Al Blagha Group launches infra and energy subsidiary

 

Al Blagha Group launches infra and energy subsidiary

 

Saudi Arabia’s Al Blagha Group (ABG) has launched a new subsidiary focused on investing in energy and infrastructure developments – Tamasuk Holding Company. ABG has been looking to invest in infrastructure assets since 2018 under the ABG Investment brand, but has now registered the Tamasuk Holding Company name and begun using it for bid processes.

Its first investment was into a renewable energy asset in Jordan at the end of 2019 and the company expects to complete other acquisitions in the same country in the next few weeks (2020).

Tamasuk Holding Company is a 100% owned subsidiary of ABG. Launch events are being arranged in Dubai and Saudi Arabia to detail to potential partners and clients the strategy of the new company.

Former HSBC banker Matthew Nathan, chief executive officer at Tamasuk Holding Company, explained to IJGlobal: "Tamasuk Holding is targeting development and investments in infrastructure and energy projects in KSA and its target geographies globally.

“We intend to be a diversified infrastructure developer which will participate in the operations, maintenance and facilities management of the projects that we invest in."

In December 2019, the company completed its first investment – acquiring a 50% stake in the Tafila wind farm in Jordan. Masdar owns the other 50% of the asset, which reached financial close in 2013 and became operational in September 2015. The price paid for the 50% stake has not been disclosed.

It is understood that the company is also close to completing investments in four of the 12 solar projects that were part of the first round of Jordan’s renewable energy procurement programme. The first of those projects reached financial close in late 2014 and the target assets have been operational for several years. The company has also been involved as a bidder in several recent bid processes across the Middle East.

It was one of two bidders for projects under category A of Saudi Arabia’s renewable energy programme run by REPDO. Bids were submitted on 3 February (2020).

Meanwhile, it placed second in the tender for the first round of Tatweer’s schools programme in Saudi Arabia and intends to participate in the second round of bidding due later in 2020. It is also expecting to bid on upcoming healthcare PPPs in the country.

Web Design Malaysia