous transactions that took place between banks during the first 11 months of this year exceeded EGP109 trillion, up 65% YoY.SAUD Capital for Financial Investments, a subsidiary of SAUD, launched Tanfeez, specialized in real estate investment and urban development.CANA issued a new certificate with a return of up to 17% annually.MHOT opened its Safir Dahab resort which encompasses 159 rooms.

A further 13 solar photovoltaic (PV) projects have signed agreements with Eskom and government raising to 19 the number of projects that are now set to proceed under the much-delayed fifth bid window (BW5) of South Africa's Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). All 19 projects, which have a combined investment value of R34.3-billion, were selected as preferred bidders in October last year, when a total of 25 wind and solar PV projects were named. Collectively they will add 1 759 MW renewable capacity to the national grid once constructed, comprising 784 MW of onshore wind and 975 MW of solar PV. The bid window was the first to proceed following a seven-year disruption to the REIPPPP after the then State-captured Eskom leadership refused, in 2015, to sign power purchase agreements with independent power producers. However, the round has faced serious difficulties having been bid ahead of the surge in renewables costs that arose as a result of several Covid lockdowns in China and Russia's invasion of Ukraine. The projects that signed power purchase and implementation agreements on December 8 are 75 MW apiece and will collectively add 975 MW of solar PV to the national grid once constructed. The 13 projects named at a ceremony in Pretoria included: Grootfontein PV 1, Grootfontein PV 2 and Grootfontein PV 3 to be built by Scatec near Touwsriver, in the Western Cape; The Grootspruit and the Sannaspos solar PV projects, being developed by the Engie-Pele Consortium, in the Free State, and the Graspan solar PV project, to be built by the same consortium in the Northern Cape; Total Mulilo's Du Plessis Dam Solar PV 1 project in De Aar, in the Northern Cape; and the Kentani, the Klipfontein, the Klipfontein 2, the Leliehoek, the Braklaagte and the Sonoblomo solar facilities in Dealesville, in the Free State, being developed by the Ikamva Consortium of Mainstream, Globeleq and H1. In September, the first three BW5 wind projects, which are being developed by EDF Renewables and its partners, H1 and Gibb-Crede, signed their project agreements, which was then followed by Red Rocket South Africa, which signed agreements for a further three wind projects in early November. Two of the EDF projects subsequently achieved financial close in mid-November. IPP Office head Bernard Magoro said the 13 projects were expected to reach commercial close by the end of March. Discussions were ongoing with the other six preferred bidders “to conclude the procurement within the framework of the Request for Proposals and the law”. Magoro also confirmed that the preferred bidders that had not yet advanced their projects to financial close under the controversial risk-mitigation procurement round had been given until the end of January to do so.

A further 13 solar photovoltaic (PV) projects have signed agreements with Eskom and government raising to 19 the number of projects that are now set to proceed under the much-delayed fifth bid window (BW5) of South Africa's Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). All 19 projects, which have a combined investment value of R34.3-billion, were selected as preferred bidders in October last year, when a total of 25 wind and solar PV projects were named. Collectively they will add 1 759 MW renewable capacity to the national grid once constructed, comprising 784 MW of onshore wind and 975 MW of solar PV. The bid window was the first to proceed following a seven-year disruption to the REIPPPP after the then State-captured Eskom leadership refused, in 2015, to sign power purchase agreements with independent power producers. However, the round has faced serious difficulties having been bid ahead of the surge in renewables costs that arose as a result of several Covid lockdowns in China and Russia's invasion of Ukraine. The projects that signed power purchase and implementation agreements on December 8 are 75 MW apiece and will collectively add 975 MW of solar PV to the national grid once constructed. The 13 projects named at a ceremony in Pretoria included: Grootfontein PV 1, Grootfontein PV 2 and Grootfontein PV 3 to be built by Scatec near Touwsriver, in the Western Cape; The Grootspruit and the Sannaspos solar PV projects, being developed by the Engie-Pele Consortium, in the Free State, and the Graspan solar PV project, to be built by the same consortium in the Northern Cape; Total Mulilo's Du Plessis Dam Solar PV 1 project in De Aar, in the Northern Cape; and the Kentani, the Klipfontein, the Klipfontein 2, the Leliehoek, the Braklaagte and the Sonoblomo solar facilities in Dealesville, in the Free State, being developed by the Ikamva Consortium of Mainstream, Globeleq and H1. In September, the first three BW5 wind projects, which are being developed by EDF Renewables and its partners, H1 and Gibb-Crede, signed their project agreements, which was then followed by Red Rocket South Africa, which signed agreements for a further three wind projects in early November. Two of the EDF projects subsequently achieved financial close in mid-November. IPP Office head Bernard Magoro said the 13 projects were expected to reach commercial close by the end of March. Discussions were ongoing with the other six preferred bidders “to conclude the procurement within the framework of the Request for Proposals and the law”. Magoro also confirmed that the preferred bidders that had not yet advanced their projects to financial close under the controversial risk-mitigation procurement round had been given until the end of January to do so.

