Bunyah, a Shari’a compliant fund, was established to invest in equity or equity related investments in infrastructure projects and companies in the MENA region with a focus on the GCC. Bunyah offered regional investors, for the first time, the opportunity to invest in an asset class that would otherwise be unavailable, except to those companies and financial institutions with the specialist skills necessary to evaluate, structure and arrange direct infrastructure investment.
Instrata Capital, as the manager of Bunyah has successfully invested in and currently manages a portfolio of infrastructure projects that include the following:
A 1,234MW / 48 MIGD IWPP under a 25 year power and water purchase agreement with EWA. The USD 2.1 billion BOO project, located in Bahrain, was developed by GDF Suez in partnership with GIC. Bunyah made an investment in the project in 2009 and holds a seat on the board of directors.
A 456MW / 20 MIGD IWPP under a 15 year power and water purchase agreement with OPWP. In August 2010, Bunyah alongside its investment partner, ACWA Power, acquired an economic interest in the BOO project and an interest in associated service companies. Bunyah holds a seat on the board of directors and the audit committee.
A 445 MW / 15 MIGD IWPP under a 15 year power and water purchase agreement with OPWP. The USD 1.0 billion BOO project, located in the South of Oman, is being developed by Sembcorp in partnership with Oman Investment Corporation and has been fully operational since may 2012. Bunyah made an investment in the project in 2011.