Oman-based Rakiza has closed its first transaction in Saudi Arabia after acquiring a 40% stake in Tihama Power Generation Company, according to a press release.

Tihama includes four Combined Heat and Power plants (CHP) located at Ras Tanura, Ju’aymah, Shedgum, and Uthmaniyah, in the Eastern Province of Saudi Arabia.

The four plants produce 1,600 megawatts (MW) of electrical power and 6.3 million pounds per Hour of process steam and have been in operation since 2006.

This project will witness the participation of Rakiza and Engie, which is a leading infrastructure manager and a 60% shareholder in Tihama Power.

Rakiza is a private equity infrastructure fund that is committed to investing across a range of infrastructure assets in Oman and Saudi Arabia.

The fund is independently co-managed by regulated independent fund manager Oman Infrastructure Investment Management (OIM) and UK-based fund manager Equitix.

Muneer Al Muneeri, OIM Founder and CEO, said: “This transaction underscores our commitment to investing in the market and the Saudi Vision 2030.”

“Our strategy and unique relationships in Saudi Arabia and Oman provide us with a distinct advantage in sourcing and securing deal flow, and being able to deploy capital in attractive infrastructure projects within the region,” Al Muneeri continued.

Tihama Power marks the fifth asset in Rakiza’s portfolio, which includes a diverse range of investments in transportation (ports), network utilities, data infrastructure, and social infrastructure.

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