Saudi Arabia’s Zahid Group has taken a 50% stake in German solar photovoltaic (PV) power plant company, Greencells.
The investment has been made through Zahid Group’s subsidiary, OMAS.
Greencells develops, builds, operates, and finances solar projects, and has delivered 1.3GW of capacity to date.
Its Middle East portfolio includes delivering the mounting system and construction services for the 1.2GW Sweihan project currently under construction in Abu Dhabi.
The company’s growth across the US and Asia, in addition to the Middle East, has been achieved without any third-party investment.
Commenting on the agreement, Andreas Hoffmann, chief executive officer of Greeencells, said: “This transaction is an inflection point for Greencells. In Zahid Group and OMAS, we have found a highly reputable and strong partner, whose strategic vision and values align well with ours.”
Majid T Zahid, group president for energy at Zahid Group, added: “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.”