Blackstone launches Africa-Middle East power venture | Financial Times:
Blackstone, the world's largest buyout group, is launching a standalone company to invest “hundreds of millions of dollars” in renewable power assets in the Middle East and north Africa, said people familiar with the plans.
The new business, named Zarou after an ancient bridge built on the River Nile to connect Africa and Asia, aims to tap into rising electricity demand in the region by buying and developing renewable and thermal power generation.
The projects’ enterprise value, a measure that includes net debt, could be in the billions of dollars, the people familiar with the venture said. “There is plenty of appetite.” Zarou will also invest in oil and gas assets and water infrastructure.
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