The Nigeria-based lender, plans a $1.25bn first subscription tranche and will prioritise export and domestic gas infrastructure, power and clean cooking.

Ontario Energy Conference Highlights Urgent Need for Investment and Faster Approvals Toronto, Ontario – The Ontario Energy Conference, held October 13th, brought together government officials, regulators, and energy sector leaders to address critical challenges facing the province’s energy system. The event, jointly hosted by the Ontario Energy Association and the Association of Power Production of

Africa’s oil-refining sector is attracting billions of dollars in proposed investments, with Libya evaluating bids for a contract expected to exceed $600mn, Ghana planning a major expansion and Nigeria’s Dangote refinery drawing a reported $4.8bn in provisional IPO orders. However, financing gaps, crude-supply constraints and potentially weaker margins threaten the continent’s refining ambitions. A new Oxford Economics Africa research briefing estimates that the continent’s installed refining capacity could reach 5.5mn barrels per day (bpd) by 2030 under its optimistic scenario, theoretically enough to meet projected petroleum-product demand. However, installed capacity measures how much crude refineries could process, not how much they will actually process. Its central scenario includes refineries already operating, restarted or under construction, while its optimistic scenario adds announced projects that have yet to enter full construction. Compared with the central scenario, the optimistic forecast adds approximately 1.6mn bpd of potential refining capacity but only 400,000 bpd of additional actual output by 2030, as major projects including Dangote’s Nigerian expansion and Kenya’s Lamu refinery would still be ramping up. The investment drive has intensified amid disruptions to Middle Eastern energy supplies. Oxford Economics estimates that the Middle East supplied 57% of Africa’s refined petroleum imports in 2025, leaving governments exposed to shipping disruptions and fuel-price shocks. No African country meets the 90-day net-import emergency stockholding benchmark applied to International Energy Agency member states, according to the briefing. Africa’s refinery expansion increasingly depends on whether governments and developers can convert multibillion-dollar announcements into bankable projects. Although investment proposals now span the continent, many remain at the tender, financing or preliminary development stage. Even projects already under construction have not necessarily secured all the capital required for completion. The funding gaps are substantial. Angola’s Lobito refinery, for which total cost estimates range from $6.2bn to $6.6bn, has absorbed $1.6bn so far, and state oil company Sonangol is seeking approximately $4.8bn in additional financing. Kenya’s proposed $16bn Lamu refinery has broken ground without confirmed financial close, while South Africa’s $7.15bn Sapref redevelopment remains before a final investment decision. Uganda’s $4bn Hoima project also awaits investment approval. Nigeria’s Dangote refinery is operational, but its $1.6bn IPO covers only a fraction of the cost of its proposed $14.3bn expansion. Neither of Oxford Economics’ scenario classifications guarantees secured financing. Funding delays, construction setbacks and prolonged commissioning could therefore leave actual production well below nominal capacity, prolonging Africa’s dependence on imported fuels. North Africa pursues new contracts and refinery restarts Libya’s Zallaf Exploration, Production & Refining of Oil & Gas Company is evaluating engineering, procurement and construction (EPC) bids for its proposed 30,000-bpd South Refinery at Ubari. The contract is expected to exceed $600mn, with construction taking approximately 50 months, MEED reported on October 5. US-listed engineering group KBR (NYSE: KBR) secured a project-management contract in March, but the main EPC award remains pending. Oxford Economics excludes Libya’s Ubari project from its 2030 capacity scenarios because the main construction contract has yet to be awarded. Libya is also pursuing refinery rehabilitation after its National Oil Corporation regained full ownership of the 220,000-bpd Ras Lanuf complex in May, taking back UAE-based Trasta’s 50% stake and ending a dispute that had kept the refinery idle since 2013. NOC chairman Masoud Suleman told reporters in May that rehabilitation would cost about $60mn and that the refinery could restart within six to 12 months, initially processing around 200,000 bpd. Elsewhere in North Africa, Algeria’s state-owned Sonatrach is building a refinery at Hassi Messaoud with capacity of 5mn tonnes a year (roughly 100,000 bpd). The project, first contracted in 2020, was relaunched in 2024 when China’s Sinopec replaced South Korea’s Samsung Engineering alongside Spain’s Técnicas Reunidas in the EPC consortium, and is targeting the commissioning of its first units from late 2027. Ghana seeks investors as Dangote raises capital Ghana’s state-owned Tema Oil Refinery (TOR), which resumed crude processing in December 2025 after years of inactivity, announced on October 26 a programme to expand capacity to 200,000 barrels per stream day. The proposed 2026-2029 development combines an expansion