UK group AIP buys Masdar portfolio company
ABU DHABI, December 2, 2017
Enviromena Power Systems, a leading clean energy project company in the Middle East and North Africa (Mena) region, has been acquired by Arjun Infrastructure Partners, a UK-based independent infrastructure investment advisory company.
A portfolio company of Abu Dhabi Future Energy Company (Masdar), Enviromena develops, deploys and operates clean energy solutions throughout the region.
With a project footprint spanning nine countries, it has installed more than 17,000 solar systems and has the largest portfolio of solar rooftops in the region.
The company has over 175 MW of projects under operation and a further 500 MW under construction.
AIP is an independent infrastructure investment advisory company founded in 2015 by Surinder Toor, former Head of Europe for the Global Infrastructure Investments Fund at JP Morgan Asset Management.
Commenting on the deal, Mohamed Jameel Al Ramahi, CEO of Masdar, said: "This successful acquisition by leading international investors supports the realisation of our overall strategy. We look forward to our continued collaboration with Environmena on renewable projects throughout the region."
Enviromena CEO Sami Khoreibi acknowledged Masdar’s support as an industry leader for the continued evolution of the energy sector across the region.
"This transaction comes at perfect time for Enviromena. The opportunity to deploy solar assets throughout Mena is happening now, and the strategic support and access to capital that AIP brings to the table enables us to enhance our position as the market leader," remarked Khoreibi.
"We are very thankful towards our previous shareholders, particularly Masdar and Zouk Capital, who were early believers in the potential for solar in the region, and provided valuable guidance and support over our years of growth," he added.
Eversheds Sutherland advised on the transaction. In order to access direct infrastructure investments, AIP has partnered with institutional investors.
On the strategic move, Toor said: "We are very excited to complete this transaction and become part of the incredible story of clean energy in the Mena. We are firm believers in the solar opportunity presented in the region, and see Enviromena as the ideal platform to facilitate our strategy to deploy capital into renewable assets."
“We are firm believers in the solar opportunity presented in the region, and see Enviromena as the ideal platform to facilitate our strategy to deploy capital into renewable assets,” he added Toor.-TradeArabia News Service
