Arjun Infrastructure Partners, a British independent infrastructure investment advisory company, has acquired Enviromena Power Systems (Enviromena), a clean energy project company in the Middle East and North Africa (MENA) region.
Enviromena is involved in developing, deploying, and operating clean energy solutions throughout the MENA region. With a project footprint spanning nine countries, the company has installed more than 17,000 solar systems and has the largest portfolio of solar rooftops in the region.
With this acquisition, Arjun Infrastructure Partners has acquired an operational solar portfolio of 175 MW and under-development solar portfolio of 500 MW.
“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,” said Surinder Toor, Founding Partner Arjun Infrastructure Partners.
“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,” said Sami Khoreibi, Chief Executive Officer of Enviromena.
Eversheds-Sutherland, a legal advisory firm, was the adviser for this transaction. The value of the transaction has not been disclosed.
Recently, in the MENA region French multinational energy conglomerate Engie reached an agreement to acquire 100 percent of Fenix International, a next generation energy company that offers solar home systems (SHS) in Africa, to enter the African market.
Image credit: CC BY-SA 3.0 Nick Youngson via Creative Commons