Global Energy signs Sudan JV
Global Energy, the power arm of Taqa Arabia, has concluded an agreement to create a joint venture power-generation operation in Sudan in partnership with Asec Cement and the Sudanese Pension Fund, company officials announced yesterday.
The new venture, Berber for Electrical Power, will have a total installed capacity of 42 megawatts and will provide all the electricity needs for Takamol, Asec Cement's 1.6 million tonne per annum greenfield cement plant in Sudan.
"This agreement is the first major milestone in Global Energy's regional expansion drive," said Taqa Arabia Chief Executive Officer Khaled Abubakr.
"It comes as part of our regional expansion strategy, which has already seen our gas arm establish a footprint across several countries in the Middle East and North Africa.
"We will continue to look for attractive regional opportunities going forward. I would like to extend thanks and appreciation to the Sudanese Government for its assistance."
Taqa Arabia is Citadel Capital's Platform Company for investment in the energy distribution sector across the Middle East and Africa, with a focus on gas and electricity distribution as well as storage and distribution of refined products. "Fifty-one per cent of Berber's equity will be held by Global Energy, which brings in its technical knowhow and management expertise as a licensed company for power generation and distribution," said Magdy Saleh, Managing Director of Taqa Arabia's power arm.
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