Page 7 - AfrOil Week 45 2022

AfrOil INVESTMENT AfrOil

Morocco’s Gaia Energy signs deal with

Israeli H2Pro for green hydrogen facility

MOROCCO MOROCCAN renewable energy developer with Morocco’s Gaia Energy to buy 30% of its
Gaia Energy has signed a memorandum of shares as it expands its investments in renewa-
understanding (MoU) with Israeli firm H2Pro ble energy. Also in March, Morocco and Israel
for the establishment of a green hydrogen facil- signed a trade and investment co-operation
ity, Gaia CEO Moundir Zniber said in an inter- agreement to establish qualified industrial
view with the Israeli press. zones in Morocco. And in July, Israel’s IMS
The agreement, which took place on the side- Ovadia Group signed an initial agreement with
lines of the COP27 climate conference in Egypt’s the Moroccan government to build a number of
Sharm El Sheikh, aims to produce enough green hospitals in Morocco in a deal worth $497mn.
hydrogen to meet a fifth of demand in Europe. Morocco has been working to encourage
It also paves the way for further co-operation more clean energy production. The North Afri-
between the two parties to manufacture H2Pro’s can country aims to more than double its renew-
electrolysers in Morocco. able energy production to 12 GW (representing
Morocco has focused on renewable energy 52% of total power capacity) by 2030, from a
recently and has been attracting large projects current level of 5 GW (40% of capacity). The
for energy production using wind turbines and country imports 90% of its energy needs. Inter-
solar photovoltaic (PV) panels. ested firms in the sector included Saudi Arabia’s
Morocco cut relations with Israel in 2000 fol- power group, ACWA Power, and India’s Adani
lowing the outbreak of the second Palestinian Group. ™
intifada. The countries normalised ties under
a deal in 2020 that saw Washington recognise
Rabat’s sovereignty over the disputed region
of Western Sahara. Since then, diplomatic and
business relations have flourished and co-oper-
ation has increased between Morocco and Israel
in a number of key sectors, including education
and training, defence, tourism and trade. In
November last year both countries signed an
agreement to boost military co-operation.
In February, Morocco signed an agree-
ment to buy an Israeli missile defence system
in a deal worth over $500mn. A month later,
Israel’s Marom Energy signed an agreement The two companies signed an agreement on November 8 (Photo: H2Pro)

Renergen abandons capital raise

plan for South African gas project

SOUTH AFRICA RENERGEN, a JSE- and ASX-listed emerging In a statement to the ASX authorised by CEO
producer of helium and LNG, has submitted a Stefano Marani, Renergen said that the trading
request to the Australian bourse for a trading halt was requested in relation to a potential
halt to be lifted, the company said in a statement. non-material capital raise that the company was
The company’s shares were placed in a trad- contemplating on the ASX. “Prior to ASX imple-
ing halt on the ASX this week after a report in the menting the trading halt, it had been decided
Australian Financial Review stated that Rener- not to proceed with the potential non-material
gen was planning a near AUD20mn ($12.8mn) capital rise,” Renergen clarified on November 8.
capital raise to fund drilling and preparation The company also said it was not aware how
work at its Virginia natural gas project in South the information reached the market, notes Min-
Africa, Mining Weekly reports. ing Weekly.

Week 45 10•November•2022 www. NEWSBASE .com P7