Doha: Qatar Electricity and Water Company (QEWC) announced yesterday it will buy the remaining 40 percent of Nebras Power from Qatar Holding for $530m.
QEWC's wholly-owned subsidiary, Ras Laffan Operating Co. has signed a share sale and purchase agreement with Qatar Holding to purchase 40 percent of the share capital of Nebras Power from Qatar Holding (QH). QEWC said in a filing to the Qatar Stock Exchange that it would buy the remaining 40 percent of Nebras Power from Qatar Holding for $530m subject to customary approvals.
QEWC owns the remaining 60 percent of the share capital of Nebras. The agreed purchase price for the transaction is $530m. Completion of this deal is subject to a number of conditions, including notable regulatory approvals and notifications in certain foreign jurisdictions where Nebras is present, along with the approval of the General Assembly of QEWC to be held in March 2022.
In a tweet Nebras Power said last month that “2021 is on track to hit a global record for the most installations of renewable energy technology. With an ever-expanding international asset portfolio, Nebras will continue to contribute to milestones in growth of renewable energy generation”.
Established in 2013 Nebras Power is a global power development investment and operating company. It was set up as a strategic joint venture between two key GREs of Qatar (QEWC and QIA), with the objective to develop and manage a portfolio of sustainable strategic investments in power, water and renewables globally. Nebras has set as a strategic target to increase its asset base to 14GW plus gross by 2025, almost 90 percent of which comprise of clean energy sources, in a balanced mix of greenfield developments and M&A activity.
“The near-term impact of COVID-19 pandemic could remain muted on QEWC’s business model as the company is paid based on power and water availability and is not affected by the vagaries of end demand,” the report by QNBFS said.
In September 2021, Nebras Power Investment Management B.V. (“NPIM”), a wholly owned affiliate of Nebras Power Q.P.S.C and Companhia Energética Integrada (CEI), a prominent Brazilian power investment company, announced a new energy partnership in Brazil.
The joint venture has provided important support to Brazilian infrastructure by promoting the growth of the energy sector and consolidating the technical and market expertise of two leading companies in the investment and power generation sectors. The partnership consists of a new brand that will operate and manage 18 hydroelectric plants in Brazil, with an installed capacity of 72MW, a portfolio of more than 13GW in photovoltaic projects, and establishing BEI – a service company that provides operation, maintenance and engineering for power plants.
Nebras Power is a dynamic energy company that aims to become one of the leading corporations in the power sector through investing in feasible and profitable large-scale power and water projects around the world.