Enerji Günlüğü Haber Bülteni:Türkiye'nin ve Dünyanın Enerji Gündemienerjigunlugu.net

Fitch Ratings has cut its outlook on Egyptian debt from “stable” to “negative” due to deterioration in the country's external liquidity position, keeping Egypt's B+ rating.Egypt unveiled initiative to help poor countries adapt to climate change, a plan that envisions channeling billions of USD into the world's poorest countries by 2030.The General Authority for Supply Commodities (GASC) canceled its last tender to import wheat due to the high prices by import companies, exceeding the estimated prices in international markets.The consumption of 65.8% of Egyptian households of food and non-food commodities was affected because of the war between Russia and Ukraine, according to CAPMAS study.Fertiglobe, Scatec, ORAS and The Sovereign Fund of Egypt start commissioning of the first phase of theit 100 MW green hydrogen plant in Ain Sokhna, Egypt. Deutsche Bahn and SWDY signed a contract with the Egyptian government to manage and operate the first line of the high-speed rail network between Ain Sokhna and Marsa Matrouh for 15 years with the option to extend for an additional 15 years. The agreement is worth more than EUR1 bn.The Egyptian government signed an agreement with a consortium of Hassan Allam Utilities, Masdar (Abu Dhabi Future Energy Company)  and Infinity, to develop a 10 GW onshore wind project in Egypt – one of the largest wind farms in the world. SCEM general assembly approved signing an administrative services contract with France's Vicat.MFPC issued standalone results for 3Q22. Revenues recorded EGP1,370 million, lower 21.83% QoQ but up 65.66% YoY in 3Q22. Net profit after taxes amounted to EGP796 million (-2.90% QoQ, +109.75% YoY).EKHO converted 330,000 shares' trading-currency into USD to be traded in Kuwait Stock Exchange. The total number of shares trading in USD reached 762 million shares, while the total number of shares trading in EGP reached 365 million shares.EBRD will lend USD5.5 million to TAQA Arabia's renewables subsidiary to build and operate a 7MW solar plant in Minya. Oil prices fell more than USD2 per barrel on Tuesday in choppy trading on growing worries about fuel demand as COVID-19 outbreaks worsened in top crude importer China, and jitters about the outcome of U.S. midterm elections. ARAB reported weak 3Q22 results, with sales declining 4.4% y/y and 14.3% q/q to EGP498.0 million. Revenue and net profit also declined yoy and qoq. However, With 9M22 sales of EGP1.4 billion, ARAB is on track to meet our EGP1.6 billion FY22 sales forecast projected in our EGP0.69/share valuation.AMER Group reported weak 3Q22 results, with revenue decreasing  y/y and q/q to EGP338.8 million, and net loss for the quarter recorded EGP5.5 million, compared to 3Q21 net profit of EGP11.1 million and 2Q22 net loss of EGP4.7 million.ZMID reported a 254.9% y/y increase in 9M22 revenue to EGP414.0 million and 2.5% y/y increase in 9M22 net profit to EGP216.3 million.ACAMD Board approved purchasing treasury shares.UAE investment company Chimera Investment has started the procedures of granting a one-year loan worth EGP1.34 billion to Beltone Financial Holding Company, which acquired 55.9% of its shares last August. The Ministry of Transport is studying the issuance of securitized bonds to cover part if the necessary funds for the economic zone to be established in Alexandria port on an area of 1 million square meters.ETRS has established a new company,  Egytrans for Automotive Solutions, with a capital of USD200 thousand that will manage the operation of a logistics warehouse in Ain Sukhna on an area of 10,000 square meters for the purpose of importing and storing used handicap cars. The company will complete the implementation of the logistics zone during 1Q2023. 

