Rakiza announces the financial close of its first transaction in Saudi Arabia

Rakiza is pleased to announce the financial close of its first transaction in Saudi Arabia, by acquiring a 40% stake in Tihama Power Generation Company (“Tihama Power”).

Tihama comprises four Combined Heat and Power plants (CHP) located at Ras Tanura, Ju’aymah, Shedgum and Uthmaniyah,in the Eastern Province of Saudi Arabia. Tihama’s four plants produce 1,600 MW of electrical power and 6.3 Million Pounds per Hour of process steam and have been in operation since 2006. Output is consumed by Saudi Aramco, through a long-term agreement. Rakiza will partner with Engie on this project: a world-class infrastructure managerand  a 60% shareholder in Tihama Power.

By implementing CHP technology, Tihama Power prioritises energy efficiency by capturing and using heat that would otherwise be wasted, and by avoiding distribution losses.

Rakiza, a private equity infrastructure fund, is committed to investing across a range of infrastructure assets in the Sultanate of Oman and the Kingdom of Saudi Arabia. The Fund is independently co-managed by regulated independent fund manager Oman Infrastructure Investment Management (OIM) and UK-based investor, developer, and fund manager Equitix.

Muneer Al Muneeri, OIM Founder and CEO, said: ““We’re delighted to be making our first investment into the Kingdom of Saudi Arabia. This transaction underscores our commitment to investing in the market and the Saudi Vision 2030. Our strategy and unique relationships in Saudi Arabia and Oman provide us with a distinct advantage in sourcing and securing deal flow, and being able to deploy capital in attractive infrastructure projects within the region.”

Tihama Power is the fifth asset in Rakiza’s portfolio, which includes a diverse range of investments in transportation (ports), network utilities, data infrastructure and social infrastructure.