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Saudi firm buys 50% stake in German solar plant developer

August 2, 2018, by Sam Bridge

(Arabian Business)

Subsidiary of Saudi conglomerate The Zahid Group invests in Greencells, a German solar power developer and operator.

A subsidiary of Saudi conglomerate The Zahid Group has bought a 50 percent stake in Greencells, a German solar power developer and operator.

The investment from OMAS, the value of which was not disclosed, will enable Greencells to pursue new strategic opportunities, the company said in a statement cited by Renewables Now.

Greencells is present in the US, Asia Pacific and the Middle East, including the supply of the mounting system and construction services for the world’s largest solar power plant, the 1.2 GW Sweihan project in Abu Dhabi, which is currently under construction.

Majid T Zahid, group president (Energy) at Zahid Group said: “Solar energy is the ideal complement to our conventional power solutions. We have been actively seeking companies to partner with that would fulfill our bold ambitions in the renewables sector, which will be the key future growth driver for power globally.”

Andreas Hoffmann, CEO of Greencells, added: “This transaction is an inflection point for Greencells. In Zahid Group and OMAS, we have found a partner whose strategic vision and values align well with ours. With a solid financial base, we can further strengthen our global footprint.”

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