Dentons advises MENA Infrastructure on sale of interests in UPC

Dentons advised specialised infrastructure fund manager MENA Infrastructure on the sale of interests in United Power Company SAOG (UPC) to Khaled Juffali Energy and Utilities, a Saudi Arabian power company.

MENA Infrastructure Fund LP is a USD300 million fund managed by MENA Infrastructure, a specialised infrastructure fund manager, owned by HSBC, Fajr Capital and Waha Capital.  The fund invested in UPC in 2009, becoming the single largest shareholder.  Having successfully invested its first generation fund, the firm is now seeking to raise MENA Infrastructure Fund II, targeting USD500 million in commitments.

UPC is a publicly listed company in Oman which owns and operates a 270 megawatt power station in Manah, the first independent power project to be developed in the Middle East with private sector participation. The plant sells power to the Oman Power & Water Procurement Company, the single-buyer in the Oman electricity market.

The Dentons team was led in Dubai by Iain Black with assistance from senior associate Patrick Tweedale and in Muscat by partner Nick Simpson assisted by associate Yasser Taqi.