06/05/2019 Doha, Qatar Nebras Power Investment Management B.V., a wholly owned Dutch affiliate of Nebras Power Q.P.S.C. ("Nebras") has completed the acquisition of a 60% equity stake in Carthage Power Company (CPC) in Tunisia. The transaction continues with Nebras acquisition strategy to enhance its asset base through attractive PPA opportunities and marks the entry of Nebras into Tunisian power market and establishes its first presence in North Africa. The asset suitably fits into Nebras' s strategic objective to become a leading international power company. Commenting on the agreement, Mr. Fahad Hamad Al-Mohannadi, Chairman of the Board of Nebras said: "The acquisition by our Dutch affiliate of a controlling stake in CPC marks Nebras' first entry to North Africa power markets which we have pursued recently. We hope this will be the first of several investments in North Africa's power sector." Mr. Khalid Mohammed Jolo, Chief Executive Officer of Nebras, further stated: " "We are delighted to complete this transaction adding another gas operated asset for Nebras in its pursuit for continuous growth and expanding its global presence. We are on track in achieving our 2019 goals for annual capacity addition and technology mix. We expect to close several transactions this year some of which are in very advance stage. I would like to thank the Nebras team on their efforts to close this transaction." Commenting on the deal, Mr. Faisal Al Siddiqi, Chief Business Development Officer of Nebras said, "We are pleased to acquire a stake in Tunisia's first and only IPP project. Carthage Power Company supply approximately 10% of Tunisia's electricity demand. We look forward to working with Tunisian stakeholders in ensuring that CPC continues to be a reliable power generator for Tunisian power grid."
