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Wed 16 Mar 2016 01:48 PM

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Dubai's Abraaj forms energy project development arm

Company says Themis Energy aims to address the large power deficit in growth markets

Dubai's Abraaj forms energy project development arm

Dubai's Abraaj Group has announced the formation of a dedicated project development arm to further extend its investment capabilities in the energy infrastructure space.

As a member of The Abraaj Group, Themis Energy will leverage the group’s local teams, global network, execution capabilities and existing infrastructure team to develop and manage projects from concept stage to operations.

Abraaj said it aims to address the large power deficit in growth markets where a lack of well-structured quality and bankable projects is inhibiting economic development.

It added that by establishing Themis as its development arm, Abraaj will be able to support energy infrastructure projects from their inception, unlocking a supply of bankable quality energy assets developed on a proprietary basis.

Themis, acquired by Abraaj to form its energy development arm, was launched in 2013. The company has energy infrastructure projects under development in excess of 1,300MW and has advised several African governments and lending institutions on energy and civil infrastructure related projects.

Themis consists of a team of infrastructure project developers who will enable Abraaj to benefit from deeper execution capabilities in the energy infrastructure sector.

Themis will lead or partner with other project developers in order to bring projects from concept to bankability and mobilise debt and equity toward financial close, enabling the construction of energy projects.

Tas Anvaripour will join Abraaj as a partner in the energy infrastructure team, following her previous roles as CEO of Africa 50 and chairperson of Themis. Marc Mandaba, founder of Themis, will join Abraaj as managing director and head of Themis.

Sev Vettivetpillai, global head of Abraaj’s Thematic Fund Business, said: “Abraaj’s ambition is to effectively manage capital across a number of energy sub-sectors and through all stages of the energy asset life cycle, from early developments through greenfield to operations.

"We believe that we can successfully achieve this objective by expanding our scope of activities to include a dedicated focus on project development."

Abraaj Group has investment experience across the energy value chain and has invested $1 billion in 10 investments in global growth markets. In October, Abraaj announced a partnership with the Aditya Birla Group to build a gigawatt scale renewable energy platform focused on developing solar power plants in India.

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