The Department of Mineral Resources and Energy (DMRE) has confirmed that the deadline for outstanding projects named as preferred bids under both the risk mitigation and bid window five (BW5) of the renewables programme has yet again been extended, beyond the October 31 deadline communicated previously. In response to questions posed by Engineering News regarding the status of the projects and whether the bid bonds had been called, the department said it had received representations from the remaining 22 preferred bidders under BW5, as well as the eight preferred bidders selected under the Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP) regarding their readiness to sign the necessary agreements. “The department and respective stakeholders, including the IPP Office and Eskom, are consolidating the various proposals and will make announcements regarding signing arrangements over the coming weeks,” the DMRE said in a written response, adding that no bid bonds had been cancelled. “The department is engaging with each preferred bidder with regard to project readiness and timelines provided towards legal closure. “It is anticipated that the signing of the next projects will take place during November 2022. “Obviously, we are still in a procurement process and project-specific information including details around the signing can only be announced once all governance processes have been concluded.” Confirmation of the further extension came as the National Energy Crisis Committee (Necom) released an update on the Energy Action Plan announced by President Cyril Ramaphosa on July 25. The report indicated that the signing of agreements for additional projects from BW5 and the RMIPPPP was being prioritised. The other priorities outlined in the Necom progress report, dated November 2, included: publication of the final amendment to Schedule 2 of the Electricity Regulation Act to remove the licensing threshold for embedded generation projects, which currently stands at 100 MW; the further streamlining of regulatory processes to reduce timeframes and run processes in parallel where possible; the release of the request for proposals (RFP) for battery storage; a launching of the standard offer and emergency generation programmes, through which Eskom believes 1 000 MW could be immediately secured; the launch of the Enhanced Demand Response Programme and national campaign to encourage energy efficiency; the submission of the Electricity Regulation Amendment Bill to Cabinet for tabling in Parliament; and the finalisation of the Omnibus Bill to remove impediments to energy projects, including the enabling of access to servitudes for transmission infrastructure. The DMRE said the battery storage RFP was awaiting final governance approvals after which it would be released to the market. The latest deadline extension also meant that only the three Scatec projects, signed under the RMIPPPP on June 2, had reached financial close and had entered construction following the restart of procurement in 2021 after a seven-year disruption, precipitated by a refusal by the previous leadership at Eskom to enter into new power purchase agreements on the basis that the utility had surplus capacity. Subsequently, South Africa entered into an intensive and sustained period of loadshedding and Eskom has indicated that the country has a supply shortfall of between 4 000 MW and 6 000 MW, which would have been significantly larger had the economy started growing strongly after the Covid contraction. The DMRE said that the three EDF wind projects signed on September 22 under BW5 were “scheduled to reach commercial close within the next week and financial close soon thereafter”. Together the six projects that have signed to date have a combined investment value of R27-billion, a combined capacity of 570 MW and are obliged to enter into commercial operation within 18 to 24 months from financial close. The DMRE said the delays would not affect ...

Panelet snakker om siste ukes sterke marked og handler, emisjoner og debutanter, nedsalg og magert motkjøp i Bergen Carbon, feiltast til milliarder, kollaps i kålhodeboble, kan lakseskatten bli endret?, Norway Royal Salmon, live kattegulp, slaktet XXL-toppene for åpen scene, høye renter for gruveselskap m fl, fondsobligasjon, rentenivå ga Scatec-kutt, svak auksjon for tyske statsobligasjoner, beste tradingdrikk, kryssing og dobbelt bunn, supplyupdate, droner og bruk av kake for å avdekke oljefunn, kutter i LNG-shipping, Meta/Facebook slaktes, Saga Pure bygger stor pengesekk, Orkla og ukens favoritter. Zalaris Q3-presentasjon finner du på https://inqrate.com/xtravideos/zalaris-zal-q3-22-presentation/

Refilwe Moloto speaks to Scatec General Manager for Sub-Saharan Africa, Jan Fourie about the R16 billion solar battery project underway in the Northern Cape which hopes to ultimately feed into the country's ailing power grid and is one of the largest renewables projects in the world. See omnystudio.com/listener for privacy information.

