Dentons has represented MENA Infrastructure Fund on the sale of its interest in Oman’s United Power Company SAOG (UPC) to Saudi Arabian company Khaled Juffali Energy and Utilities.
MENA Infrastructure Fund is a $300 million fund managed by MENA Infrastructure, a specialized infrastructure fund manager, owned by HSBC, Fajr Capital and Waha Capital. The fund invested in UPC in 2009, becoming the single largest shareholder.
UPC is a publicly listed company in Oman, owning and operating a 270 megawatt power station in Manah, the first independent power project to be developed in the Middle East with private sector participation. The plant sells power to the Oman Power & Water Procurement Company, the sole buyer in the Oman electricity market.
The Dentons team was led in Dubai by partner Iain Black and in Muscat by partner Nick Simpson.
"We are delighted to have worked with MENA Infrastructure on another significant transaction. Having acted on the initial investment in UPC in 2009, it is particularly pleasing to also advise on the successful exit," said Black in a statement.
