11 March 2016
Khaled Juffali Energy and Utilities (KJEU), a Saudi power company which specialises in developing power generation through conventional and renewable energy resources, has acquired MENA Infrastructure Fund LP's 38.1 per cent stake in Omani utility United Power Company SAOG (Manah IPP).
The transaction was completed late last month following the receipt of all requisite approvals, including from the Authority for Electricity Regulation, Oman.
MENA Infrastructure Fund LP is a $300 million fund managed by MENA Infrastructure, a specialized infrastructure fund manager, established by HSBC, Fajr Capital and Waha Capital. The fund invested in Manah IPP in 2009, becoming the single largest shareholder.
The Manah IPP is a 270 MW open-cycle natural gas fired power plant which is located near Nizwa on 200 acres of land. The plant sells power to the Oman Power & Water Procurement Company, the single-buyer in the Oman electricity market.
Khaled al Juffali, Chairman of KJEU, said: "Our entry into the Oman market is a first step in KJEU's strategy to internationalize our business. Manah IPP is a high-quality asset managed by a very professional team, including Omani and international power-industry experts."
Hussain al Nowais, Chairman of MENA Infrastructure, said: "Our investment has contributed to the development of the Omani power market. Manah IPP, Oman's first independent power project, has been an overwhelming success, and will continue to be as KJEU becomes the latest international investor in the Omani power market."
Bander Allaf, KJEU's CEO, said: "We have built a strong team capable of assembling a world class portfolio of projects, such as Manah IPP. The plant has demonstrated exceptional reliability and performance, successfully meeting its long-term power purchase agreement."
Khaled Juffali Energy and Utilities (KJEU), a Saudi power company which specialises in developing power generation through conventional and renewable energy resources, has acquired MENA Infrastructure Fund LP's 38.1 per cent stake in Omani utility United Power Company SAOG (Manah IPP).
The transaction was completed late last month following the receipt of all requisite approvals, including from the Authority for Electricity Regulation, Oman.
MENA Infrastructure Fund LP is a $300 million fund managed by MENA Infrastructure, a specialized infrastructure fund manager, established by HSBC, Fajr Capital and Waha Capital. The fund invested in Manah IPP in 2009, becoming the single largest shareholder.
The Manah IPP is a 270 MW open-cycle natural gas fired power plant which is located near Nizwa on 200 acres of land. The plant sells power to the Oman Power & Water Procurement Company, the single-buyer in the Oman electricity market.
Khaled al Juffali, Chairman of KJEU, said: "Our entry into the Oman market is a first step in KJEU's strategy to internationalize our business. Manah IPP is a high-quality asset managed by a very professional team, including Omani and international power-industry experts."
Hussain al Nowais, Chairman of MENA Infrastructure, said: "Our investment has contributed to the development of the Omani power market. Manah IPP, Oman's first independent power project, has been an overwhelming success, and will continue to be as KJEU becomes the latest international investor in the Omani power market."
Bander Allaf, KJEU's CEO, said: "We have built a strong team capable of assembling a world class portfolio of projects, such as Manah IPP. The plant has demonstrated exceptional reliability and performance, successfully meeting its long-term power purchase agreement."
© Oman Daily Observer 2016
