Wärtsilä Corp and the Manara Consortium have formed a joint venture aimed at becoming the leading developer of decentralized independent power producer (IPP) projects in Islamic countries.
The venture, Manara Wartsila Power Ltd (MWP), will develop, sponsor and invest in IPPs utilizing Wärtsilä’s reciprocating engine technology.
Manara comprises four leading regional investment groups, which, together with 3i Group plc, have sponsored Manara Infrastructure Fund LP (MIF), a private equity fund created to invest in infrastructure and infrastructure-related growth opportunities in Islamic countries.
MWP will develop and invest in power projects with a capacity of between 50 and 200 MW, and sell electricity to electric utilities, industrial zones and municipalities.
MWP will operate from Bahrain and will initially focus its efforts on Pakistan, Saudi Arabia and the United Arab Emirates.