Hassana Investment Company and EIG have entered into a Memorandum of Understanding (MOU) to collaborate on infrastructure and energy transition initiatives in the Middle East.
EIG has established a $1 billion targeted regional fund, in which Hassana is exploring the possibility of becoming a major investor with a potential commitment of up to $250 million.
The MOU was signed by Hassana CEO Saad bin Abdulmohsen Al-Fadly and EIG Chairman and CEO Blair Thomas.
This agreement highlights the joint commitment of EIG and Hassana to grow their investment portfolios in infrastructure and energy transition at both local and regional levels.
Al-Fadly said: “Hassana is pleased to expand our partnership with EIG. This agreement reflects our shared commitment to supporting the growth of infrastructure investment and facilitating the energy transition in the Kingdom of Saudi Arabia and the wider region.”
The partnership aims to attract international investors and increase foreign direct investment, advancing Saudi Arabia’s Vision 2030 goals and promoting the regional shift to sustainable energy solutions.
Thomas said: “We had the pleasure of working with Hassana on the Pearl Pipelines project in the Kingdom of Saudi Arabia and now we look forward to taking our relationship to the next level.
“We believe that the energy transition is one of the defining investment themes of the coming decades and that leading investors must work together in an effort to deliver the reliable, affordable and sustainable energy system that society needs. We are committed to doing just that.”
Last month, EIG launched Fidra Energy, a platform based in Edinburgh, UK, focused on battery energy storage (BESS).
Fidra Energy is pursuing three major BESS projects in the UK, aiming for a 10GW platform by 2030 in the UK and Europe.
“Hassana, EIG sign MOU for energy transition projects in the Middle East” was originally created and published by Energy Monitor, a brand owned by GlobalData.
The information on this site has been included in good faith for general information purposes only. It is not intended to amount to advice on which reliance should be placed and we make no representation, warranty or guarantee, express or implied, as to its accuracy or completeness. You must obtain professional or specialist advice before taking or refraining from any action on the basis of the content on our site.
