UAE’s Abraaj to buy stake in Pakistani clean energy firm

Dubai-based Abraaj Group has agreed to buy a majority stake in Pakistan’s Jhimpir Power Limited Holdings Pte. Ltd, the private equity firm said in a statement on Wednesday.

Abraaj will purchase the stake from Burj Capital using its funds, the statement said without providing the size or price of the deal.

A clean energy generation company, Jhimpir Power wholly-owns a 50 megawatt wind power project in southeast Pakistan. The project achieved financial close in August last year and is expected to begin operations in Q1 2018.

Abraaj said it will actively manage the Jhimpir project through the construction phase to implementation.

The project will be the second transaction under Abraaj’s clean energy platform, said Sev Vettivetpillai, managing partner and global head of Abraaj’s thematic fund business.

Last October, Abraaj entered into a definitive agreement to sell its 66.4 percent stake in Pakistan’s K-Electric to the Shanghai Electric Power Co for $1.77 billion, marking one of the largest private sector transactions in Pakistan.