Green Markets - January 2, 2025

Jan 02, 2025

Green Markets is a daily series dedicated to highlighting events of interest that could impact investments within environmental markets.

Qatar made a significant step in sustainable finance by issuing $2.5 billion in green bonds in 2024, the first of its kind in the region. This move positions Qatar as a regional leader in green finance and aligns with its broader ESG strategy, aiming to make the country a hub for sustainable investments. Qatar's goal includes a $75 billion investment pipeline in sustainable projects by 2030, focusing on renewable energy, environmental conservation, and social equity.
Morgan Stanley has announced its decision to leave the Net-Zero Banking Alliance, a prominent global climate coalition. The bank did not provide a specific reason for its departure, but it follows a broader trend of U.S. lenders exiting such initiatives due to pressure from Republican politicians. These politicians argue that limiting financing for fossil fuel companies could violate antitrust laws.

Cobalt miner Jervois Global will be taken private through a $145 million rescue deal by U.S. fund manager Millstreet Capital Management, following a pre-packaged bankruptcy. The restructuring will convert over $100 million in loans into equity, wiping out existing shareholders. Jervois, which has struggled amid falling cobalt prices and intense competition from China, had mothballed its Idaho cobalt mine in 2023, the only U.S. source of cobalt. Despite the bankruptcy, Jervois will continue operations, supported by a $15 million Pentagon grant to assess building a U.S.-based cobalt refinery, with its long-term strategy focused on securing national security supply chains for cobalt.
KoBold Metals has raised $537 million in a Series C funding round, valuing the company at $2.96 billion. Backed by investors like Bill Gates and Jeff Bezos, the company aims to secure critical minerals for the energy transition, particularly copper, lithium, and nickel. The funding will support new exploration projects, including a key copper initiative in Zambia, and help bring high-potential projects into production. KoBold plans to produce at least 300,000 tonnes of copper per year by 2030.

Air New Zealand has signed its largest SAF agreement with Neste, securing 23,000 tons (30 million liters) of Neste SAF for use at Los Angeles and San Francisco airports through February 2026. The deal represents 1.6% of the airline’s 2025 fuel supply and marks a fourfold increase in SAF usage compared to 2024.

The US Department of Energy's Loan Programs Office has conditionally committed $584.5 million to Convergent Energy and Power to develop solar and battery energy storage systems (BESS) in Puerto Rico. The funding will support a solar-plus-storage system and three standalone BESS projects.

RONN Inc. has signed a $300 million agreement with Hydrogen Horizons Inc. to acquire advanced electrolyzers and low-pressure hydrogen storage systems, enabling up to 500 MWh of hydrogen production capacity.

Related Stock List(s): Hydrogen Stocks

Constellation Energy has secured a $1 billion, 10-year contract to supply nuclear power to over 13 federal agencies, marking the largest energy purchase in the U.S. General Services Administration's (GSA) history. The deal will provide over 10 million megawatt-hours of carbon-free electricity to 80 federal facilities across the PJM Interconnection region. The agreement also includes $172 million for energy efficiency upgrades in federal buildings.

Equinor has secured $3 billion in financing for its Empire Wind 1 offshore wind project near Long Island, New York. With construction underway, the $5 billion project will provide 810 MW of power starting in 2027. It includes redeveloping the South Brooklyn Marine Terminal, creating over 1,000 union jobs, and supporting the U.S. clean energy supply chain.
ACWA Power has reached financial close on its $1.2 billion Suez Wind Farm in Egypt. The project, set to become one of the largest wind farms in Africa at 1.1 GW, is backed by a $704 million senior debt facility from a consortium of banks. The wind farm will be developed in two phases, each with 550 MW, and is expected to be fully operational by mid-2027.

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