Hasana Investment Company and EIG have entered into a Memorandum of Understanding (MOU) to collaborate on infrastructure and energy transition projects in the Middle East.
EIG has launched a $1bn focused regional fund, in which Hasana is exploring the possibility of becoming a key investor with a potential commitment of up to $250m.
The MOU was signed by Hasana CEO Saad bin Abdulmohsen Al-Fadly and EIG chairman and CEO Blair Thomas.
This agreement underlines the joint commitment of EIG and Hasana to increase their investment portfolio in infrastructure and energy transition at both local and regional levels.
Al-Fadly said: “Hassana is delighted to be expanding our relationship with EIG. This agreement demonstrates our joint commitment to supporting the growth of infrastructure investment and facilitating the energy transition in the Kingdom of Saudi Arabia and the entire region. “
The partnership aims to attract international investors and increase foreign direct investment, thereby advancing the goals of Saudi Arabia Vision 2030 and encouraging the region's transition to sustainable energy solutions.
Thomas said: “We have had the pleasure of working with Hasana on the Pearl Pipelines project in the Kingdom of Saudi Arabia and now look forward to taking our relationship to the next level.
“We believe that energy transition is one of the defining themes of investment over the next few decades and leading investors need to work together in an effort to deliver the reliable, affordable and sustainable energy system that society needs. We intend to do just that.”
Last month, EIG launched Fidra Energy, a platform based in Edinburgh, UK, focused on battery energy storage (BESS).
Fidra Energy is pursuing three major BESS projects in the UK, aiming to have a 10GW platform by 2030 across the UK and Europe.
“Hassana, EIG sign MOU for energy transition projects in Middle East” was originally developed and published by Energy Monitor, a product owned by GlobalData.
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