Nebras Power, a joint venture between Qatar Electricity and Water Company (60%) and Qatar Holding (40%), has acquired a 60% equity stake in Tunisia's Carthage Power Company (CPC), as part of expanding its international operations.
This has been made possible through its Dutch affiliate, Nebras Power Investment Management, which has completed the acquisition in the Tunisian firm. However, the company was silent on the quantum of money involved in the deal.
The transaction continues with Nebras acquisition strategy to enhance its asset base through attractive 'PPA' opportunities and marks the entry of Nebras into Tunisian power market and establishes its first presence in North Africa. The asset suitably fits into Nebras’ strategic objective to become a leading international power company.
"The acquisition by our Dutch affiliate of a controlling stake in CPC marks Nebras’ first entry to North Africa power markets, which we have pursued recently. We hope this will be the first of several investments in North Africa’s power sector,” said Fahad Hamad al-Mohannadi, chairman of Nebras.
Khalid Mohamed Jolo, chief executive of Nebras, said it is on track in achieving its 2019 goals for annual capacity addition and technology mix.
"We expect to close several transactions this year, some of which are in very advance stage," he added.
Nebras Power had last week announced its foray into Brazil's fast growing renewables power market as part of expanding its global footprint.
In this regard, Nebras Power Investment Management (NPIM), a Dutch affiliate of Nebras Power, is acquiring 80% stake in four Greenfield solar PV (photovoltaic) projects in Brazil for which it entered into “binding” agreement with Canadian Solar, a leading global solar PV developer and solar panels manufacturer.