OMNI Features｜BlackRock Withdraws from Net Zero Asset Managers Initiative (NZAMI)．Egypt Secures Financing for 1.1 GW Wind Farm Project Led by ACWA Power and HAU Energy．Singapore-based PaxOcean Clinches Deal with Penta-Ocean Construction for New Cable Laying Vessel

｜BlackRock Withdraws from Net Zero Asset Managers Initiative (NZAMI)
BlackRock, the world's largest asset manager, has withdrawn from the Net Zero Asset Managers Initiative (NZAMI), a coalition committed to achieving net-zero emissions by 2050. This move, driven by political and legal pressures from conservative lawmakers and states like Texas, reflects growing scrutiny of environmental, social, and governance (ESG) initiatives. Critics argue that such commitments could restrict investments in fossil fuels, potentially reducing returns.

Despite this exit, BlackRock remains committed to addressing climate risks, managing over $1 trillion in sustainable assets. The decision underscores the challenges asset managers face in balancing environmental goals with fiduciary responsibilities and highlights a growing divide in the financial sector over the role of climate change in investment strategies.

｜Egypt Secures Financing for 1.1 GW Wind Farm Project Led by ACWA Power and HAU Energy
The Suez Wind Farm, a 1.1 GW onshore wind project, has secured $703.6 million in funding, marking a major step in Egypt's renewable energy transition. Developed by ACWA Power (70% stake) and HAU Energy (30%), it is the largest wind project under a single contract in the Middle East. Financing includes $170 million from the African Development Bank, underscoring Egypt's ambition to diversify its energy mix and achieve energy independence.

The wind farm will power 1,080,000 households and cut annual carbon emissions by 1.1 million tons, aligning with Egypt's goal to produce 42% of electricity from renewables by 2040. ACWA Power, active in Egypt since 2015, also operates solar plants and is planning a 10 GW wind energy project in Sohag. This project highlights Egypt's growing leadership in sustainable energy and its commitment to reducing reliance on fossil fuels.

｜Singapore-based PaxOcean Clinches Deal with Penta-Ocean Construction for New Cable Laying Vessel
Singapore-based PaxOcean has secured a contract with Japan's Penta-Ocean Construction to build a 14,000 DWT cable-laying vessel (CLV), marking a significant step in Japan’s offshore wind industry. Scheduled for delivery in February 2028, the vessel is designed by a European partner, classed by Nippon Kaiji Kyokai, and will be built at PaxOcean's Batam yard. This project builds on the successful delivery of the wind turbine installation vessel (WTIV) CP-16001 in 2023, also constructed for Penta-Ocean.

PaxOcean CEO Tan Thai Yong highlighted the partnership's importance, emphasizing the role of the CLV in advancing Japan's renewable energy goals. Penta-Ocean CEO Takuzo Shimizu added that this advanced vessel will strengthen the company's capabilities in offshore wind cable-laying operations, further supporting Japan's renewable energy expansion.

Reference: Offshore Energy｜Energy News｜Nikkei Asia