M&A Activity • Jun 25, 2009
M&A Activity
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GDF SUEZ has finalized the sale of its 32.81% equity stake in United Power Company SAOG ("UPC") in the Sultanate of Oman to the MENA Infrastructure Fund.
In 2006, the Group won a contract for the business management of the new independent electricity and desalination production unit, Barka II in Oman (678MW and 120,000m3/day). At that time, GDF SUEZ undertook to divest its stake in UPC in order to limit its market share in electricity production and comply with the regulations of Oman's AER (Authority for Electricity Regulation).
GDF SUEZ has a long track record of successes in its developments in Oman. The Manah IPP (independent power project), which was awarded in 1994, is the first privately developed and owned power plant in the Gulf region and in Oman, and the first privately constructed transmission facilities within the country's national grid. UPC was formed in 1995 as a joint stock company where public owns 40% of shares and the founder shareholders own 60%. Originally a 90MW power plant, the extension project completed in 2000 increased the plant's generating capacity to 270MW.
To ensure that the necessary technical and operational expertise will continue to be available, UPC has signed a comprehensive operation and maintenance contract with one of GDF SUEZ group companies, which already provides these services to the Sohar and Al Rusail power plants, and will also operate the Barka II plant once it is commissioned.
MENA Infrastructure Fund was established in 2006 as a specialist infrastructure equity fund for long-term equity investments in infrastructure projects and businesses. Its investors include leading international and regional financial institutions and pension funds.
One of the leading energy providers in the world, GDF SUEZ is active across the entire energy value chain, in electricity and natural gas, upstream and downstream. It develops its businesses (energy, energy services and environment) around a responsible growth model to take up the great challenges: responding to energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. GDF SUEZ relies on diversified supply sources as well as flexible and high-performance power generation in order to provide innovative energy solutions to individuals, cities and businesses. The Group employs 200,000 people worldwide and achieved revenues of €83.1 billion in 2008. GDF SUEZ is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe and ASPI Eurozone.
For more information about GDF SUEZ, visit www.gdfsuez.com
Tel France: +33 (0)1 57 04 24 35 Tel Belgium: +32 2 510 76 70 E-Mail: [email protected]
Tel: +33 (0)1 57 04 66 29 E-Mail: [email protected]
External Communications Tel: +32 2 510 7069 E-Mail: [email protected]
GDF SUEZ CORPORATE HEADQUARTERS 22, rue du Docteur Lancereaux - 75392 Paris Cedex 08 - France Tel. +33 (0)1 57 04 00 00 GDF SUEZ - SA AU CAPITAL 2,259,041,838 EUROS - RCS PARIS 542 107 651 www.gdfsuez.com
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