Riyadh, 28 February 2024:

GIB Capital is pleased to announce the closing of a landmark transaction in the energy sector. GIB Capital acted as a sell-side financial advisor on the sale of 40 per cent stake in Tihama Power Generation Company Ltd. to Rakiza Infrastructure Fund (Rakiza).

ENGIE – Tihama Power is a joint venture company established in 2003 to provide electrical power and process steam. Tihama Power comprises four combined heat and power plants (CHP) located in the Eastern Province. Tihama’s four plants produce 1,600 MW of electrical power and 6.3 million pounds per hour of process steam.

Osamah Shaker, GIB Capital CEO, said: “This transaction is another testimony of GIB Capital’s capabilities to handle complex transactions involving multiple stakeholders. GIB Capital is always committed to supporting its clients through providing best-in-class financial advisory services.”

GIB Capital, established in 2008, offers a comprehensive range of innovative and customised financial and investment banking products and solutions including asset management, equity capital markets advisory, mergers and acquisitions, debt capital markets, debt advisory, and brokerage services. With a strong presence in the Saudi market, GIB Capital is known for delivering exceptional financial advisory services to government-related entities, institutions, family businesses, and investors.