Nebras Power Closes Acquisition of a 60% Equity Stake In Carthage Power Company

April 29, 2019

Nebras Power Investment Management B.V., a wholly owned Dutch affiliate of Nebras Power (Nebras) has completed the acquisition of a 60% equity stake in Carthage Power Company (CPC) in Tunisia.

The transaction comes in line with Nebras acquisition strategy to enhance its asset base through attractive PPA opportunities, and marks the entry of Nebras into Tunisian power market, which establishes its first presence in North Africa. The asset suitably fits into Nebras’ strategic objective to become a leading international power company.

Commenting on the agreement, Mr. Fahad Hamad Al-Mohannadi, Chairman of the Board of Nebras said: “The acquisition by our Dutch affiliate of a controlling stake in CPC marks Nebras’ first entry to North Africa power markets which we have pursued recently. We hope this will be the first of several investments in North Africa’s power sector.” 

Mr. Khalid Mohammed Jolo, Chief Executive Officer of Nebras, further stated: “We are delighted to complete this transaction adding another gas operated asset for Nebras in its pursuit for continuous growth and expanding its global presence. We are on track in achieving our 2019 goals for annual capacity addition and technology mix. We expect to close several transactions this year some of which are at very advance stages. I would like to take this opportunity to thank the Nebras team on their efforts to close this transaction.”

“We are delighted to have a stake in this project, which is the first and only independent energy production system in Tunisia,” Nebras’ Business Development Executive Director, Faisal Al-Siddiqui said. “Carthage Power Company covers 10% of the electricity demand in Tunisia, and we look forward to working closely with Tunisian stakeholders to ensure that the plant continues to be a reliable supplier of energy to the Tunisian electricity grid.” he concluded.