Italian renewables, energy efficiency and waste management firm TerniEnergia (BIT:TER) has formed an Abu Dhabi-based joint venture with Khalid Al Hamed Group LLC to operate in the Middle East and the Gulf Cooperation Council (GCC).
Italian renewables, energy efficiency and waste management firm TerniEnergia (BIT:TER) has formed an Abu Dhabi-based joint venture with Khalid Al Hamed Group LLC to operate in the Middle East and the Gulf Cooperation Council (GCC).
Under the terms of the JV deal, Khalid Al Hamed is controlling the new entity, called TerniErgia Middle East Power LLC, with a 51% stake and TerniEnergia holds the rest of the shares, reported SeeNews.
Khalid Al Hamed’s role in the JV is to manage relationships with local government authorities, facilitate the authorisation processes and gain support in negotiations with financial partners and with banking institutions. On the other hand, TerniEnergia will manage operational activities and the industrial sites.
“We believe that business development in high-growth areas such as the Gulf and the Emirates, will be a major opportunity to strengthen the market position and maximize the prospects of value creation of the Group,” said Stefano Neri, chairman and CEO of TerniEnergia.