Jan Fourie – General Manager: Sub-Sahara Africa, Scatec

Renewable-energy solutions provider Scatec is optimistic that its R16.4-billion solar-battery project in the Northern Cape will finally address long-standing questions about the so-called “intermittency” of renewables. The project, which achieved financial close this week, will couple 540 MW of solar photovoltaic (PV) generators to lithium-ion batteries with a capacity of 225 MW/1 140MWh to provide 150 MW of dispatchable power into South Africa's grid under a 20-year power purchase agreement. Renewables companies typically refer to the production profiles of their plants as variable, rather than intermittent, given that intermittency implies the type of unpredictability that is more in keeping with the current performance of Eskom's breakdown-prone coal fleet than wind and solar PV plants whose production, while weather dependent, is more predictable. Nevertheless, variable renewables plants are often still referred to as intermittent. In a briefing following the financial-close announcement, Scatec sub-Saharan Africa GM Jan Fourie said he expected the project, which will begin delivering electricity into the grid in 15 months, will lay the intermittency debate to rest. “I think the other thing that [this project] signifies to the industry, and hopefully to government, is that the whole argument about renewables intermittency has now gone away.” The massive facility, which will comprise three collocated projects on a 10-km-by-10-km site in the Northern Cape, will be able to dispatch electricity into the South African grid between 5:00 in the morning and 21:30 at night – a profile that is akin to so-called conventional fossil-fuel-type plants. Nevertheless, the architecture of the Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP), under which Scatec's Kenhardt projects are still the only ones to have progressed to financial close, has been criticised. The request for these plants to be able to dispatch electricity from morning to night has been described as heavily weighted towards gas solutions, while failing to take account of both system needs and the energy and capacity potential that such large renewables-storage projects could offer. Fourie confirmed that there would be periods when the electricity produced from the solar plants would be curtailed – this despite the fact that South Africa's electricity supply industry faces the constant threat of load-shedding. “We had to over install on the solar PV side . to cater for seasonality,” Fourie explains, adding that the design was finalised after an analysis of 20-years-worth of hourly solar data. The final design is premised on meeting the dispatch requirements during a “bad year”. “So, there will be times of the day when will have a fair amount of excess electricity, that would be curtailed.” There have been calls for the architecture of the programme to be adapted to ensure that South Africa is able to benefit from that surplus energy, as well as to lower the tariff, which was bid at 188c/kWh. That said, Scatec has been widely hailed for finding a way to meet the requirements of the programme, as well as for using projects to show what is possible using a combination of solar PV generators and battery storage. The projects will be the largest investment in Scatec's history and are being financed by equity from the owners and R12.4-billion in nonrecourse project debt. The debt, which is rand-denominated, is being provided by a group of lenders, including the Standard Bank Group as arranger and UK development finance institution British International Investments (BII). Standard Bank Group head of power Rentia van Tonder said the bank was "honoured to be playing a leading role in delivering power to the grid by facilitating the first dispatchable and baseload renewable energy project in South Africa", while global power and infrastructure head Stephen Barnes noted that the financing formed part of the group's R50-billion commitment to renewables. B...

@Tom Miller is a co-founder and the CEO of @Cambridge Energy Partners (CEP). CEP is at the leading edge of the next phase of solar development and deployment. Their unique pre-fab solution means that a solar farm can be shipped, ready to deploy, with tracking to any destination. The combination of pre-fabricated solar with tracking means that it can achieve the lowest cost electron possible while minimising credit risk for generators. They have forged their technology in frontier markets alongside partners such as @Scatec and are now looking to expand into developed markets. If you are wondering how renewables can get any cheaper this is the episode to listen to - it's not only about scale. --- Send in a voice message: https://anchor.fm/watt-pod/message

Asian equities rose in early trade this morning following a strong performance on Wall Street overnight ahead of a key US jobs data release, while crude held most of the previous day's gains after an Opec output hike disappointed traders. Still, a rally in beaten-down tech firms helped drive healthy gains on Wall Street, and Asia managed to ride on the coattails. While todays jobs data will be keenly watched. Hopes that OPEC and other major crude producers could ease pressure on inflation by ramping up output were dealt a blow when they agreed to pump just 50 percent more per month. Locally, all eyes were on the energy sector this week with the first signing of any power under the energy minister's 3-year tenure with the awarding of a 150MW renewable project to Scatec. And we have 16 projects under the 100MW cap listed on Nersa's schedule for Monday. Reform is happening. Lots to discuss with Warwick Lucas Head of Galileo Securities; Raymond Parsons, professor in the School of Business and Governance at Northwest University & Isaah Mhlanga, Chief Economist at Alex Forbes

