Enviromena Power Systems (Enviromena), a portfolio company of Masdar, Abu Dhabi Future Energy Company, has been successfully acquired by Arjun Infrastructure Partners (AIP).
AIP is a UK-based independent infrastructure investment advisory company. It partners with institutional investors, mainly pension plans, to access direct infrastructure investments.
UAE-based Enviromena develops, deploys and operates clean energy solutions throughout the MENA region. With a project footprint spanning nine countries, the company has installed more than 17,000 solar systems, representing the largest portfolio of solar rooftops in the region. The company has over 175MW worth of projects in operation and a further 500MW under construction.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “A key part of our mandate at Masdar is to help catalyse the Abu Dhabi renewable energy sector. 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.”
Sami Khoreibi, Chief Executive Officer of Enviromena, said: “We would like to thank Masdar for its support as an industry leader and shareholder. Enviromena was founded ten years ago, and today’s announcement is a significant milestone in the continued evolution of the regional sector.”
“The strategic support and access to capital that AIP brings to the table enhances Enviromena’s position as a service provider and gives us the exciting opportunity to participate as a project stakeholder moving forward,” Khoreibi added.
Surinder Toor, Founding Partner of AIP, said: "We are very excited to complete this transaction and become part of the incredible story of clean energy in the Middle East & North Africa. 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.”