Saudi Arabian conglomerate buys 50% stake in Greencells

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Greencells already operates in the Middle East including on the 1.2GW Sweihan project. Source: ADWEA.

A Saudi Arabian conglomerate has taken a 50% stake in the German developer and PV investor Greencells.

The Zahid Group’s subsidiary OMAS will work with Greencells to develop the Saudi company’s power business in the renewables sector after making a strategic investment in the firm.

Financial details have not been disclosed. According to Greencells, it is the first third-party financing the firm has received.

“This transaction is an inflection point for Greencells,” said Andreas Hoffmann, CEO, Greencells. “With a solid financial base, we can further strengthen our global footprint, serving more customers with our hallmarks of flexible, modular services, a high-quality product and lean operations to respond quickly in a competitive market.”

Greencells has worked on more than 100 projects including the 1.2GW Sweihan project in Abu Dhabi, which it has supplied the mounting system for as well as some additional construction services.

“Zahid has an extensive history as a leading provider of power solutions in the Middle East and Africa, through the various energy-related companies under our Group,” said Majd T. Zahid, group president (Energy) at Zahid Group. “Solar energy is the ideal complement to our conventional power solutions. We have been actively seeking companies to partner with that would fulfil our bold ambitions in the renewables sector, which will be the key future growth driver for power globally,” added Zahid.

The transaction was supported by Apricum – The Cleantech Advisory, Herbert Smith Freehills providing (legal), Watson Farley & Williams (legal, tax), EY (financial) and TÜV SÜD (technical).

Greencell's Coombeshead project in the UK. Source: Greencells.
4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

May 20, 2022
Independent power producer (IPP) RES has announced a collaboration with power purchase agreement (PPA) provider Alight to develop new solar projects in central and south Sweden. 
May 11, 2022
Canadian module manufacturer Heliene has seen unprecedented demand for its modules following the US Department of Commerce’s (DOC) decision to investigate alleged anti-dumping and circumvention (AD/CVD) by solar manufacturers in Thailand, Vietnam, Malaysia and Cambodia, which continues to spread chaos across the US solar sector.
May 11, 2022
solar tracker manufacturer FTC Solar has withdrawn its guidance for the year and warned of material uncertainties caused by the US AD/CVD investigation.
May 9, 2022
Independent power producer (IPP) Cypress Creek Renewables has closed a US$125 million debt facility to fund the expansion of its solar and storage pipeline.
May 6, 2022
Tata Power Solar has landed what it claims to be India’s largest single solar EPC order of 1GW for roughly INR5500 crore (US$715 million) from Indian state-owned utility SJVN Ltd.
May 4, 2022
US developer Origis Energy has secured a loan that will help it progress with its pipeline of more than 20GW of solar, PV-plus-storage and standalone storage projects.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
October 4, 2022
New York, USA