UAE’s Enviromena acquired by UK-based investment fund

UK-based Arjun Infrastructure Partners (AIP) has acquired Enviromena Power Systems, a renewable energy company in the United Arab Emirates, MEED reported on Wednesday.

Enviromena, which was founded in 2007, had been a portfolio company of the Abu Dhabi Future Energy Company (Masdar). It completed the Middle East’s first utility-scale solar photovoltaic (PV) solar plant, 10MW system in Abu Dhabi’s Masdar City in 2009.

The company is currently operating 175MW of solar projects, with another 500MW of installations being deployed, MEED reported.

In 2015, Enviromena partnered with Spain’s TSK, for a $128 million contract to develop 103MW solar plant in Jordan’s Al-Queira region.

AIP is an independent infrastructure investment advisory firm that partners with institutional investors to access direct infrastructure investments.