The Qatar Electricity and Water Co. Q.S.C. (QEWC) has announced that it has entered into an agreement to acquire IDB Infrastructure Fund L.P. (IDB Fund)'s participation in AES Oasis Ltd. AES Oasis Ltd owns a 60% stake in AES Jordan HoldCo Ltd, which owns the entire issued share capital of AES Jordan P.S.C., owner of the independent power plant located in Amman East and with an installed capacity of 370 MW.
Pursuant to the agreement, QEWC will buy IDB Fund's 38.891% interest in AES Oasis Ltd. The transaction is subject to customary approvals and is expected to close during the first quarter of 2012.
Speaking on the occasion, QEWC's General Manager, Mr. Fahad Hamad Al-Mohannadi said that QEWC continues its commitment to expand its operations outside of Qatar in a measured, conservative manner whilst sticking to its core areas of expertise and was very pleased with QEWC's first cross-border M&A transaction.
The Qatar Government, under the visionary leadership of His Highness the Emir Sheikh Hamad Bin Khalifa Al- Thani, has laid greater emphasis on the power and energy sectors and has implemented a number of initiatives to encourage Qatari utility companies in their operational responsibilities.
This strategic move is in line with the international long term strategy of expanding Qatar's expertise in the energy and resources sector and is the culmination of the vision of the Chairman of the QEWC Board of Directors, HE Abdullah Bin Hamad Al-Attiyah.
Commenting on the deal, Mr. Khalid Jolo, Business Development Manager at QEWC said, "Following our successful bid on the Omani 2,000 MW Sur IPP together with our consortium partners, QEWC is pleased to also expand our operations into Jordan. We continue to capitalize on our success in the Qatari power and water sector. We would like to thank EMP for their cooperation and efforts in concluding this transaction".
QEWC was advised by RBS Corporate Finance Limited ("RBS") acting as financial adviser and Norton Rose LLP and Khalifeh & Partners acting as legal advisers in connection with this transaction.
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© Press Release 2012
