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M&A-
It’s a wrap for Masdar’s stake acquisition in Endesa’s solar PV arm: State-owned renewables giant Masdar finalized the acquisition of a nearly 50% stake in EPGE Solar, a subsidiary of Spanish power utility Endesa, for an enterprise value of EUR 817 mn and an equity value of EUR 280 mn, according to a press release (pdf).
REFRESHER- The agreement, first announced in July, will see Endesa have complete ownership of the energy generated by EPGE’s 2 GW solar portfolio under 15-year power purchase agreements. Meanwhile, both companies will mull a potential battery energy storage system hybridization developed on the portfolio of EPGE’s solar plants with up to 0.5 GW of additional capacity.
This comes on the heels of another Spanish acquisition — one of many in Europe — completed earlier this week: Masdar finalized its acquisition of Spanish renewables firm Saeta Yield from Brookfield Renewable for EUR 1.2 bn, adding 1.6 GW renewables to Masdar’s portfolio. It also finalized the acquisition of a 70% stake in Greece’s Terna Energy last month. The company also closed the acquisition of a 49% stake in the UK’s 3 GW Dogger Bank south wind farm from German energy giant RWE earlier this year.
RENEWABLES-
Emarat and Lootah Biofuels eye SAF production: Emarat Petroleum and Lootah Biofuels signed an MoU to conduct feasibility studies to look into building a sustainable aviation fuel (SAF) manufacturing plant to serve the UAE and the wider region, according to a press release. The partnership will also see the two parties work on other initiatives, including:
- Used cooking oil recycling: Developing a collection system through Emarat’s retail stations to convert used cooking oil into biofuels;
- Biodiesel integration: Introducing Lootah’s Biodiesel B5 at Emarat stations;
- Maritime collaboration: Exploring biodiesel supply for vessels at select UAE ports.
REAL ESTATE-
Harish Fabiani takes over Thuraya Telecom Tower in Dubai: Spanish-Indian real estate magnate and founder of IndiaLand Group Harish Fabiani acquired Thuraya Telecom Tower in Dubai’s Barsha Heights for around AED 160 mn, according to a press release. The 22-storey commercial property — previously owned by Yahsat’s mobile satellite services subsidiary — is set to undergo post-acquisition upgrades estimated at over AED 40 mn.
What they said: “With the addition of Thuraya Telecom Tower, our commercial assets portfolio in Dubai now surpasses AED 500 [mn]. Over the next 12 to 18 months, we aim to double our portfolio to over AED 1 [bn] and take significant steps toward launching a commercial REIT listing in the UAE,” Fabiani said.
DEBT-
ADX-listed global logistics provider and Kuwait’s Agility subsidiary Agility Global has inked a USD 1.4 bn credit facility agreement with several unnamed regional and global banks, according to disclosure (pdf) on ADX. The facility consists of a EUR 1 bn tranche and a USD 370 bn tranche, and has three- and five-year maturities. The company will use the facility to support its ongoing operations, fund expansions, and settle outstanding liabilities.
The company will also enter into several uncommitted credit lines with banks as part of a refinancing strategy that could also see it issue trade guarantees, implement foreign exchange and interest rate hedging strategies, as well as other money management operations, including short-term overdrafts.
REMEMBER- Agility — which owns Dubai-based energy logistics firm Tristar — listed its operations and assets management unit, Agility Global, on the ADX in a technical listing back in May.
AVIATION-
Sanad gears up to offer MRO services for more engines: Sanad, Mubadala’s aerospace engineering and leasing subsidiary, is now ready to offer maintenance, repair, and overhaul (MRO) services for Airbus’ CFM LEAP-1A engines, after launching its fifth MRO production line, Wam reports. This follows the inauguration of the region’s first certified LEAP engine MRO facility last year, which has since serviced over 25 LEAP-1B engines for customers like flydubai and Oman Air.
It will also begin to offer disassembly services for both engines in early 2025, with plans to overhaul more than 450 LEAP engines over the next 11 years.
Remember: In August, Sanad partnered with Airbus to provide MRO services for its engines.
