Shuaa sells 20 per cent stake in Mirfa to Japanese Sojitz

Shuaa sells 20 per cent stake in Mirfa to Japanese Sojitz

Picture used for illustrative purpose.

Shuaa Capital, an asset management and investment banking platform in the region, has divested its 20 per cent equity stake in Mirfa International Power and Water Company (MIPCO), to Japanese group, Sojitz Corporation (Sojitz).

MIPCO was established in 2014 in Abu Dhabi as the 10th project in the private power and water sector launched under the Department of Energy’s privatisation programme, according to a Shuaa Capital statement on Thursday.

The company has developed and operated a power generation and seawater desalination plant in the Al Dhafra region of Abu Dhabi, with a net power capacity of 1600MW and a net water capacity of 52.5 million gallons per day (MIGD), contracted under the Power and Water Purchase Agreement (PWPA).

Having originally invested in MIPCO in 2015 to support the development phase of the project, this divestment is in line with the Group’s planned