Nebras Energy Q.P.S.C. has announced the successful completion of negotiations with ENGIE S.A. for the acquisition of equity interests in Qatar Power and Ras Girtas Power. The deal, finalized through Nebras' wholly owned subsidiary, Ras Laffan Operating Company (ROC), involves the purchase of shares held by ENGIE S.A.’s subsidiaries in both companies.
Ras Girtas Power Company, located on the Ras Laffan coast, is one of the largest facilities of its kind in the world. With a power generation capacity of 2,730 megawatts and the ability to produce 63 million gallons of potable water daily, the facility plays a key role in increasing Qatar’s capacity to meet both its water and electricity demands.
According to a statement issued by Nebras Power, the agreement includes two Sale and Purchase Agreements. The first agreement between ROC and International Power (Ras Laffan B) Limited (IPL), a subsidiary of ENGIE, will see ROC acquire 40% of the entire issued share capital of Qatar Power. The second agreement, between ROC and Kahrabel FZE, another ENGIE subsidiary, involves the purchase of 50% of RLC Power Holding Company Limited, representing 40% of the share capital of Ras Girtas Power.
Following the completion of the acquisition, Nebras Energy will increase its ownership in Qatar Power from 55% to 95% and its stake in Ras Girtas Power from 45% to 65%.
The transaction is subject to the fulfillment of customary conditions precedent and obtaining necessary regulatory approvals.
