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Dentons advises fund on United Power sale

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

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Funds, MENA, United power, Upc, News

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

Mena Infrastructure Fund is a $300 million fund managed by Mena Infrastructure, a specialised infrastructure fund manager, owned by HSBC, Fajr Capital and Waha Capital, said a statement.

Having successfully invested its first generation fund, the firm is now seeking to raise Mena Infrastructure Fund II, targeting US$500 million in commitments, it said.

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 and Water Procurement Company, the single-buyer in the Oman electricity market.

Iain Black, Dentons partner, said: "We are delighted to have worked with Mena Infrastructure on another significant transaction. Having acted on the initial investment in UPC in 2009, it is particularly pleasing to also advise on the successful exit."

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

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