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Nebras Power acquires 75pct equity stake in ZEN

Power News - Published on Tue, 18 Sep 2018

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The Peninsularqatar reported that Nebras Power Investment Management BV a Dutch affiliate of Doha-headquartered Nebras QSC (Nebras) has signed a binding agreement to acquire 75 percent equity stake in Zon Exploitatie Nederland Holding BV a leading developer and operator of solar power generation assets in the Netherlands. The acquisition provides Nebras with access to the attractive and fast-growing Netherlands renewable power market and is in line with Nebras stated objectives of establishing itself as a leading international power developer.

ZEN currently has 96MW of solar capacity in operation, under construction or ready for construction and intends to grow further, taking advantage of the supportive policy of the Netherlands government. ZEN joins the growing portfolio of Nebras assets spread from Europe to the Middle East and South East Asia.

Commenting on the agreement, Chairman of the Board of Nebras Mr Fahad Hamad Al Mohannadi said that “The acquisition by our Dutch affiliate of a controlling stake in ZEN is the first step in the direction which we have planned since the very inception of Nebras four years ago. The intent was and is for Nebras to become a grass-root international power developer. ZEN transaction will confirm this strategy and at the same time provide diversity to our portfolio.”

For his part, Chief Executive Officer of Nebras Khalid Mohammed Jolo stated that “We are very pleased with this acquisition, which adds to our existing solar portfolio: the largest operating solar IPP in Jordan, Shams Maan, and AM Solar, under construction.”

He added that “We will continue building our international presence and forming partnerships with local operators with whom we can achieve rapid growth. We were happy to support our Netherlands affiliate in executing this transaction for Nebras.”

Chief Executive Officer of ZEN Michel Peek stated that “The agreement brings ZEN to a completely new level as a developer, EPC contractor, and operator and will support the deployment of an ambitious growth strategy in solar energy projects in the Netherlands to become a European market leader. We are proud of this leap forward in our performance and the strength of partnership that exists between Nebras and ZEN”.

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Posted By : Rabi Wangkhem on Tue, 18 Sep 2018
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