of existing capacity from 45,000 to 85,000 barrels per stream day with a new 115,000-barrel-per-stream-day refinery. TOR currently processes approximately 28,000 barrels per stream day and is seeking strategic partners for the expansion. “Refining Ghanaian crude in Ghana keeps value onshore,” managing director Edmond Kombat told the Ghana News Agency. Management is also considering a Ghana Stock Exchange listing to raise private and institutional capital, although no timetable or offering terms have been announced. The possible listing forms part of efforts to restructure approximately $517mn in inherited debt, including about $120mn owed to the government, which Kombat said in September the finance ministry would write off. TOR management briefed a visiting International Monetary Fund delegation on the listing proposal, the Ghana News Agency reported on October 25. TOR has received more than 5mn barrels of crude since May, compared with no deliveries in 2024, as IntelliNews reported. However, its GHS1.24bn (about $100mn) pretax profit in 2025, as reported by Ghana’s State Interests and Governance Authority, was underpinned by approximately GHS1.3bn in foreign-exchange gains, rather than sustained profitability from refining operations. Ghana’s privately operated Sentuo refinery, which began production at 40,000 bpd in 2024, launched an expansion towards 100,000 bpd in June, according to Oxford Economics. Senegal is separately targeting 2029 for a proposed 80,000-bpd refinery that would supplement its existing 30,000-bpd facility near Dakar. Nigeria’s Dangote Petroleum Refinery, meanwhile, closed its $1.6bn initial public offering on October 27. Orders from Nigerian retail and institutional investors reached about NGN6.4 trillion ($4.78bn), around three times the target, according to Reuters, which cited people familiar with the transaction. An over-allotment option could increase proceeds to $2.1bn, although the company has not published official subscription figures and final allocations and proceeds remain unconfirmed. The IPO follows a $2.5bn private placement completed in July. Estimated net proceeds from the base offer would cover only about 11% of Dangote’s planned $14.3bn expansion to 1.4mn bpd by 2029, as IntelliNews reported. Under an indicative timetable, subscriptions are expected to be collated by November 3, proposed allotments submitted to the Securities and Exchange Commission on November 10, and regulatory clearance sought by November 17. Investment bank Renaissance Capital Africa, a joint adviser on the offer’s Kenyan GDR tranche, raised its valuation of Dangote to NGN700.41 ($0.52) per share on October 16, a 33.4% premium to the NGN525 offering price. The bank attributed only a small part of the upgrade to stronger 2026 forecasts, with most reflecting the refinery’s net cash position, a later valuation date and revised currency and discount-rate assumptions. It also warned against extrapolating exceptionally high refining margins into future years, leaving its longer-term forecasts unchanged. Oxford Economics identifies another constraint: domestic crude availability. At 85% utilisation, Dangote’s proposed 1.4mn-bpd refinery would require crude equivalent to around two-thirds of Nigeria’s forecast 1.8mn-bpd production in 2030. The refinery has already faced difficulties securing sufficient Nigerian crude, forcing it to import feedstock. The briefing argues that effective domestic crude-supply obligations and market-based pricing will be critical to the expansion’s viability. More broadly, Oxford Economics estimates that African refineries would process only 34-39% of the continent’s projected oil production of 8.2mn bpd in 2030, indicating that aggregate oil availability is less of a constraint than its geographic distribution, infrastructure and commercial supply agreements. East Africa’s refinery plans face financing and crude-supply risks Dangote has also broken ground on a proposed $16bn refinery at Lamu in Kenya, designed to process 700,000 bpd. Regional governments have been offered a combined 30% equity stake, although Uganda said at the September 30 groundbreaking that it would not invest for now. India’s state-controlled, listed engineering company Engineers India (NSE: ENGINERSIN) secured a contract exceeding $450mn for project management and engineering, procurement and construction management services. Completion is targeted for 2030. The project faces a court challenge by local residents over land rights and a separate petition by consumer group COFEK over the proposed government equity stake, as IntelliNews reported. A court declined to extend interim land restrictions on October 14, allowing work to proceed, but the underlying land dispute remains unresolved, with a further hearing scheduled for November 24. Final permitting and financing arrangements have not been confirmed. Oxford Economics estimates that approximately 70% of the East African Community’s refined petroleum imports came from the Middle East in 2025, strengthening the strategic argument for a regional refinery. However, it questions whether Lamu can secure enough crude to operate economically. Even an optimistic assessment of announced East African upstream developments suggests regional crude availability of only 400,000-500,000 bpd over