Qatar Electricity and Water Co to buy remaining 40% stake in Nebras Power for $530 m
07 January 2022
Qatar Electricity and Water Company (QEWC), UAE’s biggest and the second largest utility company in the MENA region, said on Wednesday its subsidiary has signed an agreement to acquire the remaining 40 per cent stake in energy investment company Nebras Power for $530 million.
QEWC, which already owns 60 per cent in Nebras Power, will acquire the remaining 40 per cent stake through its subsidiary to take full control in the power company, according to a press release.
QEWC's unit Raslaffan Operating Company made the offer to buy the stake from Qatar Holding, a unit of Qatar's sovereign wealth fund, the Qatar Investment Authority, QEWC said in a bourse statement.
The transaction is subject to a number of conditions precedent, which include regulatory approvals and notifications from other foreign jurisdictions where Nebras is present, it stated.
Nebras Power is an international power company established in March 2014 and headquartered in Doha, Qatar. The company was established with an initial capital of QAR 3.65 billion and with a mandate to invest in the conventional and renewable energy, water and utilities sectors globally, outside of the State of Qatar.
A joint venture between Qatar Electricity and Water Company QSC (60 per cent) and Qatar Holding LLC (40 per cent), Nebras Power is a dynamic energy company that aims to become one of the leading corporations in the power sector through investing in feasible and profitable large-scale power and water projects around the world.
Nebras seeks to provide complete solutions in power and water, ranging from providing associated LNG facilities, water treatment plants, fuel sourcing and supply centres, making us a significant player in the MENA region, South East Asia, Europe, and beyond.
Since its inception in early 2014, Nebras Power has built a diversified power portfolio of over 1.5 GW of quality assets (gas, coal, solar) distributed over different countries UAE, Oman, Jordan, Indonesia, and Tunisia, and target to expand its business to be more than 5 GW within the next 5 years.