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).