time, below Lamu’s proposed 700,000-bpd capacity. Some production is already committed to export contracts and pipeline financing arrangements, potentially leaving Dangote dependent on imports from elsewhere in Africa or the Gulf. The consultancy excludes Lamu from its central refining forecast because of unresolved financing, ownership and legal issues. It also notes that Dangote’s original Lagos refinery was proposed in 2013 but did not produce its first fuel until early 2024, years behind schedule. A comparable delay or prolonged ramp-up at Lamu would push substantial output beyond 2030. Uganda is separately pursuing a $4bn refinery at Kabaale in Hoima district, designed to process 60,000 bpd of Lake Albert crude. The proposed ownership structure gives UAE-based Alpha MBM Investments 60% and Uganda National Oil Company 40%, as IntelliNews reported. Uganda Refinery Holding Company is targeting February 2027 for a final investment decision, following an earlier postponement. The decision depends on completing commercial agreements and technical preparations, with construction expected to take approximately three years. Oxford Economics excludes the project from both its central and optimistic 2030 capacity scenarios because financing has not been committed. Ethiopia’s $2.5bn, 70,000-bpd refinery at Gode, which China’s GCL began building in October 2025, is included in the optimistic scenario, although no definitive commissioning date has been announced. Separately, Dangote bought a 24.76% stake in Nairobi-listed Kenya Pipeline Company (NSE: KPC) for KES42.5bn ($327mn) in October. The transaction transferred existing shares, making Dangote the second-largest shareholder behind the Kenyan government, which retains 35% after selling 65% in an IPO earlier this year. The deal did not inject new capital into KPC, and no commercial arrangement linking its pipelines to the proposed Lamu refinery has been disclosed. Pipeline and storage investments offer quicker gains Pipeline and storage investments could ease fuel shortages faster than building new refineries, according to Oxford Economics. Dangote is planning a 2,650-km refined-products pipeline network across Southern Africa, budgeted at more than $3.5bn, as IntelliNews reported on October 22. The proposed routes would connect Namibia with Botswana and South Africa, with another corridor extending through Zimbabwe and Zambia towards the Democratic Republic of Congo. Dangote has also begun the regulatory process for a 1.6mn-barrel storage terminal at Walvis Bay in Namibia and is pursuing a $660mn pipeline and storage project connecting Damerjog in Djibouti with Dewele in Ethiopia. The Walvis Bay application covers land subdivision only, with a separate environmental impact assessment required before construction can begin. The briefing notes that Nigeria’s petrol stock cover stood at only 22.9 days of supply in August, below the 30-day benchmark set by the Nigerian Midstream and Downstream Petroleum Regulatory Authority despite the expansion of domestic refining. South Africa is proposing state fuel reserves equivalent to 60 days of net imports, while Botswana is completing a new fuel depot at Francistown, building another at Gantsi and planning a third at Tshele Hills. Angola advances construction as Southern African projects seek capital Angola has progressed further than most, with one refinery operating and another under construction. Its Cabinda refinery was inaugurated in September 2025 and began commercial operations in March 2026. The facility was processing approximately 15,750 bpd by August. However, about 86% of disclosed early refined-product sales were exported, mainly as naphtha and heavy fuel oil, rather than supplied to Angola’s domestic fuel market, IntelliNews reported. The refinery’s first 30,000-bpd phase was budgeted at $473mn, although Gemcorp has said costs rose to $500mn-550mn. Majority owner Gemcorp is considering a second phase costing approximately $700mn to double capacity to 60,000 bpd, with technical studies scheduled for completion in November. Angola’s larger 200,000-bpd Lobito refinery was approximately 26% complete in September, with $1.6bn already invested. Sonangol’s efforts to raise the remaining $4.8bn include talks with Chinese lenders, as IntelliNews reported. Botswana, Namibia and Zambia have been invited to consider equity participation, although Sonangol intends to retain a controlling 51% stake. “We still have a lot of work to do in the development of the 200,000-bpd Lobito facility,” chairman Sebastião Martins said in September. Namibia has cautioned that an invitation does not constitute an investment commitment. “An invitation to consider a proposal doesn’t necessarily mean a formal proposal has been received, let alone a decision has been made,” presidential spokesperson Jonas Mbambo told The Namibian in a report published on October 22. Energy analyst Gawie Kanjemba warned that minority investors would need to scrutinise valuations, financing terms and outstanding construction costs. Elsewhere in Southern Africa, Zambia broke ground on a proposed 60,000-bpd refinery at Ndola in April, according to Oxford Economics. Angola’s planned 100,000-bpd Soyo refinery has yet to secure financing despite a contract award in 2021, while the first 80,000-bpd