Engie to step up investments in the Middle East
The Paris-listed company paid Dh2.8bn last month for a 40% stake in the district cooling company in which Mubadala Investment Company is the majority shareholder
Following its acquisition of a 40% in Tabreed, French company, Engie is now eyeing further investments in the region to tap into growing demand for services and products under its portfolio.
The Paris-listed company paid Dh2.8bn last month for a 40% stake in the district cooling company in which Mubadala Investment Company is the majority shareholder.
“Moving forward we plan to increase our investments in the region including in power plants, desalination water plants and also to acquire few smaller companies in efficient energy solutions like district cooling,” Sebastien Arbola, chief executive officer of Engie Middle East, South and Central Asia, Turkey told Gulf News in an interview.
Headquartered in France, Engie has been active in the Gulf region for more than 30 years generating 30 gigawatts of power and around five million cubic metres of desalinated water. It operates 20 power plants in the region including three in Bahrain, one in Kuwait, six in Oman, two in Qatar, three in Saudi Arabia and five in the UAE.
A sixth power plant in the UAE is under construction in Mirfa region of Abu Dhabi and is expected to be commissioned by the end of this year, Arbola said. Another power plant in Saudi Arabia is also under construction, reported Gulf News.
Engie also operates more than 250 low-carbon urban heating and cooling networks in thirteen countries including in Malaysia, Europe and the US.
Through partnership with Tabreed, Engie expects to lead a rapid growth in new emerging markets like India, Egypt and Turkey, according to Arbola.
The company is also planning to increase its cooperation with various companies in the region and is participating in tenders for renewable energy projects in Dubai, Saudi Arabia, Bahrain and Oman.
“We are already partners with Adwea (Abu Dhabi Water and Electricity Authority), Adwec (Abu Dhabi Water and Electricity Company), Saudi Aramco and our intention is to grow our partners. Partnership is the DNA of Engie,” Arbola told Gulf News.