The South Africa government and Eskom have signed agreements with three of the 11 projects named as preferred bidders in March 2021 under the much-delayed Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP). The 20-year power purchase agreements (PPAs) and associated implementation agreements were signed on June 2 with Scatec, of Norway, for three solar-battery hybrid projects that will provide 150 MW of dispatchable renewable electricity from 5:00 in the morning to 21:30 in the evening. The three projects were not initially included among the eight preferred bidder projects selected in March last year, but were added a few months later, increasing to 1 995 MW the capacity being procured under the RMIPPPP. The original list of projects was dominated by three Karpowership gas-to-power projects, which subsequently faced environmental and legal objections and obstacles that are yet to be cleared. Known as Kenhardt 1, 2 and 3, the first-of-a-kind projects will be built in the Northern Cape and will have a combined solar photovoltaic (PV) footprint of 540 MW and battery storage capacity of 225 MW/1 149MWh. The projects include a self-build component for the power line and substation infrastructure required ahead of connection to the Eskom grid. The bid evaluation price announced at the time of project selection was about R188c/kWh. The R16-billion investment will be funded through a combination of debt (80%) and equity (20%) and the projects have 60 days to achieve financial close, before entering into an 18-month construction period. Scatec estimates that 4 968 job opportunities will be created during the period. The debt is being provided by Standard Bank, which is also the mandated lead arranger and underwriter, and British International Investment, while Scatec (51%) and H1 Holdings (49%), a black-owned and -managed company, are the equity partners. Scatec CEO Terje Pilskog described the signing, which took place in Centurion, Gauteng, as a landmark and said the hybrid projects were not only unique in South Africa, but would also be among the largest renewable energy and storage projects globally. Pilskog also expressed confidence that construction would not be affected by supply chain disruptions, despite the fact that the bulk of the components were being source in China. Scatec and H1 Holdings also stressed that all local-content obligations would be met. Originally, solar PV modules were designated to be supplied 100% from South Africa, but that threshold was later reduced to 35% following engagement between the preferred bidder and the Department of Trade, Industry and Competition. Mineral Resources and Energy Minister Gwede Mantashe, who presided over the signing ceremony, indicated that he would like all 11 projects selected under the “emergency procurement round” to reach financial close, including the controversial Karpowership projects. He said the capacity was needed to reduce the ongoing risk of load-shedding, which he described as a “burning platform” for the country. IPP Office CEO Bernard Magoro said that there had been ongoing engagements with the other bidders ahead of the latest RMIPPPP deadline for financial close, but that none of the other projects were in a position to sign. He said no decision had yet been taken to disqualify the outstanding projects, and that every effort would be made to ensure that they too achieved financial close. “Should the remaining matter not be resolved, the department and other stakeholders will refer this back through the required governance structures to agree the next steps,” Magoro said. Eskom CEO André de Ruyter expressed delight at both the conclusion of the PPAs and the fact that the contracts were the first to include a new antibribery clause; one which would feature in all future procurement with IPPs. While far more capacity was required to reduce the threat of load-shedding, De Ruyter described the IPP market as vibrant and active, with 7 20...

Minerals Resources and Energy Minister Gwede Mantashe reported on Thursday that the Integrated Resource Plan of 2019 (IRP 2019), which is widely acknowledged to be out of date, will be reviewed. However, he said he could not yet provide a timeframe for the publication of the update or indicate what process would be followed. Speaking at a ceremony held to sign power purchase and implementation agreements for three solar-battery hybrid projects to be developed at a cost of R16-billon by Scatec and H1 Holdings in the Northern Cape, Mantashe indicated that the decision to update the document had been taken at a recent Cabinet retreat. He reported that President Cyril Ramaphosa requested his Ministers to identify “burning platforms” within their portfolios and that he had identified ongoing load-shedding as the key problem facing his portfolio and that of the economy. “The last three days, we have been locked away in the bush and the President asked us a simple question: what are the burning platforms in your areas of work? “In my area of work, the burning platform that we identified was load-shedding.” He said the decision to review the IRP 2019 had been made too recently to provide specifics on either the timing or process to be followed but indicated that it would involve an intensive reassessment of the plan's assumptions and likely involve public consultation. In the meantime, he said efforts would be made to accelerate the implementation of the IRP 2019 through a streamlining of procurement processes for the more than 13 000 MW already catered for in the IRP 2019. Besides seeking to conclude agreements for the eight remaining projects under the controversial Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP), following the signing of the first three project agreements, Mantashe was keen for Bid Window Five (BW5) of the renewables programme to close in line with the new staggered deadline and for BW6 to avoid any delay. In addition, he indicated that BW7 could be upscaled from the initial determination, which catered for the procurement of only 1 600 MW of onshore wind. Mantashe also said a gas-to-power bidding programme would be opened along with one for new coal, although he anticipated that the coal programme could face a legal challenge. The Minister lamented the time it was taking to complete the procurement of much-needed new electricity capacity and said a formula had to be found to cut the time it was taking for processes to be completed and “make it easier to do business in South Africa”. He also said that Eskom needed to do more to expand the grid and expressed the hope the unbundling of the transmission entity would open up the market as a “wheeler and dealer” in energy. Eskom CEO André de Ruyter responded by acknowledging the grid constraint, but also highlighted the opportunity that existed to build new generation in Mpumalanga where capacity already existed and where even more would become available as coal plants were decommissioned. IPP Office CEO Bernard Magoro said that many lessons had been learned from the RMIPPPP, which was the first procurement process to be implemented after the stalling of procurement in 2015 when Eskom's then leadership refused to enter into power purchase agreements with new renewables producers. He also said that it was working with Infrastructure South Africa and Operation Vulindlela to streamline the associated processes – including the securing of environmental authorisations and licences – that needed to be followed when procuring new generation capacity. “As government, we can do a lot to refine our processes,” Magoro said, arguing, for instance, that environmental authorisation appeals should not be taking as long to resolve as they were currently. A consultant had also been appointed to analyse the local market capacity for solar module manufacturing, in light of the concerns raised by bidders after modules were designated to be procured locally. “T...

