TAQA Arabia and ASEC Cement Inaugurate Sudanese Power-Generation Joint Venture

The captive 42 MW Berber plant marks major milestone for TAQA Arabia's power generation business while powering Sudan's most technologically advanced and environmentally friendly cement producer

ASEC Cement and TAQA Arabia, both companies of Citadel Capital, the leading private equity firm in the Middle East and Africa with US$ 8.3 billion in investments under control, announced today the official inauguration of Berber for Electrical Power.

Berber for Electrical Power’s 42 megawatt power generation operation is now providing all of the electricity needs of Takamol, ASEC Cement’s 1.6 million ton per annum greenfield cement plant in Sudan, under a 20-year offtake agreement. Takamol is located 14 kilometers west of Fahalb on the west bank of the River Nile.

Fifty-one percent of Berber, a US$ 67 million facility, is held by Global Energy (TAQA Arabia’s power arm), which brings in its technical knowhow and management expertise as a licensed company for power generation and distribution.

“I am very pleased to announce that Global Energy is inaugurating Berber for Electrical Power on time and on budget,” noted TAQA Arabia Chief Executive Officer Khaled Abubakr. “This is an important component of our regional expansion strategy, and it has been a delight to work with our counterparts at ASEC Cement on this important project. I would like to extend special thanks and appreciation to the Sudanese government for its assistance.”

TAQA Arabia has already established a footprint across several MENA countries through its gas arm, Abubakr added. TAQA Arabia is Citadel Capital’s Platform Company for investment in the energy distribution sector across the Middle East and Africa, with a focus on gas and electricity distribution as well as the storage and distribution of refined products.

Dr. Magdy Saleh, Managing Director of Global Energy, noted that the company’s engineers will continue to operate and maintain the heavy-fuel-oil-fired plant. The agreement is the first major milestone in Global Energy’s regional expansion drive, and the company will continue to look for attractive regional investment opportunities going forward.

“Our now-operating clinker line is powered by Berber, and we look forward to bringing the entire plant on stream in June 2010,” said ASEC Cement CEO Giorgio Bodo. “Locking in our energy supply with a trusted partner such as TAQA Arabia has given us considerable peace of mind as we have concluded operational testing and begun the commissioning process.”

ASEC Cement, a Portfolio Company of ASEC Holding, is Citadel Capital’s platform investment for a leading regional cement production group that will control 12 million tons of cement per annum by 2013 in six countries spanning from Algeria to Iraq-Kurdistan.

Takamol is the most technologically advanced cement production plant in Sudan and will focus on serving significant un-met demand in that nation’s fast-growing cement market.

—Ends—

Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading private equity in the Middle East and Africa. Citadel Capital focuses on building regional platforms in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity Specific Funds. Citadel Capital’s 19 OSFs now control Platform Companies with investments worth more than US$ 8.3 billion in 14 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, the firm has generated more than US$ 2.5 billion in cash returns to its co-investors and shareholders (on investments of US$ 650 million), more than any other private equity firm in the region. Citadel Capital is the largest private equity firm in Africa by PE assets under management (2004-2009, as ranked by Private Equity International). For more information, please visit www.citadelcapital.com.

TAQA Arabia is a full-service energy solutions group operating in six countries in the region, with activities ranging from energy distribution, engineering and contracting to operation and maintenance. With 22 companies and 3400 employees TAQA Arabia is delivering quality services via three distinct operating arms; the storage and marketing of fuel products, power generation and transmission and gas distribution and transmission.. TAQA Arabia now has operations in Egypt, Libya, Qatar, the United Arab Emirates, Syria Jordan and Sudan.

ASEC Cement is Citadel Capital’s platform investment for cement production in the emerging cement markets of the Middle East and Africa. Created by Citadel Capital and a group of leading co-investors, ASEC Cement is growing into a leading regional cement production group that will have a combined production capacity of approximately 12 million tons per annum in 2012 spanning six countries from Algeria to Iraq-Kurdistan. ASEC Cement is a portfolio company of ASEC Holding.

For more information, please contact:

Ms. Ghada Hammouda
Head of Corporate Communications
Citadel Capital (S.A.E.)

g...@qalaaholdings.com (click to reveal this email)

Tel: +20 2 2791-4440 • Fax: +20 22 791-4448
Mobile: +20 16 662-0002