US-based independent infrastructure investment advisory company, Arjun Infrastructure Partners (AIP) has agreed to acquire UAE solar company, Enviromena for an undisclosed sum.
This is the first time a regional renewables company is being purchased, which points to a maturing market.
The move is seen as part of a wide strategy to help accelerate the renewable energy sector in Abu Dhabi.
Enviromena CEO, Sami Khoreibi, said the transaction will enable the company to receive crucial strategic support and access to capital from AIP, and that it will strengthen its position in the solar markets of the MENA region
The UK investment advisory firm will become the sole shareholder for the Abu Dhabi-based Enviromena, one of the region's largest solar rooftop providers covering 35 rooftops in five countries.
“We are very thankful towards our previous shareholders, particularly Masdar and Zouk Capital, who were early believers in the potential for solar in the region, and provided valuable guidance and support over our years of growth,” commented Khoreibi .
The company’s scope of work includes the development, design, installation, financing, operations and maintenance of turnkey photovoltaic solar power solutions for grid connected utility scale, commercial, remote and residential applications.
The company claims it has installed around 17,000 solar power generators in the MENA region to date. Another 175 MW are said to be opertional, while projects under construction total around 500 MW.
“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 AIP founding member Surinder Toor.
Enviromena is headquartered in Dubai and Abu Dhabi, and has another office in Amman, Jordan. The company specializes in rooftop PV projects, but has also installed large-scale solar plants in Egypt (10 MW), the UAE (10 MW), and Jordan (7.6 MW).
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