Khalid Mohammed Jolo (centre), CEO of Nebras; and Michel Peek (right), CEO of Zon Exploitatie Nederland Holding, shake hands as Faisal Al Siddiqi, Business Development Director of Nebras, looks on.
DOHA: Nebras Power Investment Management B.V. (NPIM), a Dutch affiliate of Doha-headquartered Nebras Q.S.C. (Nebras) has signed a binding agreement to acquire 75 percent equity stake in Zon Exploitatie Nederland Holding B.V. (ZEN), a leading developer and operator of solar power generation assets in the Netherlands.
The acquisition provides Nebras with access to the attractive and fast-growing Netherlands renewable power market and is in line with Nebras stated objectives of establishing itself as a leading international power developer.
ZEN currently has 96MW of solar capacity in operation, under construction or ready for construction and intends to grow further, taking advantage of the supportive policy of the Netherlands government. ZEN joins the growing portfolio of Nebras assets spread from Europe to the Middle East and South East Asia.
Commenting on the agreement, Chairman of the Board of Nebras Fahad Hamad Al Mohannadi said: “The acquisition by our Dutch affiliate of a controlling stake in ZEN is the first step in the direction which we have planned since the very inception of Nebras four years ago. The intent was and is for Nebras to become a grass-root international power developer. ZEN transaction will confirm this strategy and at the same time provide diversity to our portfolio.”
For his part, Chief Executive Officer of Nebras Khalid Mohammed Jolo stated: “We are very pleased with this acquisition, which adds to our existing solar portfolio: the largest operating solar IPP in Jordan, Shams Maan, and AM Solar, under construction”.
“We will continue building our international presence and forming partnerships with local operators with whom we can achieve rapid growth. We were happy to support our Netherlands affiliate in executing this transaction for Nebras,” he added.
Chief Executive Officer of ZEN Michel Peek stated: “The agreement brings ZEN to a completely new level as a developer, EPC contractor, and operator and will support the deployment of an ambitious growth strategy in solar energy projects in the Netherlands to become a European market leader. We are proud of this leap forward in our performance and the strength of partnership that exists between Nebras and ZEN”.
Commenting on the deal, Faisal Al Siddiqi, Business Development Director of Nebras said, “We look at ZEN primarily as an excellent new business development opportunity, building on an already sizable base, in a rapidly growing market. ZEN will provide, to Nebras access to its local development team, local knowhow and deal pipeline.”
Nebras Power Q.P.S.C. (Nebras) headquartered in Doha, is a joint venture of Qatar Electricity and Water Company (QEWC) (60 percent) and Qatar Holding (QH) (40 percent). Nebras is a strategic investor in the power and water sectors with a global vision.
Nebras Power Investment Management B.V. (NPIM) is a wholly owned subsidiary of Nebras Power Q.P.S.C., incorporated in the Netherlands and is operating since 2016. NPIM is the international investment management platform of Nebras Power Q.P.S.C. Its mandate is to own, develop and invest, in greenfield developments and brownfield projects, in the sectors of power and water, in the Netherlands and internationally.
Zon Exploitatie Nederland Holding B.V. (ZEN) is a limited liability company with its headquarter in Delft, the Netherlands and a developer, EPC contractor and operator of large scale (rooftop) solar energy projects through its subsidiaries Zonhandel B.V., Zon Exploitatie Nederland B.V. ZEN is one of the largest developers in the Netherlands. ZEN was established in 2010 to develop and operate solar PV projects in The Netherlands. The Companies projects have expanded quickly over the last couple of years.
