Dubai, UAE, 18 October 2018: Under an agreement signed recently, ENGIE has acquired a significant stake in Smart4Power, the former company announced in a Press communiqué. The new capital structure of Smart4Power features ENGIE and ALEC as the major shareholders of the company, the communiqué said.

Dubai-based Smart4Power is an independent energy services company (ESCO) providing energy-saving solutions for existing buildings, in the public and private sectors, in the United Arab Emirates, Saudi Arabia and Kuwait, the communiqué said. Smart4Power has already retrofitted 1,700 buildings and intends to reach 10,000 improved facilities in the next 4 years, due to a healthy pipeline of projects in hotels, schools, hospitals and other commercial and residential buildings, the communiqué further said. One of the latest projects being awarded is the Dubai Airport retrofit project, the communiqué added.

Smart4Power will benefit from ENGIE’s global energy services expertise as well as its strategic presence in the region and from ALEC’s world class project execution capabilities, the communiqué said.

Commenting on the development, Sébastien Arbola, CEO, ENGIE Middle East, South and Central Asia and Turkey, said: “ENGIE is implementing a broad range of business-to-business and multi-technical energy services for industrial, commercial and residential buildings, worldwide. Through this acquisition, ENGIE is willing to play a leading role in the Middle East in the field of building energy efficiency services.”

Jesús Gutiérrez, Co-Managing Director, Smart4Power, said: “The fact that ENGIE and ALEC, referent players in their respective markets (energy and construction business) have decided to invest in Smart4Power shows the increasing importance of the energy-efficiency market in the region.”

Hercu Viljoen, Managing Director, Related Businesses, ALEC, said: “We believe that the collaboration with ENGIE will produce a win-win solution. We look forward to working closely with ENGIE in order to strengthen the Smart4Power offering in the GCC region.”