Cabinet approved the non-compliance of fertilizer companies to provide another 10% share of their production, other than the 55% subsidized quota, to the local market until May 1st; Companies are now allowed to export 45% of their productionElectricity and energy generation stations have expanded the use of mazut, as an alternative fuel to natural gas in power plants, beyond March 2022Norwegian renewable energy giant Scatec plans to build a green ammonium plant in EgyptFormer EGPC head Abed Ezz El Regal was appointed as the chairman and managing director of Abu Qir FertilizersRAYA reported 2021 net profit of EGP487.3 million compared to net attributable losses of EGP61.7 million in 2020; recording a gain on disposal of investments in subsidiaries of EGP327.7 millionRAYA's BoD approved the establishing of Aman-Taqa for Digital Payments with Taqa Arabia (CCAP), with an issued capital of EGP20 millionTourism companies intensified marketing efforts with foreign tour operators in Western Europe and East Asia to increase tourist arrivals from those regions until next MayCargoes totaling 189k tons of Ukrainian, Russian and Romanian wheat are on their way to EgyptLocal farmers are calling on the government to raise local wheat prices by 22% to EGP1,000 per ardeb, for them to meet production targetsThe government will subsidize private bakeries by selling flour at a discounted rateCBE decided to extend the exclusion period for rice, lentils, and fava beans from their 100% cash cover for another year, to end March 15, 2023Misr Insurance Holding is looking to list 25% Misr Life on EGX during 2H2022; Tapped Zaki Hashem as legal advisors for the process 

Scatec's 900 MW solar complex in India has had to be indefinitely delayed due to problems sourcing solar modules for the project; Mitsubishi has placed a $50 million electrolyzer order; and nuclear fusion has had a serious research breakthrough which makes it plausible that fusion will be part of the energy mix by 2070.

I denne episoden snakker Sindre Heyerdahl med kollega i E24 Nora Rydne om podkasten hennes, Voksenpoeng. Podkasten der spennende profiler fra næringslivet deler hvordan de har kommet seg dit de er i dag og hva de har lært på veien. Du hører også den nyeste episoden fra podkasten, der konsernsjefen i Scatec, Raymond Carlsen er gjest. Raymond Carlsen utdannet seg innenfor fornybar teknologi, men «ramlet baklengs» inn i oljebransjen. Det skulle ta mange år før han omsider kom seg inn i fornybarbransjen, da som toppsjef i solenergiselskapet Scatec. I ukens episode forteller Carlsen om det viktigste han lærte av å jobbe i Asia, hvordan det påvirker kulturen i Scatec - og om omikronjulebordet 2021. Hør flere episoder fra Voksenpoeng der du hører podkast.

-The World Bank upgrades its forecasts for Egypt's GDP growth to 5.5% in FY2021/22-Bloomberg: Investors expect the Egyptian bond market to deliver more gains this year as it offers attractive real interest rates-Federal Reserve Chairman Jerome Powell said that the US economy is both healthy enough and in need of tighter monetary policy -FWRY announced providing different e-payment solutions through the website of the Armed Forces Recruitment and Mobilization Department-An agreement has been made with the Moroccan government to wave customs on all Renault cars that are produced in Morocco -The government is finalizing incentives to the local industry under a long-delayed automotive strategy. The measures could offer manufacturers customs discounts for using locally produced components-El Sisi noted that Egypt will produce its first locally assembled electric vehicle next year; General Motors and Al Mansour are also in discussions to jointly produce EVs-Kima's CEO expected that the company would conclude the debt restructuring agreement with banks by February 2022, for its EGP6.4 billion debt facilities, with the aim of reducing interest payments-Kima to build a new environmental-friendly factory instead of the Kima 1 factory during 1H2022, with investments of USD250 million, to be implemented within 24-30 months-Kima signed a contract with Air Supply Group, to establish a new factory for the production of medical and industrial gases for Upper Egypt, with investments of EGP260 million -The Holding Company for Chemical Industries is seeking to manufacture green ammonia from hydrogen early next year, in cooperation with the Norwegian company Scatec; Project to be implemented in all companies affiliated with the holding company, including Kima-MNHD closed its first EGP300.0 million securitization issuance-AMER's EGP1.1 billion sukuk issuance is expected to take place in 1H22; Board is proposing a capital decrease from EGP1.0 billion to EGP902.8 million through retiring treasury shares-SPMD disclosed that the company has utilized EGP100 mn of the capital increase proceeds (EGP150.5 mn) towards Speed Hospital, 6 Misr Beni Suef labs, establishing 25 Speed labs, and launching Heliopolis Polyclinic  

Flytende solenergi er en spennende  vri på solenergi som kommer til å spille en voksende rolle i det grønne skiftet. Dagens gjest er Terje Melaa som er SVP of Technology and Engineering hos Scatec.Blant annet tar vi opp temaene: Hva er egentlig flytende sol?Utfordringer og fordeler med flytende vs. vanlig solenergi.Potensialet til flytende solenergi i Norge og verden.

