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13 April 2024

Bahrain's Arcapita buys US utility for $695m

By Agencies


Bahrain-based Arcapita Bank said on Tuesday it had bought a Texas power plant for $695 million, its biggest US acquisition to date.

The Islamic bank said it had bought the Bosque power plant with affiliates, but did not name its partners.

In November Arcapita and Houston's Fulcrum Power Services said they had agreed to buy the 800-megawatt natural gas-fired plant.

Last month, Arcapita said it would invest in utilities and other infrastructure with state-owned Qatari Diar Real Estate Investment Co, one of the agencies the government of Qatar is using to acquire assets around the world.

Arcapita owns Northern Ireland's largest utility, Viridian Group Plc. (Reuters)