Investcorp, a Bahrain-based leading global alternative investment firm, has revealed that it will join a consortium of Orascom Construction (consortium leader) and Metito, to develop a large-scale seawater treatment and water transportation project in Abu Dhabi.
The project, headed by the Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA), is designed to provide sustainable water supply to ADNOC’s onshore operations.
This greenfield project is funded through a special purpose vehicle (SPV) on a 30-year build, own, operate and transfer model. ADNOC and TAQA jointly hold a 51 percent stake in the SPV, with the remainder owned by Orascom Construction, Metito and now Investcorp Infrastructure Partners, with 16.3 percent each. The project, which was awarded to Orascom Construction and Metito in May 2023, already achieved financial close in September 2023. Engineering, Procurement and Construction (EPC) activities are already underway, with commercial operations scheduled for June 2026.
Investcorp’s investment follows on a number of recent announcements which highlight the Firm’s commitment to sustainability, including one made earlier this month about the launch of Investcorp Climate Solutions Investment Platform. The Platform leverages the Firm’s global network and deep sector expertise to identify opportunities for private capital investment in companies that support decarbonization efforts.
Investcorp is also a sponsor of COP28 and Abu Dhabi Sustainability Week, where it plays a key role in discussions related to private equity’s importance in enabling businesses to meet their climate targets and play an active role in creating a more sustainable future.