French energy and services group ENGIE has acquired a significant stake of Smart4Power joining Dubai-based engineering and contracting company ALEC as the major shareholders of the company
The agreement was signed on 25 June in Dubai, UAE.
Dubai-based Smart4Power (S4P) was one of the first accredited independent energy services company (ESCO) in the UAE that provides energy saving solutions for existing buildings in the public and private sectors.
Hercu Viljoen, managing director of the Related Businesses for ALEC, said, ?Collaboration in our industry is becoming increasingly important. We want to combine our expertise and skills with like-minded and leading companies in our industry to find win-win products and supply quicker and more powerful solutions to our clients. We look forward to working closely with ENGIE in order to strengthen the Smart4Power offering in the GCC region.?
S?bastien Arbola, CEO of ENGIE Middle East, South & Central Asia and Turkey (MESCAT) commented, ?ENGIE is implementing worldwide a broad range of business-to-business and multi-technical energy services for industrial, commercial and residential buildings. Through this acquisition, ENGIE is willing to play a leading role in the Middle-East in the field of building energy efficiency services?.
?Having ENGIE and ALEC as major shareholders of the company is a privilege and fantastic news to fulfil our growth plans and continue delivering world-class energy efficiency services to our clients. The fact that ENGIE and ALEC, referent players in their respective markets (energy and construction business) have decided to invest in S4P shows also the increasing importance of the energy efficiency market in the region,? concluded Jes?s Guti?rrez, co-managing director of Smart4Power.