Enorme mengder vind, vann, batteri og sol må til for å drive frem det grønne skiftet. Og der står den norske fornybargiganten Scatec klar. Hvor går veien videre - både for selskapet og hele sektoren? Med Scatecs konsernsjef Raymond Carlsen. Produsent er Kristine Masdal Aadne, programleder er Sindre Heyerdahl

Morgenkaffen med Finansavisen er en daglig oppdatering om toppsakene i Finansavisen fra klokken 05.00. De viktigste nyhetene på to minutter, presentert av Henning Christensen og Torgeir Kveim Sti. See acast.com/privacy for privacy and opt-out information.

Etter noen ukers sommerferie er panelet samlet og diskuterer ukens handler og debutanter, meteornedslag, fall i Scatec, bedrageritiltale mot Nikolagrunder, Robin Hood børsnoteres og Cathie Woods kjøper, sterkere interesse for US-aksjer, tapering eller ikke for Fed, Manchin advarer mot pengetrykking, aksjelån i supplyselskapet, kollaps i Seadrill, høstkorreksjon i vente?, retailfavoritten MPC, havbunnsmineraler, spørsmål fra lyttere og ukens favoritter. Du kan chatte med panelet på Xtrainvestors nettforum https://chat.xtrainvestor.com/channel/tradingchat . Episoden er sponset av CMC Markets https://www.cmcmarkets.com/nb-no/

In our first episode we look at the challenge of driving Africa's renewable energy transition. The continent is home to vast potential, but harnessing this is easier said than done. Our guests for the show are:Maximillian Jarrett - Africa Programme Manager at the International Energy AgencySanjeev Gupta - Executive Director for Financial Services at the Africa Finance CorporationRaymond Carlsen - CEO of Scatec

Reyburn Hendricks – CEO, H1 Holdings

Det internasjonale byrået for fornybar energi, IRENA, har anslått at verdens samlede strømproduksjon må være tre ganger så stor i 2050 som i dag og 90 prosent må produseres fra fornybar energi, om verden skal nå målene i Parisavtalen. Programleder Kirsten Å. Øystese har invitert konsernsjef i Scatec, Raymond Carlsen som gjest i denne podkast-episoden for å svare på om denne veksten er mulig.   - Ja, det er mulig, og det er egentlig ekstremt oppløftende. Det kan komme til å gå mye raskere enn vi tror, mener Carlsen.  

Community Solar is growing in Pennsylvania! MaybeAmerica's highways are an significant opportunity for solar PVThe Vikings are coming for your hydro and floating solar opportunityTax revenue from community and utility scale solar is helping rural communitiesIt's Day 10 of the Solar 500 Challenge - give us a thumbs up and please subscribe to the Channel! Share the channel with your friends and please comment - we love to hear from our viewers. See Ep 132 of energy transition show re Solar forecast 1. $4.2 million in land lease payments for current 1 GW of solar capacity in the pipeline -https://commercialsolarguy.com/2020/10/19/community-solar-in-pennsylvania-offering-4-2-million-in-land-lease-payments-a-year/2. Scatec - big solar developer - buys hydroelectric company (image the rolodex) - https://www.pv-tech.org/news/scatec-solar-to-acquire-hydropower-developer-touts-floating-solar-potential3. America's highways have significant solar potentialhttps://pv-magazine-usa.com/2020/10/13/americas-highways-have-significant-solar-potential/4. Meyer Berger in the factory video - https://amp-zdf-de.cdn.ampproject.org/c/s/amp.zdf.de/nachrichten/heute-in-deutschland/im-osten-geht-die-sonne-wieder-auf-100.htmlA corollary - list of 5 potenal large volume module manufacturers in Europe, plus this solar cell manufacturer, -https://www.greentechmedia.com/articles/read/5-would-be-giga-scale-solar-manufacturers5. ‘'panels installed in Europe in 1982...One of the encapsulate recipes retained 95% of the power they had 35 years' 'printed circuit board is large sheet of foil bonded to solar cell, allows ~85% of the metal (silver) on the solar cell to be eliminated'--50 year warranty-- https://www.solarpowerworldonline.com/2020/10/everything-we-know-about-the-newest-u-s-solar-panel-manufacturer-violet-power/6. Fluence buys AMS - smarter solar plus storage - right now I'm talking with STEM on a project - below a single shipping container seems a financial challenge - https://www.greentechmedia.com/articles/read/storage-supplier-fluence-acquires-ams-for-market-dispatch-software7. ‘One reason solar remains so popular in states like NC: new projects drive a nearly **2,000%** avg increase in annual tax revenue per parcel - a major new source of funding for rural, economically distressed counties to invest in local services.' https://twitter.com/tylerhnorris/status/13164000005833031758. List of largest US solar EPCs - https://www.pv-magazine.com/2020/10/14/swinerton-was-the-largest-solar-epc-contractor-outside-china-in-2019/9. Weekly update - Solar spot pricing - https://twitter.com/SolarInMASS/status/1316370426038280194

