Ashurst advises Sojitz Corporation on acquisition of an interest in MIPCO

Ashurst advised Sojitz Corporation (Sojitz) on its acquisition of a 20 per cent equity interest in Mirfa International Power and Water Company (MIPCO) from Shuaa Capital.

MIPCO operates the Mirfa IWPP, a 1600MW power and 52.5MIGD desalination plant in Al Dhafra region, Abu Dhabi.

Headquartered in Tokyo, Japan, Sojitz Corporation is a multinational trading and investment group, listed on the Tokyo Stock Exchange, with assets of around USD21 billion across a number of sectors. In particular, it has over 40 power projects in more than 14 countries globally, making it an ideal partner for MIPCO going forward.

Partner Simon Fraser commented, “As a firm, we are very proud of our global relationship with Sojitz and we are delighted to have supported the Sojitz team on this milestone transaction, which will be their first investment in the Abu Dhabi power market.”

Partner David Charlier commented, “We are delighted to have advised Sojitz on such a strategically important investment as part of their continued commitment to expand further in the Middle East. It is a good example of the trend of the increasing Asian investment in the Middle East’s power and renewables sector – a trend that we see continuing in the future – and also demonstrates the strength of the M&A energy practice at Ashurst.”

The Ashurst team was led by partners Simon Fraser and David Charlier, assisted by senior associates Matt Hartsuyker and Grant Batten and associates Rushal Noor, Will Keen and Sara Malek.