Investcorp Partners in ADNOC’s Latest $2.2B Sustainable Water Project

Source: www.gulfoilandgas.com 12/6/2023, Location: Middle East

Investcorp, a leading global alternative investment firm, today announced that its infrastructure platform will join a consortium including Orascom Construction (consortium leader) and Metito that is developing a large-scale seawater treatment and water transportation project in the Emirate of Abu Dhabi, United Arab Emirates. The project, headed by the Abu Dhabi National Oil Company (“ADNOC”) and Abu Dhabi National Energy Company (“TAQA”), is designed to provide sustainable water supply to ADNOC’s onshore operations.

This greenfield project is funded through a special purpose vehicle (“SPV”) on a 30-year build, own, operate and transfer model. ADNOC and TAQA jointly hold a 51% stake in the SPV, with the remainder owned by Orascom Construction, Metito and now Investcorp Infrastructure Partners (16.3% each). The project, which was awarded to Orascom Construction and Metito in May 2023, already achieved financial close in September 2023. Engineering, Procurement and Construction activities are already underway, with commercial operations scheduled for June 2026.

Mohammed Alardhi, Executive Chairman of Investcorp, said: “This is a key strategic project for Investcorp, demonstrating our commitment to diversifying our portfolio into investments with both solid fundamentals and a strong role to play in climate solutions. As we all work to transition to a greener and more sustainable future, Investcorp is actively increasing its stake in high potential de-carbonisation projects, leveraging our decades of experience as a strategic investment partner, our expertise in regions undergoing rapid diversification, and our global footprint to uncover the best opportunities for our investors.”

Investcorp’s investment follows on a number of recent announcements which highlight the Firm’s commitment to sustainability, including one made earlier this month about the launch of Investcorp Climate Solutions Investment Platform. The Platform leverages the Firm’s global network and deep sector expertise to identify opportunities for private capital investment in companies that support decarbonization efforts. Investcorp is also a sponsor of COP28 and Abu Dhabi Sustainability Week, where it plays a key role in discussions related to private equity’s importance in enabling businesses to meet their climate targets and play an active role in creating a more sustainable future.


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