  Hør resten av samtalen mellom Norfund-sjef Tellef Thorleifsson, journalist i Energi og Klima, Martin Larsen Hirth og Ivar Slengesol, direktør for strategi og forretningsutvikling i Eksportkreditt om blant annet:   hva som skiller Norfund fra tradisjonell bistand? hvorfor fondet ønsket å selge SN Power og hvorfor de solgte til Scatec? hvilke type prosjekt de ser etter for å re-investere gevinsten fra SN Power-salget? hva som ligger bak det litt hårete utsagnet om at Norfund «investerer der ingen andre tør»? potensialet for sterkere samhandling mellom norske aktører innen fornybar energi i utviklingsland? Ukens anbefalinger:  Tellef Thorleifsson: Jeg vil trekke frem prisfallet innen solenergi. Senest forrige uke var det ny prisrekord i Saudia-Arabia, hvor vinnerbudet var 0,01 dollarcent per kWh.   Ivar Slengesol: Rapporten «Unlocking Private Climate Finance in Emerging Markets» fra The Climate Finance Leadership Initiative, hvor Norfund er deltaker. Den gir en god beskrivelse av utviklingen innen grønne investeringer i utviklingsland.   Martin Larsen Hirth: EU har satt som mål å få 40 GW elektrolysekapasitet innen 2030. Nå har Thema Consulting laget en nyttig oversikt som viser hvor langt unna mål man er, fordelt på hvilke land prosjektene.    

– Hva forteller man de ansatte om fremtiden?  Under en smertefull energiomstilling, er dialog med de ansatte kanskje den viktigste lederoppgaven, mener Maria Moræus Hanssen.  Hør mer om: hvilken nyhet fra energibransjen som sist engasjerte henne? hvorfor energiomstillingen ser annerledes ut fra Norge enn på kontinentet? hvordan store olje- og gass-selskap best kan øke sin fornybar-andel? hva som har overrasket henne mest i møtet med solenergibransjen fra sitt styreverv i Scatec? hvorvidt Norge burde sette en tidsgrense for tildeling av nye letelisenser på sokkelen?

Journalist Martin Hirth og paneldeltakere Lea Svendsen fra UiB og Bjerknessenteret for klimaforskning og Ivar Slengesol fra Eksportkreditt diskuterer ukens viktigste hendelser på klima- og energifeltet. 

Our second podcast is with Kathrine Ryenge, CEO of ZEG Power, an energy start-up with a radical idea: low cost AND clean energy. From hydrogen. ZEG offers a route to the holy grail of higher yield with CO2 capture integrated within the technology without additional cost or carbon footprint.   This is far from Kathrine's first gig; she has prior experience working in a number of Scatec startup companies, including Norsk Titanium, a global leader within additive manufacturing of structural titanium components for aerospace applications - and others in wind and solar.   So Kathrine brings real experience in technology commercialisation - and specifically in taking products to market. Sometimes successfully, sometimes less successfully with a lot of learning. John talks to Kathrine about the role of partnering, how to accelerate and the talent every founder needs to surround him or herself with. Finally, Kathrine provides a great education in the clean hydrogen sector and the trials and tribulations of building an energy game-changer.   Frankly is a series of podcasts where we bring together entrepreneurs and hustlers who are building energy start-ups. And also investors who focus on the energy industry - what do they look for and how do they measure success. Frankly is one way we give back to the ecosystem and share what we learn.  

Scatec Solar har nylig igangsatt store solenergiparker i Egypt og Ukraina. I denne episoden får vi lære litt mer om hvilken skala Scatec Solar opererer på, og mer om hvordan de fungerer. I tillegg er vi også innom det nye konseptet Release.Uttrykk som som blir brukt her er Integrated IPP, der IPP står for independent power producer.https://en.wikipedia.org/wiki/Independent_power_producerPPA, Power Purchase Agreement.https://en.wikipedia.org/wiki/Power_purchase_agreementAndre podcaster som blir nevnt i denne episoden er med Terje Osmundsen i Empower New Energy, og med Per Kristian Sbertoli i ZERO.https://www.buzzsprout.com/944656/3224107https://www.buzzsprout.com/944656/3401179