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Energia has a nationwide presence with offices across all major cities in Saudi Arabia. Image Credit: Bloomberg

Dubai: NBK Capital Partners has exited its interest in Saudi’s Energia Model Trading & Contracting LLC, it said on Thursday.

The exit of the $26 million growth capital facility was financed with support from an Abu Dhabi-based investment firm, it added.

At the time of the investment in November 2017, NBK partnered with the founders of Energia to expand and take advantage of the increased construction activity and infrastructure spending stimulated by Saudi Vision 2030. During this period, the company more than doubled its revenue, widened its geographic coverage, and increased its fleet size by more than 20 per cent.

Yaser Moustafa, CEO at NBK Capital Partners, said: “We are pleased to have supported Energia and its founders with flexible capital to achieve its growth ambitions. In this investment, we saw the opportunity to partner with an exceptional management team in a sector underpinned by infrastructure investment, and we are proud of the role NBK Capital Partners played in unlocking the tremendous growth that the company has since delivered.”

Headquartered in Jubail, Energia has a nationwide presence with offices across all major cities in the Kingdom, a high-quality fleet, and deep engineering capabilities. The company has been a leading player in the Saudi temporary power solutions sector over the past decade and plays an integral role in providing turn-key power solutions to the Kingdom’s rapidly growing economy and its evolving power needs.

Sikander Ahmed, Managing Director and Head of Private Credit at NBK Capital Partners, said: “We have consistently and reliably provided flexible, long-term financing to middle-market companies during periods of rapid growth allowing them to exploit market opportunities. Energia effectively utilised the growth capital facility to become one of the strongest players in its sector in the Kingdom.”

NBK is headquartered at the Dubai International Financial Centre and has advised on investments of more than $1.2 billion.