Dubai – Mubasher: Shuaa Capital has sold its 20% stake in the Mirfa Power Plant Company (MIPCO) to Japan's Sojitz Corporation (Sojitz) at a total value of AED 217 million.
The transaction comes in line with Shuaa's exit strategy, as the project has become operational and begun producing power, according to a bourse filing on Sunday.
Meanwhile, the transaction will result in a net gain of AED 41 million in the second quarter (Q2) of 2021 to the group's retained earnings.
Established in 2014 in Abu Dhabi, MIPCO was the 10th project in the private power and water sector launched under the Department of Energy's privatisation programme.
MIPCO operates a power generation and seawater desalination plant in the UAE.
