Nebras Energy has concluded its negotiations with French multinational electric utility company ENGIE for the acquisition of the latter’s entire stake in Qatar Power and Ras Girtas Power.
Nebras Energy said in its regulatory filing with the Qatar Stock Exchange that the proposed acquisition is through its wholly owned subsidiary, Ras Laffan Operating Company (ROC).
The company said that the negotiations resulted in the parties agreeing to enter a Sale and Purchase Agreement between Ras Laffan Operating Company (ROC) and International Power (Ras Laffan B) Limited (IPL), a wholly owned subsidiary of ENGIE, pursuant to which IPL has agreed to sell, and ROC has agreed to purchase, 40 percent of the entire issued share capital of Qatar Power.
A Sale and Purchase Agreement between ROC and Kahrabel FZE (Kahrabel), a wholly owned subsidiary of ENGIE, pursuant to which Kahrabel has agreed to sell, and ROC has agreed to purchase 50 percent of the entire issued share capital of RLC Power Holding Company Limited, representing 40 percent of the share capital of Ras Girtas Power Company.
Upon completion, Nebras Energy will increase its ownership from 55 percent to 95 percent in Qatar Power, and from 45 percent to 65 percent in Ras Girtas Power.
This remains subject to the satisfaction of customary conditions precedent and relevant laws, including obtaining all necessary approvals from the relevant regulatory authorities, as per the statement.
Earlier this year, Nebras Energy secured contracts to develop two natural gas-fired combined-cycle gas turbine power plants with a total capacity exceeding 2,500 megawatts, awarded for a period of 20 years in Oman.