modular phase of Mozambique’s proposed 240,000-bpd refinery has made little progress since an EPC contract was awarded in July 2025. State-owned refiners pursue restructuring and revival In Cameroon, the government increased its direct stake in state refiner Sonara from 81.95% to 98.09% through a debt-for-equity recapitalisation disclosed in October. The restructuring involved a XAF381.12bn ($650mn) share issue that diluted TotalEnergies Marketing Afrique’s holding from 4% to 0.42%, without providing equivalent new cash for reconstruction. Sonara subsequently signed a fuel supply agreement with Dangote and MRS Oil & Gas as its 42,000-bpd Limbe refinery remains shut following a 2019 fire. The government raised the estimated cost of rebuilding the plant to about XAF700bn ($1.24bn) in June. South Africa’s Central Energy Fund has proposed rebuilding the former Sapref refinery at Durban, initially targeting 400,000 bpd and eventually up to 650,000 bpd. The CEF bought the 180,000-bpd plant, idle since 2022, from BP and Shell for a nominal ZAR1 in 2024. The investment is estimated at $7.15bn, with a final investment decision targeted for 2027/28 and preliminary financing discussions reportedly involving Afreximbank. Any redevelopment must be “commercially disciplined, technically credible, and financially sustainable”, CEF chief executive Tshepo Mokoka said. Reviving Sapref and the mothballed Mossel Bay gas-to-liquids plant could require more than $8bn combined, according to Reuters. However, Joan Swart questioned the commercial case for the proposed Sapref investment in a Business Day column, arguing that the estimated economic cost of lost refining capacity did not establish that building a substantially larger refinery would generate adequate returns. She advocated comparing the project with alternatives including strategic fuel reserves, import infrastructure and long-term supply contracts. The South African Reserve Bank estimates that refinery closures have reduced petroleum-related manufacturing output by roughly 20% since 2019 and displaced approximately 5,400 direct and indirect jobs. Imported refined products now supply more than half the country’s fuel demand. Nigeria’s state oil company NNPCL is separately assessing technical equity partnerships with Chinese companies Sanjiang Chemical and Xinganchen for its Port Harcourt and Warri refineries, under a memorandum of understanding signed in April. The companies have been carrying out site assessments, but definitive agreements and investment decisions remain outstanding. “Completing repairs alone is not enough; the facilities must also be able to operate reliably and profitably,” NNPCL spokesman Andy Odeh told Punch in October. Refining margins face a longer-term squeeze Industry research indicates substantial room for additional refining capacity. Consultancy CITAC estimates sub-Saharan African petroleum-product demand rose 6% to 121mn tonnes in 2025, while increased refinery output reduced import requirements by 7%. It forecasts demand reaching 186mn tonnes by 2045. The US Energy Information Administration found that Nigeria’s seaborne petroleum-product exports averaged 350,000 bpd in the second quarter of 2026, excluding domestic coastal shipments, compared with an average of 46,000 bpd in 2023, reflecting Dangote’s expanding operations and disruption to Gulf product flows. Abderrezak Benyoucef, head of OPEC’s energy studies department, said in October that Africa will require at least $125bn in refining investment through 2050, including new projects, existing facilities and maintenance. However, BloombergNEF’s latest global refining outlook forecasts 4.2mn bpd of net global capacity additions during 2026-2030, with Africa and Asia Pacific accounting for approximately 95% of the increase. BNEF warns that capacity growth could outpace demand, eroding margins, while projects scheduled for later in the decade face heightened risks of delay or cancellation. Refining profitability could also deteriorate as the investment cycle matures. Oxford Economics projects average Brent crude prices falling from nearly $98 per barrel in 2026 to approximately $61 in 2030, while exceptional refining margins generated during the Middle East supply crisis are unlikely to persist. Oxford Economics identifies timing as the biggest risk to Africa’s refining landscape, arguing that new facilities could begin commercial operations after the current period of unusually high margins has ended, although additional domestic refining capacity would still reduce reliance on imported products and strengthen resilience against supply disruptions. See IntelliNews: Nigeria’s Dangote targets 1.4mn bpd by 2029 as $14.3bn expansion, IPO advance See IntelliNews: Nigeria clears $1.6bn Dangote Refinery IPO, testing investor appetite at $47bn valuation See IntelliNews: Botswana in talks to take 30% stake in Angola’s $6.6bn Lobito oil refinery See IntelliNews: Ghana’s debt-laden oil refinery TOR faces $517mn burden amid IMF reclassifications See IntelliNews: Uganda signs $4bn oil refinery deal with UAE’s Alpha MBM Investments See IntelliNews: Nigeria’s NNPCL signs MoU with Chinese companies to revive refineries with equity partnership model See IntelliNews: Can Chinese investors revive Nigeria’s troubled state-owned refineries

