(AFP Photo)
Saudi engineering firm SaudConsult and investment funds BPE Power and BPE Investment, investment vehicles managed by Beltone Private Equity, concluded an agreement to acquire 40% of Egyptian Power Generation Engineering and Services Company (PGESCo.).
PGESCo provides engineering, procurement, project and site management services to electric power plants. SuadConsult will acquire 20%, while the remaining 20% will go to fund investors.
“Strategic acquisitions of this type and our recent entry into the Iraqi market underscore the importance of our commitment to developing the electric power infrastructure in Egypt and the rest of the Middle East,” said Hamdy El-Shaer, PGESCo’s chairman. “They [strategic acquisitions] are instrumental to our continued growth.”
Sherin Mosbeh, the general manger of PGESCo., said the acquisition can be considered “a transition fully aligned with the company’s strategy of growth in the Middle East.”
Meanwhile, Executive Vice Chairman of SaudConsult Omar Alshawaf said the transactions mark the company’s “commitment to the power space in Egypt.”
“It is a clear sign that Egypt remains an attractive investment destination and we remain committed to supporting the Egyptian economy,” Alshawaf added.
PGESCo. has completed projects for over 19,000 MW of electric power plant capacity and has over 11,000 MW of ongoing projects in Egypt, Libya and Iraq.
