Beltone backs financing for Mauritania’s first gas-fired power project   

Beltone Holding, one of the leading Egyptian financial services providers, is taking a lead role in financing Mauritania’s first gas-fired power project, adding a new piece to the country’s push to build a more reliable energy system. 

The firm said it is participating in the financing and structuring of the development after Go Gas Holding and Madkour Holding signed a joint development agreement to move forward with the Banda and Tevet gas fields. 

Under the mandate, Beltone’s investment banking arm will act as exclusive financial adviser to Go Gas Holding. Its role includes helping arrange the debt and equity needed for development of the gas fields and for construction of the planned power plant. Gas from the fields is expected to supply the plant.

Mauritania gas project targets 365 MW

The first phase of the project is expected to include a gas-fired power plant with capacity of about 200 megawatts. A later expansion could raise that to roughly 365 megawatts. 

The Banda and Tevet fields are estimated to contain about 1.3 trillion cubic feet of gas resources, giving Mauritania a domestic fuel source that could help meet rising electricity demand. 

The development fits into Mauritania’s broader effort to strengthen energy infrastructure, improve the stability of power supply and support business activity and industrial growth.

It also comes as several West African countries turn to gas-fired generation as they look to widen energy options and draw investment into large infrastructure projects. 

For developers and advisers, the deal also points to continued interest in frontier energy markets, especially projects that link gas production with electricity generation.

Beltone expands its reach 

Beltone, which has 24 subsidiaries, provides services including brokerage, investment banking, asset management, equity research and private equity, along with non-bank financial products such as leasing, factoring, consumer finance, mortgage finance and microfinance. 

Chief Executive and Managing Director Dalia Khorshid has more than 25 years of experience in global finance. Under her leadership, Beltone has worked on major transactions and mergers and acquisitions across the Middle East and North Africa. 

Last month, the company expanded its international footprint with the €197.6 million ($226.2 million) acquisition of Baobab through its subsidiary, Beltone Capital. 

In the first half of 2025, Beltone reported record operating revenue of EGP6.3 billion ($120.16 million), more than double the level a year earlier. Net profit after tax and minority interest rose 60% from a year earlier to EGP1.3 billion ($24.8 million).