**Texas Dealmaking Slows Amid Governor’s Data Center Freeze** Mergers and acquisitions activity in Texas has decreased, influenced by factors including artificial intelligence, data center development, and related investments. Data from the Corporate Deal Tracker reveals that the third quarter of 2026 saw declines in both the volume and value of deals compared to the previous

Nigeria plans to open its bidding portal for the 2026 oil and gas licensing round on November 20, offering 40 blocks across onshore, shallow-water and deepwater areas as the government seeks fresh investment in upstream exploration and development. Oritsemeyiwa Eyesan, chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced the date at the ADIPEC energy conference in Abu Dhabi on November 2, according to a regulatory statement. “We are going in for another licensing round and we will be launching our bid portal on November 20,” Eyesan said. The regulator formally launched the licensing round on October 6 following approval by President Bola Tinubu, and it is open to Nigerian and international companies with the technical and financial capacity to develop petroleum resources. The November 20 date marks the planned opening of the bidding portal rather than the launch of the round itself. The NUPRC has not announced a detailed timetable for bid submissions, evaluation or awards. The regulator has said the round’s guidelines will publish evaluation criteria, provide for disclosure of results and require bidders to identify their beneficial owners, in line with recommendations from the Nigeria Extractive Industries Transparency Initiative (NEITI). A NEITI review of the 2022–2023 mini bid round and the 2024 licensing round, published in May 2025, called for stronger evaluation methodology, better publication of results and full disclosure of beneficial ownership. The new exercise is the NUPRC’s latest in a series of at least four licensing rounds since 2021, Eyesan said. The 2025 round offered 50 blocks and attracted about 200 bids from 143 companies. Bids were received for 37 blocks, with 31 companies emerging as preferred bidders at a commercial bid conference on July 21, 2026, while 13 blocks drew no bids. The regulator has not said whether any of those 13 blocks are included in the new round. Final licence awards from the 2025 round remain subject to payment of signature bonuses and ministerial approval under the Petroleum Industry Act (PIA) of 2021. Abiodun Afolabi, executive director of TotalEnergies Nigeria, described the July conference as “a very transparent and open process” and “a step-up from last year”. The Centre for Energy Policy, Research and Strategic Development warned in August that successful bidders still needed to demonstrate their capacity to finance exploration and development. At ADIPEC, Eyesan said reforms introduced under the PIA and subsequent presidential executive orders had improved fiscal terms and the investment climate, and that Nigeria had taken steps to reduce execution risks, costs, delays and uncertainty for investors. Eyesan also highlighted Nigeria’s estimated 215 trillion cubic feet of natural gas reserves against production of about 7bn cubic feet per day, identifying gas infrastructure as another investment opportunity. She cited the proposed Nigeria-Morocco Atlantic Gas Pipeline and Trans-Sahara Gas Pipeline as potential routes for expanding regional supplies and exports to Europe. See IntelliNews: Nigeria offers 40 oil and gas blocks in new licensing round to boost production See IntelliNews: Nigeria returns 13 oil blocks to licensing pool after failed bids

