Enviromena Power Systems (Enviromena), one of the leading clean energy project company in the Middle East and North Africa (MENA), recently announced that it has been acquired by Arjun Infrastructure Partners (AIP).
UAE-based Enviromena develops, deploys and operates clean energy solutions throughout the MENA region. With a project footprint spanning nine countries, the company has installed more than 17,000 solar systems and has the largest portfolio of solar rooftops in the region. The company has over 175 MW of projects under operation and a further 500 MW under construction.
Surinder Toor, Founding Partner of AIP, says: “We are very excited to complete this transaction and become part of the incredible story of clean energy in the MENA. We are firm believers in the solar opportunity presented in the region, and see Enviromena as the ideal platform to facilitate our strategy to deploy capital into renewable assets.”
Sami Khoreibi, Chief Executive Officer of Enviromena, says: “This transaction comes at perfect time for Enviromena. The opportunity to deploy solar assets throughout MENA is happening now, and the strategic support and access to capital that AIP brings to the table enables us to enhance our position as the market leader.
“We are very thankful towards our previous shareholders, particularly Masdar and Zouk Capital, who were early believers in the potential for solar in the region, and provided valuable guidance and support over our years of growth.”