SHUAA sells 20% stake in MIPCO to Japan’s Sojitz Corporation – MEP MiddleEast

SHUAA sells 20% stake in MIPCO to Japan’s Sojitz Corporation – MEP MiddleEast

Dubai Financial Market-listed SHUAA Capital psc (SHUAA), the leading asset management and investment banking platform in the region, has divested its 20% equity stake in Mirfa International Power and Water Company (MIPCO), to leading 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. The company developed and operates 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 52.5MIGD, 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 exit strategy.

MIPCO's shareholders also include the Abu Dhabi National Energy Group PJSC (TAQA) and Engie SA, the French low carbon energy and services group, both of which will remain shareholders, with 60% and 20% stakes respectively.

Sojitz is a multinational trading and investment group, listed on the Tokyo Stock Exchange, with assets of c. $21bn across a number of sectors. In particular, it has more than 40 power projects in