France’s TotalEnergies has acquired a 25% working interest in 26 offshore exploration leases in the US Gulf of Mexico that are operated by Chevron.

African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organisation (APPO) have formally established the Africa Energy Bank (AEB) in Abuja, Nigeria, with $5bn in authorised capital to finance African oil, gas and other energy projects. The announcement was made at the institution’s inaugural general meeting on October 31, which appointed Egyptian banker Helmy Ghazi as its first president and constituted its board of directors, according to the joint statement. The $5bn represents authorised capital, not funds already received or available for lending. An initial subscription tranche of $1.25bn is planned, with more than $500mn reportedly available to begin operations, according to Sika Finance. The founders have not disclosed a reconciled breakdown of subscriptions or paid-in equity. When Nigeria won the bid to host the bank in July 2024, each African member country was expected to contribute at least $83mn, for a total of around $1.5bn, with Afreximbank and APPO as founder members expected to match that amount. Nigeria, Angola and Ghana had paid in their shares by April 2025, covering 44% of the minimum required from APPO members. Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the minimum capital required for the bank’s launch had been mobilised, its founding charter ratified by the necessary participating countries and external auditors appointed, Valuechain reported. The AEB will operate as an independent supranational pan-African financial institution, attracting investment from governments, national oil companies, financial institutions and private investors. Its mandate covers exploration and production, transportation, processing, refining and distribution. The founders estimate Africa’s energy investment requirements at $200bn, arguing that declining international financing for fossil fuels threatens development of the continent’s resources. The bank aims to reduce dependence on imported petroleum products, expand domestic processing capacity and promote intra-African energy trade. Côte d’Ivoire’s Minister of Mines, Petroleum and Energy, Mamadou Sangafowa-Coulibaly, who holds APPO’s rotating presidency, was elected chairman of the bank’s general assembly for one year. The bank is scheduled to begin operations on January 4, 2027, according to Sika Finance. APPO Secretary-General Farid Ghezali previously told S&P Global Energy that the institution aimed to finance at least three projects in 2027. No initial borrowers or approved financing have been announced. Ghezali told African Energy Week in Cape Town on October 13 that the bank would prioritise projects in four areas: export infrastructure, domestic infrastructure, clean cooking and power, using a corridor-based approach to support regional economic development, NewsBase reported. He said export commitments should not come at the expense of domestic supply. APPO and the Gas Exporting Countries Forum (GECF) also plan to harmonise transit tariffs and gas contracts across member states. At the same forum, African Energy Commission (AFREC) executive director Rashid Ali Abdallah said funding had focused largely on export terminals, leaving cross-border pipelines struggling to secure finance, while GECF analyst Abubakar Abbas estimated that Africa would need at least $1 trillion over the next 30 years to develop its gas resources, NewsBase reported. Ghezali said in February that the bank aimed to raise $15bn within three years, with a first phase built around ten projects in countries including Nigeria, Angola and Libya. The launch follows repeated postponements. APPO had targeted a start by June 2024, and later dates in January and June 2025 and June 2026 also slipped. Nigeria handed over the bank’s Abuja headquarters in February 2026. See IntelliNews: African Energy Bank to finance gas projects from early 2027

CPUC Executive Director Luam Tesfaye told the Assembly committee that wildfire liabilities and credit‑rating downgrades are already raising borrowing costs, that the commission authorized roughly $54 billion in wildfire‑related costs from 2020–2026, and that current wildfire‑fund structures cover only the three largest IOUs.

In the October mayoral address, the mayor cited economist Dr. Lawrence Scott's projection that the Lake Charles metro area could add about 6,000 jobs over two years and flagged three LNG export projects representing roughly $64 billion in regional investment.

Ara Partners Secures $1.8 Billion for New Energy Fund Ara Partners has completed the fundraising for its inaugural energy fund, Ara Energy Fund I, reaching a hard cap of $1.8 billion and attracting over $700 million in associated co-investments. The fund, launched in the second quarter of 2025, garnered commitments from a diverse group of

Ara Partners, a Houston-based investment firm, has concluded fundraising for its first energy-focused fund, Ara Energy Fund I, successfully reaching its target of $2.5 billion. The fund secured $1.8 billion in commitments and includes over $700 million in co-investments. Fundraising commenced in the second quarter of 2025, with an initial close in December 2025 and

EGCO Group Increases Stake in New Jersey Power Plant Electricity Generating Public Company Limited (EGCO Group) is expanding its presence in the United States by increasing its ownership stake in the Linden Cogen power plant, a natural gas-fired cogeneration facility located in New Jersey. Through its subsidiary, EGCO Linden II, LLC, the company acquired an

A recent emergency directive from the Department of Energy has drawn attention to the strain on power infrastructure due to escalating electricity consumption, particularly linked to the growth of artificial intelligence. The directive, issued October 13th and extending through October 16th, permits increased power generation within the PJM Interconnection. This action was triggered by unseasonably

Google and Constellation Energy Announce Nuclear Power Expansion for PJM Grid A significant agreement has been reached to expand nuclear energy capacity within the PJM Interconnection grid. Google and Constellation Energy are collaborating to add 890 megawatts (MW) of new nuclear energy capacity. The 20-year agreement involves new equipment and technology at 11 Constellation-owned nuclear

Financing has yet to be secured for a 300,000bpsd refinery at Jomoro that UAE-based Global Sphere has agreed to develop under a $28bn deal with Ghana’s PHDC.

What Indonesia’s rupiah depreciation and stock market sell-off mean for energy investors The rupiah is down about 8% this year, and the Jakarta Composite Index fell 11.57% on 16 October. It is too ea...

