The agreement underscores EIG and Hassana’s commitment to expanding their infrastructure and energy transition investments. Credit: Riccio da favola/Shutterstock.

Hassana Investment Company and EIG have entered into a memorandum of understanding (MOU) to work together on infrastructure and energy transition initiatives in the Middle East.

EIG has established a focused regional fund of $1bn, in which Hassana is exploring the possibility of becoming a key investor with a potential commitment of up to $250m.

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The MOU was signed by Hassana CEO Saad bin Abdulmohsen Al-Fadly and EIG chairman and CEO Blair Thomas.

This agreement emphasises the joint commitment of EIG and Hassana to grow their investment portfolios in infrastructure and energy transition at both local and regional levels.

Al-Fadly said: “Hassana is pleased to expand our partnership with EIG. This agreement reflects our shared commitment to support the growth of infrastructure investments and the facilitation of the energy transition in the Kingdom of Saudi Arabia and the rest of the region.”

The collaboration aims to attract international investors and elevate foreign direct investment, thereby advancing Saudi Arabia’s Vision 2030 goals and promoting the regional shift towards sustainable energy solutions.

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Thomas said: “We had the pleasure of partnering with Hassana on the Pearl Pipelines project in the Kingdom of Saudi Arabia and now we look forward to taking our relationship to the next level.

“We believe energy transition is one of the defining investment themes of the next several decades and leading investors need to work together in an effort to deliver the reliable, affordable and sustainable energy system that society requires. We are committed to doing exactly that.”

Last month, EIG launched Fidra Energy, a platform based in Edinburgh, UK, focused on battery energy storage (BESS).

Fidra Energy is pursuing three major BESS projects in the UK, aiming for a 10GW platform by 2030 across the UK and Europe.