Cranmore Partners – having had a strong FY 2023 across the Middle East – went into 2024 with a strong pipeline of transactions and an eye to ESG policies, winning over the independent panel of judges.

One of the IJGlobal ESG Awards 2024 judges said of Cranmore: “It is great to see financial advisory expertise being deployed across the 4 major aspects of the energy transition process.”

Another of the judges said: “Cranmore Partners has – admittedly – been working a lot more on the energy transmission and security of supply side of the whole ESG category, but the impact that these transactions are having on the ground warrant recognition.”

Yet another judge added: “In a challenging regional market, Cranmore has done a magnificent job to positions itself having worked on some key transactions where the social impact is undeniable.”

In total, Cranmore worked on 32 mandates over the course of the year across sectors including green hydrogen, solar PV, wind, and gas-fired IPPs, telecoms, social infrastructure, water and wastewater, and digital infrastructure. 

This includes work in key MENA countries including Oman, Saudi Arabia, UAE – both Dubai and Abu-Dhabi – Egypt and Turkey. In addition to its bid support and buy-side M&A mandates, Cranmore has been advising on some of the most exciting and complex procurement / sell-side engagements.

This includes advising the government of Oman in its 2 rounds of green hydrogen procurement tenders with leading international players; and working with KSA’s SPPC on the procurement of 4x 1.8MW gas-fired IPPs – key to the kingdom’s energy transition away from heavy fuel oil (HFO) fired plants and providing peaking capacity with the increased penetration of renewable power.

Cranmore Partners acted as leading adviser for winning sponsors on the likes of DEWA VI Solar IPP in the UAE – an 1,800MW solar PV project awarded to Masdar, going from tender to FC within a 12 month period.

The financial adviser also acted on Manah I Solar IPP in Oman, providing essential energy security with the 500MW project that is being developed by EDF and Western Power.

In the water space – a key regional sector for investment – Cranmore acted on the likes of Jafurah IWP in KSA, advising Mowah and AlBawani on 79 million litre per day Saudi Aramco sponsored deal.

Cranmore also acted on the Shuweihat 4 IWP in the UAE to finance the EWEC backed project with GS-Inima as developer.