December 4 (Renewables Now) - London-based Arjun Infrastructure Partners (AIP) has bought UAE-based Enviromena Power Systems, a clean energy company operating in the Middle East and North Africa (MENA) region.
Enviromena is a solar systems installer that has so far deployed over 17,000 photovoltaic (PV) arrays in nine countries. The company has more than 175 MW of systems in operation and is working on a further 500 MW, according to the announcement. Enviromena’s previous shareholders include Masdar and Zouk Capital.
The company’s CEO Sami Khoreibi said in a statement that the transaction will provide it with access to capital needed to bolster the company’s position on the market.
Eversheds Sutherland has been advising on the transaction, whose value was not disclosed.