Collaboration aims to advance selected green energy transition projects in the Kingdom of Saudi Arabia and the rest of the region with EIG’s targeted USD 1 billion dedicated regional fund.
Hassana Investment Company and EIG have signed an MoU to collaborate on infrastructure and energy transition projects in the Middle East through EIG’s targeted USD 1 billion dedicated regional fund in which Hassana is considering becoming an anchor investor with an allocation of up to USD 250 million.
The MoU underscores EIG’s and Hassana’s stated commitment to expand their local and regional infrastructure and energy transition investment portfolios. By fostering participation from international investors and boosting foreign direct investment, this partnership aims to support the Kingdom of Saudi Arabia’s Vision 2030 goals and the broader regional shift toward cleaner, sustainable energy solutions.
The MoU was signed by Hassana CEO Saad bin Abdulmohsen Al-Fadly and EIG Chairman and CEO R. Blair Thomas.
Commenting on the agreement, Al-Fadly says that Hassana is pleased to expand its partnership with EIG.
“This agreement reflects our shared commitment to support the growth of infrastructure investments and the facilitation of the energy transition in the Kingdom of Saudi Arabia and the rest of the region,” says Al-Fadly.
Thomas agrees. “We had the pleasure of partnering with Hassana on the [KSA] Pearl Pipelines project and we look forward to taking our relationship to the next level. We believe energy transition is one of the defining investment themes of the next several decades and leading investors need to work together in an effort to deliver the reliable, affordable, and sustainable energy system that society requires. We are committed to doing exactly that,” says Thomas.
According to EIG Chairman MENA Operations Abdulaziz Al-Gudaimi, capital will be invested into selected energy transition projects.
“We are endeavouring to build a sustainable future, boost the economy, and reinforce the region’s commitment to clean energy solutions for many years to come,” says Al-Gudaimi.
The Saudi Government is actively pursuing several energy transition projects, with the announcement of a plan to launch 35 renewable energy projects in this year alone.
The Saudi Green initiative is already under way, as it aims to protect thirty percent of the national land and sea area within the next five years and plant ten billion trees.
On the energy front, KSA aims to add 20GW of renewable energy annually, with a target of reaching 130GW by 2030. This includes projects to export up to 150GW of green electricity or hydrogen.
