Sidley Advises FAS Group on I Squared Capital’s Investment into FAS Renewables

Sidley has represented FAS Group in connection with the acquisition of FAS Renewables and its 100% owned subsidiary Zahra Energy by I Squared Capital (I Squared).

FAS Renewables and Zahra Energy operate as distributed solar providers with a secured and advanced portfolio of over 100MWp of long-term solar power purchase agreements with established customers, including Cenomi Centers, an owner, operator, and developer of shopping centers in Saudi Arabia.

As a result of the acquisition, I Squared launched Radiant Energy Solutions, focused on targeting the distributed renewables market across the Middle East region.

The multi-disciplinary cross-border Sidley team was led by Ali Shaikley and Hussein Baxter, with support from Sarangan Rajesh Kumar and Sofian Dhifallah (Private Equity and M&A); Jason Menzies, Stuart Rose, Fraser Tudor, and Ryan Power (Tax); Alun Evans and Abdullah Shah (Energy and Infrastructure); Peter McCorkell (Labor, Employment and Immigration); and Iva Todorova (Antitrust and Competition).