February 20, 2024 [Global Energy Storage]- Global Energy Storage Group (GES), a leading provider of innovative energy storage solutions, is delighted to announce the successful sale by its subsidiary, GPS Innova Singapore Pte. Ltd., of 100% of the issued share capital of SRS Middle East FZE to Paragon Capital Pvt Ltd, a prominent investment firm specialising in the energy sector.
SRS is a terminal comprising of 178.6 thousand cubic metres of storage capacity for petroleum products and petrochemicals. GES began developing the terminal on the then-greenfield site in 2018, and it was commissioned in 2020.
SRS Middle East FZE, a subsidiary of GPS Innova Singapore Pte. Ltd., has been a significant player in the energy storage industry, offering innovative solutions and services to clients in the Middle East region.
The sale of SRS Middle East FZE aligns with GES’s strategic focus on optimising its focus on its core business operations to facilitate the energy transition, particularly through cryogenic storage of gases such as LNG, LPG, ammonia and hydrogen.
The transaction reflects GES’s commitment to enhancing shareholder value and further strengthening its position as a leader in the global energy storage industry.
Peter Vucins, CEO of GES said: “Having built the terminal from scratch, we have once again proven our world-leading capability to develop strategic assets on greenfield sites.”
“We are pleased to have concluded this sale to Paragon Capital and are confident that they will do a great job as the new owners. I want to thank the SRS team for a great performance over the last six years since the terminal construction began, most notably in relation to our excellent HSE track record and awareness.”
The Hamriyah Terminal, located strategically in the heart of the UAE, has been a vital asset for Global Energy Storage, offering state-of-the-art facilities for the storage and distribution of energy products. Under Paragon Capital’s ownership, the terminal is poised to further enhance its capabilities and continue serving as a key hub in the region’s energy infrastructure.
The terminal, which commenced construction in 2018, was completed in the summer of 2020 and boasts a capacity of 178,640 cubic meters.
Susmit Gupta, Managing Director of Paragon Capital said: “We are delighted to have completed the acquisition of this state-of-the-art storage terminal in UAE which is run by an excellent team. We strongly believe that UAE will be a leading force in the energy sector, and this asset aligns very well with our strategy and investment thesis”.
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