The Asian Development Bank (ADB) has agreed to lend Uzbekistan $200mn to modernise its electricity distribution infrastructure. The objectives are to reduce power losses, improve supply reliability and prepare the network for growing renewable energy capacity. ADB president Masato Kanda signed the loan agreement with Uzbekistan’s Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov on October 17. “A reliable power supply is one of the most basic promises a modern economy must keep to its people,” said Kanda. “This agreement will help Uzbekistan keep that promise as demand rises, with stronger networks that serve families, businesses and public institutions and can carry more renewable energy.” The Modernisation of Electricity Distribution Systems Programme will rehabilitate and upgrade 60 key electricity distribution substations nationwide, alongside the introduction of digital tools for network management. The investment comes as Uzbekistan’s expanding economy, growing cities and increasing household electricity consumption place additional strain on its power infrastructure. Ageing facilities, overloaded equipment and electricity losses have made it more difficult to maintain a stable supply and integrate renewable energy into the grid. ADB expects the programme to reduce electricity losses and transformer overloading, improve service reliability and facilitate the integration of at least 3.3 gigawatts of renewable energy capacity. It is also projected to cut annual greenhouse gas emissions by nearly 23,000 tonnes of carbon dioxide equivalent. The initiative will strengthen the technical and operational capacity of JSC National Electric Grid of Uzbekistan, including improvements to management practises and financial controls. Training programmes and measures to increase women’s participation in the energy sector are also included. The loan represents ADB’s first energy-sector operation in Uzbekistan under its Full Mutual Reliance Framework with the World Bank. It is also the bank’s first results-based lending operation in the country’s energy sector. The framework allows ADB and the World Bank to use each other’s due diligence and implementation arrangements, helping streamline project preparation and reduce administrative costs. ADB will lead the financing, with World Bank management expected to submit a proposal for an additional $100mn to its board later in October. ADB has provided more than $3.4bn in financing and guarantees for Uzbekistan’s energy sector since 2010, supporting electricity generation, transmission and distribution. The new programme is aligned with Uzbekistan’s 2030 Strategy, which includes expanding renewable energy and improving energy efficiency, as well as ADB’s country partnership strategy for Uzbekistan for 2024–2028.

Kuwait’s Emir and French President Emmanuel Macron discussed deeper economic and investment ties as Macron began a Gulf tour focused on energy supplies. No new deals were announced.

LS Power has finalized its latest funding round, LS Power Equity Partners VI (Fund VI), securing approximately $6 billion in commitments. The fund, launched in January, surpassed its initial target of $4 billion due to substantial investor interest and reached its maximum capacity in July. Fund VI will focus on investments in renewable energy, conventional

Google’s Investment Fuels Surge in Nuclear Stocks Shares of nuclear power companies experienced a notable increase following a deal between Constellation Energy and Alphabet’s Google, marking a positive shift for the sector. The agreement involves a substantial long-term investment by Google in nuclear power to meet the rising electricity demands of its data centers. This

LS Power has completed fundraising for LS Power Equity Partners VI, obtaining roughly $6 billion in commitments. The fund, launched in January 2026, reached its investment limit in July, exceeding its initial $4 billion goal. The company credits investor enthusiasm and oversubscription to its history of generating returns during diverse economic climates. Fund VI will

Google and Constellation Energy have finalized a power purchase agreement, securing 3,590 megawatts of electricity across the United States’ largest power network. The announcement, made Tuesday, details that roughly 25% of this supply will originate from nuclear power generation. This agreement will trigger over $4.3 billion in new investment from Constellation, involving expansions at several

LS Power has established a USD-6 billion fund to invest in energy assets throughout North America. The fund will focus on sectors including hydropower, solar power, onshore wind, energy storage, and other renewable energy sources. This financial commitment underscores the company's dedication to expanding the renewable energy landscape in the United States and Canada. Recent

