Dentons has advised leading specialized infrastructure fund manager MENA Infrastructure on the sale of interests in United Power Company SAOG (UPC) to Khaled Juffali Energy and Utilities, a Saudi Arabian power company.

MENA Infrastructure Fund LP is a $300 million fund managed by MENA Infrastructure, a specialized infrastructure fund manager, owned by HSBC, Fajr Capital and Waha Capital. The fund invested in UPC in 2009, becoming the single largest shareholder. Having successfully invested its first generation fund, the firm is now seeking to raise MENA Infrastructure Fund II, targeting US$500 million in commitments.

UPC is a publicly listed company in Oman which owns and operates a 270 megawatt power station in Manah, the first independent power project to be developed in the Middle East with private sector participation. The plant sells power to the Oman Power & Water Procurement Company, the single-buyer in the Oman electricity market.

Commenting on the deal, Dentons partner Iain Black said: "We are delighted to have worked with MENA Infrastructure on another significant transaction. Having acted on the initial investment in UPC in 2009, it is particularly pleasing to also advise on the successful exit."

The Dentons team was led in Dubai by Iain Black with assistance from senior associate Patrick Tweedale and in Muscat by partner Nick Simpson assisted by associate Yasser Taqi.

Dentons' leading Middle East corporate and commercial team has an in-depth understanding of the nuances of each local market, stemming from more than 50 years of experience advising on major transactions across the region. The team advises on a full range of corporate matters including mergers and acquisitions, joint ventures, group reorganisations and equity capital markets.