Rakiza Fund acquires 40% stake in Saudi-based Tihama Power

Rakiza Fund acquires 40% stake in Saudi-based Tihama Power

Muscat – Rakiza Fund, Oman’s private equity infrastructure fund committed to investing across various infrastructure assets in Oman and Saudi Arabia, has announced the financial close of its first transaction in Saudi Arabia. The fund has acquired a 40% stake in Saudi-based Tihama Power Generation Company. Tihama Power comprises four Combined Heat and Power (CHP) […]Muscat – Rakiza Fund, Oman’s private equity infrastructure fund committed to investing across various infrastructure assets in Oman and Saudi Arabia, has announced the financial close of its first transaction in Saudi Arabia. The fund has acquired a 40% stake in Saudi-based Tihama Power Generation Company.

Tihama Power comprises four Combined Heat and Power (CHP) plants located at Ras Tanura, Ju’aymah, Shedgum, and Uthmaniyah in the Eastern Province of Saudi Arabia. These plants produce 1,600MW of electrical power and 6.3mn pounds per hour of process steam and have been operational since 2006.

The output of Tihama Power is consumed by Saudi energy giant Aramco through a long-term agreement.

Rakiza will partner with the French utility and energy giant Engie on this project. Engie, a world-class infrastructure manager, holds a 60% share in Tihama Power.

By implementing CHP technology, Tihama Power prioritises energy efficiency by capturing and utilising heat that