Tihama Power was established to provide electrical power and process steam to four combined heat and power plants ("CHPs") located in the Eastern Province of Saudi Arabia.

Rakiza is independently co-managed by regulated independent fund manager Oman Infrastructure Investment Management (OIM) and Equitix, a leading investor, developer and fund manager based in UK. Tihama Power is the fifth asset in Rakiza’s portfolio, which includes a diverse range of investments in transportation (ports), network utilities, data infrastructure and social infrastructure.

The AS&H Clifford Chance team was led by Head of Corporate Majid Al-Sheikh and Partner Daniel Royle and was supported by Rida Jamal, Lina Almoosa, Ribal Wahid and Abdulaziz AlMubarak. ASAR in Bahrain supported on aspects of Bahraini law.

Corporate Partner Daniel Royle, who led the deal team commented,"we are delighted to advise in connection with this complex and strategic transaction, which demonstrates the continued attractiveness of Saudi assets to international investors".

AS&H Clifford Chance has a strong track record of advising on some of the largest, most innovative and complex M&A transactions. This includes advising the Public Investment Fund on its US$69 billion sale of its stake in SABIC, which remains the largest ever M&A transaction in the Middle East, as well as advising National Commercial Bank on its merger with Samba Financial Group, which created the largest bank in Saudi Arabia.