Investcorp partners in ADNOC’s latest $2.2bln sustainable water project

Investcorp partners in ADNOC’s latest $2.2bln sustainable water project

Bahrain: Investcorp, a leading global alternative investment firm, today announced that its infrastructure platform will join a consortium including Orascom Construction (consortium leader) and Metito that is developing a large-scale seawater treatment and water transportation project in the Emirate of Abu Dhabi, United Arab Emirates. The project, headed by the Abu Dhabi National Oil Company (“ADNOC”) and Abu Dhabi National Energy Company (“TAQA”), is designed to provide sustainable water supply to ADNOC’s onshore operations. This greenfield project is funded through a special purpose vehicle (“SPV”) on a 30-year build, own, operate and transfer model. ADNOC and TAQA jointly hold a 51% stake in the SPV, with the remainder owned by Orascom Construction, Metito and now Investcorp Infrastructure Partners (16.3% each). The project, which was awarded to Orascom Construction and Metito in May 2023, already achieved financial close in September 2023. Engineering, Procurement and Construction activities are already underway, with commercial operations scheduled for June 2026. Mohammed Alardhi, Executive Chairman of Investcorp, said: “This is a key strategic project for Investcorp, demonstrating our commitment to diversifying our portfolio into investments with both solid fundamentals and a strong role to play in climate solutions. As we all work to transition to a