Regional fund buys up 20% of Omani Power Company
Mena Infrastructure Fund LP, a leading specialist infrastructure private equity fund, sponsored by Waha Capital PJSC, Fajr Capital Ltd and HSBC Group, has acquired a 20 per cent shareholding in Sohar Power Company SAOG.
Sohar Power is a Muscat-listed company that owns and operates a 585 megawatt power plant and an associated 150,000 cubic metres water desalination plant in the Sohar Industrial Port area of Oman. Since reaching commercial operation in May 2007, Sohar Power has enabled vital job creation in Oman and has provided significant base load capacity to the Sultanate’s power and water networks.
The landmark transaction was awarded “Middle East Infrastructure Equity Deal of the Year” for 2012 by the Infrastructure Investor Magazine. The publication also recognised Mena Infrastructure as the “Middle East Infrastructure Fund Manager of the Year” for 2012.
The $300 million (Dh1.1 billion) Mena Infrastructure Fund LP was launched in 2007. The Sohar Power acquisition marks the fund’s fourth major investment, having previously acquired stakes in Alexandria International Container Terminals in Egypt, United Power Company in Oman and Hajr Electricity Production Company in Saudi Arabia. Mena Infrastructure Fund is also part of the consortium that, together with ACWA Power and Samsung C&T, is the preferred bidder in the Rabigh 2 IPP project in Saudi Arabia.
Commenting on the Sohar Power acquisition, Hussain Al Nowais, Chairman of Mena Infrastructure and Chairman of Waha Capital Ltd, remarked: “We are delighted to see Mena Infrastructure Fund add Sohar Power to its investment portfolio. The market for infrastructure investment remains strong and Mena Infrastructure has successfully positioned itself as a leading infrastructure asset manager in Middle East and North Africa”.
Iqbal Khan, Board Member of Mena Infrastructure and CEO of Fajr Capital Ltd, added: “The award-winning Sohar Power investment reinforces infrastructure as an attractive asset class in the Middle East and North Africa. We look forward to continue playing an active role in developing infrastructure and economic prosperity across the region.”
Mark Lemmon, CEO of Mena Infrastructure, said “This acquisition marks the fourth investment of Mena Infrastructure Fund and consolidates our fund as the most successful infrastructure fund in the Middle East and North Africa”.
- Gazans reach beyond Israeli blockade through start-up
- France is playing a risky dating game in the Gulf: experts
- Egyptian stocks plummet as Yemen confict deepens
- Mission to Mars: UAE plans Arab region's first unmanned probe
- Supervising the stoners: Egyptian tobacco traders call for the legalization of cannabis
- GCC markets under selling pressure in Feb-06.
- Global maintains its earlier BUY recommendation on QEWC and revalue the company’s stock at a higher intrinsic value of QR109.2
- Global values the company’s stock at an intrinsic value of QR96.4 per share. And revises its recommendation on the stock from “BUY” to “HOLD”.
- Oman awards power station contract to International Power