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Taqa Arabia and ASEC Cement establish Sudanese power-generation joint venture with Sudanese Pension Fund

Egypt: Sunday, January 17 - 2010 @ 16:28

The new venture, Berber for Electrical Power, will have a total installed capacity of 42 megawatts and will provide all the electricity needs for Takamol, ASEC Cement’s 1.6 million ton per annum greenfield cement plant in Sudan, under a 20-year offtake agreement. Takamol is located 14 kilometers west of Fahalb on the west bank of the River Nile. The new venture will be in operation next month.

“This agreement is the first major milestone in Global Energy’s regional expansion drive,” noted Taqa Arabia Chief Executive Officer Khaled Abubakr. “It comes as part of our regional expansion strategy, which has already seen our gas arm establish a footprint across several countries in the Middle East and North Africa. We will continue to look for attractive regional investment opportunities going forward. I would like to extend special thanks and appreciation to the Sudanese government for its assistance.”

Taqa Arabia is Citadel Capital’s Platform Company for investment in the energy distribution sector across the Middle East and Africa, with a focus on gas and electricity distribution as well as the storage and distribution of refined products.

Dr. Magdy Saleh, Managing Director of Taqa Arabia’s power arm, added, “51% of Berber’s equity will be held by Global Energy, which brings in its technical knowhow and management expertise as a licensed company for power generation and distribution. A further 25% will be held by the Sudanese Pension Fund, while ASEC Cement will own the balance.”

Under the terms of the joint venture, Berber will build, own, operate and maintain a heavy-fuel-oil-fired captive power plant, which carries an estimated investment cost of $67m.

“Conclusion of this joint venture is a vital step for Takamol as we speed toward the start of production this year,” noted ASEC Cement CEO Giorgio Bodo. “Locking in our energy supply with a trusted partner such as Taqa Arabia will allow us to proceed with final kit-out at the site and as we enter operational testing in the coming weeks.”

ASEC Cement, a Portfolio Company of ASEC Holding, is Citadel Capital’s platform investment for a leading regional cement production group that will control 12 million tons of cement per annum by 2013 in six countries spanning from Algeria to Iraq-Kurdistan.

Takamol will be the most technologically advanced cement production plant in Sudan when it comes on-stream in 2010 to supply the needs of that nation’s fast-growing market.

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Sunday, January 17- 2010 @ 16:28 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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