The Abraaj Group has announced the formation of a dedicated project development arm by acquiring Themis Energy to further extend its investment capabilities in the energy infrastructure space.
Themis Energy will leverage the Group’s local teams, global network, execution capabilities and existing infrastructure team to originate, develop and manage projects from concept stage to operations.
Abraaj aims to address the large power deficit in growth markets where a lack of well-structured quality and bankable projects is inhibiting economic development. Abraaj’s global strategy is aimed at capturing value throughout the life-cycle of primarily renewable and energy efficiency projects across several sub-sectors and technologies. By establishing Themis as its development arm, Abraaj will be able to support energy infrastructure projects from their inception, unlocking a supply of bankable quality energy assets developed on a proprietary basis.
Themis, acquired by Abraaj to form its energy development arm, was launched in 2013 by Marc Mandaba and other professionals with a strong track record in energy project development. The company has energy infrastructure projects under development in excess of 1,300 MW and has advised several African governments and lending institutions on energy and civil infrastructure related projects.
Themis consists of a team of highly experienced infrastructure project developers who will enable Abraaj to benefit from deeper execution capabilities in the energy infrastructure sector. Themis will lead or partner with other project developers in order to bring projects from concept to bankability and mobilize debt and equity toward financial close, enabling the construction of energy projects which will meet Abraaj’s rigorous commercial, environmental, social and governance criteria.
Ms. Tas Anvaripour will join Abraaj as a Partner in the energy infrastructure team, following her previous roles as Chief Executive Officer of Africa 50 and Chairperson of Themis. Mr. Marc Mandaba, Founder of Themis and former private infrastructure investment officer at the African Development Bank, will join Abraaj as Managing Director and Head of Themis, along with a team of twelve experienced project finance and development professionals boasting project development experience in a wide range of countries covering Africa, Middle East and Latin America.
Commenting on the business launch, Sev Vettivetpillai, Partner and Global Head of Abraaj’s Thematic Fund Business said:
“Abraaj’s ambition is to effectively manage capital across a number of energy sub-sectors and through all stages of the energy asset life cycle, from early developments through greenfield to operations. We believe that we can successfully achieve this objective by expanding our scope of activities to include a dedicated focus on project development. We welcome Tas Anvaripour, Marc Mandaba and our new colleagues to Abraaj and are confident that their deep experience of the sector and industry will bring long-term value to all stakeholders.”
Tas Anvaripour, Partner at The Abraaj Group noted:
“Successful project development is a critical element to addressing the significant shortfall of energy supply in growth markets. The combination of Themis’ development experience and Abraaj’s investment track record, global networks and local footprint, provides a unique ability to develop and invest in high quality energy assets in growth markets.”
The Abraaj Group has comprehensive investment experience across the energy value chain and has invested c. US$ 1 billion in ten investments in global growth markets. In October last year, Abraaj announced a partnership with the Aditya Birla Group to build a gigawatt scale renewable energy platform focused on developing solar power plants in India.