MENA Infrastructure Fund divests port and IPP projects

Mena Infrastructure Fund LP has recently announced the divestment of both its 30.33% stake in Alexandria International Container Terminals (AICT) to Hutchison Port Holdings and its 38.3% stake in United Power Company SAOG (UPC), which owns and operates the 270 MW single-cycle gas-fired Manah Independent Power Project (IPP) in Oman, to Khaled Juffali Energy and Utilities (KJEU).

AICT holds the concession to operate and maintain two container terminals in Egypt: Alexandria and Dekheila ports with a capacity of approximately 680,000 TEUs. Both terminals are operated by Hutchison. The AICT terminals are positioned to capture European, Mediterranean and American trade, and benefit from a substantial and well-connected hinterland.

Alexandria Port is considered one of the largest and most important ports in the Mediterranean. The port handles almost 60% of Egypt's foreign trade according to Alexandria Port Authority (APA).

The Manah IPP is a 270 MW open-cycle natural gas fired power plant, which is located near Nizwa in Oman on 200 acres of land, approximately 180 kilometres south-west of Muscat. The plant sells power to the Oman Power & Water Procurement Company, the single-buyer in the Oman electricity market.

Established in 1994, it was the first Independent Power Project (IPP) developed in the Middle East with private sector participation. The project was developed and operated as a Build Own Operate Transfer (BOOT) scheme.

Jeronimo Roura, CEO of Mena Infrastructure, said:

“Our successful exits from Alexandria International Container Terminals and United Power Company validate Mena Infrastructure’s investment strategy to partner with leading developers of essential private infrastructure in high growth markets. We are grateful to the management teams at both AICT and UPC for their continuous exceptional performance, and look forward to continue investing in the Mena region’s potential.”