President Milei has been visiting the US this week WHAT The US may loan more Ex-Im Bank funds and also invest strategic national security funds in Argentinian petroleum. WHY President Trump has been keen to expand strategic US influence especially in the Americas. WHAT NEXT The outcome for energy of President Javier Milei’s visit to Washington will be closely watched. The US is considering expanding financing for oil and gas, mining and infrastructure projects in Argentina beyond the $7bn framework announced by its Export-Import (Ex-Im) Bank in September, while also exploring the use of funds from the US Department of War for strategic investments, as higher global borrowing costs complicate access to capital, La Nación reported. The US is also seeking to expand its influence over the rest of the Americas. Katrien Hinderdael, acting director and coordinator of the US Department of State’s (DoS) Partnership for Global Infrastructure and Investment, said Washington was already discussing support exceeding the Ex-Im Bank framework. She made the remarks during the International Lithium Seminar in South America, held in Jujuy last week, but did not announce a new financing commitment. The US International Development Finance Corporation (DFC) is assessing about 20 projects in Argentina, including a potential corporate loan to Vista Energy Argentina and discussions with Pampa Energía concerning a natural gas liquids project led by TGS. The facility would process components of gas produced in the Vaca Muerta shale formation for export from Bahía Blanca. Oil investment Documents indicate that the proposed Vista loan could support drilling equipment leases, new wells and completion services. The financing would cover the company’s general activities rather than a single development. The assessment included a visit in August and an environmental and social audit on September 22. The documents do not specify the loan’s amount or duration, and no final approval has been confirmed. Vista declined to comment. The potential financing forms part of Washington’s broader effort to strengthen supply chains and expand its influence over strategic resources, amid competition with China. The Andes-Atlantic Corridor, presented on September 23, aims to connect mining resources in Argentina’s north-west as well as oil and gas production in Vaca Muerta with Atlantic ports and Western markets. Identified investment opportunities include the Belgrano, San Martín and Urquiza railway lines, freight connections between Vaca Muerta and Bahía Blanca, ports along the Hidrovía waterway and electricity transmission networks. Digital infrastructure projects include upgrades to Arsat’s fibre-optic network, submarine cables, satellite connectivity and data centres for artificial intelligence. The US Ex-Im Bank’s supply chain resilience initiative excludes projects controlled by Chinese entities, as well as developments reliant on Chinese technology or with a significant proportion of customers in that market. Eligibility therefore depends on ownership, technology and the destination of a project’s output. Hinderdael said Ex-Im financing was intended to support US suppliers of equipment and technology, including in mining. The initiative can also finance projects without direct participation by an American company, provided they include supply agreements serving the US market. She cited lithium deliveries to a processing plant in the United States as an example. DFC The DFC has a wider range of financing tools, including loans, equity investments, political risk insurance and support for project development. “It is not necessary for a US company to participate, but the project must be aligned with our broader strategic interests and with the strategic interests of the partner in which we are investing,” Hinderdael said. She also raised the possibility of involving the strategic capital office of the US Department of Defence, which President Donald Trump calls the Department of War. The office has lending capacity of $100bn for critical mineral supply chains considered essential to US security, although that funding is global and no allocation for Argentina has been announced. “For that reason, if there are strategic projects that require significant capital, we can bring in the strategic capital office to invest directly in those assets,” Hinderdael said. The office has also emerged as a potential source of financing for US-backed oil investments in Venezuela. Washington is exploring arrangements to secure long-term access to Venezuelan crude reserves through partnerships with private investors. The Pentagon's office of strategic capital could provide financial support for the proposed ventures, although its lending role has not been finalised, according to the Washington Post. The proposed Venezuelan arrangement illustrates how the Trump administration is increasingly linking investment in strategic resources to national security objectives. Reuters reported on August 31 that Washington was pursuing a three-part structure involving an intergovernmental agreement, Venezuelan oil production partnerships and a US equity transaction. Under the proposal, the Pentagon would acquire a 35% stake in North American Blue Energy Partners through warrants, although the structure and necessary approvals remain uncertain. Milei visits the US Argentinian president Javier Milei is making his fifth visit to the US in 2026. He arrived in Washington on October 14, and was scheduled to return to Argentina on October 16. It is his 20th visit to the US since his election as president in 2023. His programme includes a meeting with Harold Hamm, founder of US oil producer Continental Resources, which has been expanding its investments in Argentina's Vaca Muerta shale formation. He was also scheduled to address the US Chamber of Commerce. Grants offered During the lithium seminar, the US delegation also offered grants for feasibility studies and environmental assessments, alongside technical assistance for electricity infrastructure planning and mining projects. A central financing proposal already under consideration is Argentina LNG, led by state-controlled YPF alongside Italy’s Eni and the United Arab Emirates’ XRG. Ex-Im has submitted an indicative, non-binding proposal of up to $6bn to finance US goods and services for the project, subject to final board approval. The US delegation additionally met Argentine officials and businesses in Buenos Aires, Salta and Jujuy. Discussions included the Belgrano Cargas railway, the proposed sale of three thermal power plants and other privatisation initiatives. Higher US Treasury yields, which have exceeded 5% for 10-year bonds, have increased financing costs for countries and companies. Argentina is particularly exposed because expensive borrowing can delay corporate and provincial debt issues, postponing foreign-currency inflows. According to Central Bank data for September, Argentine companies and provinces had issued $23.6bn in domestic and international debt and sold $19bn of those proceeds on the foreign-exchange market. A further $4.6bn remained to be liquidated. Companies are required to bring the funds into the market within 180 days, meaning delayed bond sales could also defer the arrival of dollars. The proposed US support could help sustain investment while providing an alternative to international debt markets. Washington will watch China’s role closely. Argentina has expanded its currency swap arrangement with China, and the economic team has told investors it could use $8bn under the agreement, if necessary, including for debt buybacks.