Blackstone Group has launched a renewable power assets in the Middle East and north Africa, according to the Financial Times, citing people familiar with the plans.
The new business, named Zarou after an ancient bridge built on the River Nile to connect Africa and Asia, aims to tap into rising electricity demand in the region by buying and developing renewable and thermal power generation. Zarou will also invest in oil and gas assets and water infrastructure.
Zarou will be led by Sameh Shenouda, the former head of infrastructure equity investments at the UK's development finance institution CDC Group.
