Foursan Group, a leading Middle Eastern private equity firm, announced today the successful exit by its fund, Foursan Capital Partners I (“FCP”), of its investment in Shamsuna Power Company LLC (“Shamsuna”), a Jordanian company that operates a 10MW solar PV plant in Aqaba, Jordan.
FCP owned 85% of Shamsuna’s shares and, together with its CEO, Mr. Samer Judeh, who owned 15% of the company’s shares, sold its stake to Catalyst MENA Clean Energy Fund, a financial investor, realizing a 2.3x gross cash multiple and a 31% gross IRR on the sale.
Commenting on the transaction, Nashat Masri, a Partner with Foursan Group, stated: “We are pleased with this transaction and the strong returns we generated for our investors. The Shamsuna project was the first commercial photovoltaic plant in Jordan and is part of the country’s drive towards energy diversification and independence. In addition, the project saves Jordan 14,000 tons annually of CO2 emissions.”