Zahid Group buys into top solar PV provider
01 September 2018
Saudi-based Zahid Group says one of its subsidiaries Omas has reached an agreement with the Greencells Group, a leading provider of solar photovoltaics (PV) power plants in Europe, to acquire a 50 per cent stake in the company.
With a track record of more than 1.3 GW of capacity for over 100 individual projects in 25 countries, the group is trusted by many key players in the industry, says the German company. Greencells develops, builds, operates and finances utility-scale solar projects globally.
From its roots in central Europe, Greencells has built a substantial presence expanding into the US, Asia Pacific and the Middle East. This includes 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, it adds.
Andreas Hoffmann, the co-founder and CEO of Greencells, says: “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.”
Hoffmann points out that he, along with his partner Marius Kisauer, have so far developed and grown the company to its current position without any third-party investment. “This investment from Zahid Group substantially strengthens Greencells’ balance sheet and enables us to embark on new strategic opportunities,” he remarks.
“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,” says the group co-founder.
“In close collaboration with our new partner Zahid Group and Omas, we will continue in our mission to make utility-scale solar the world’s cheapest and most scalable power source,” he adds.
On the strategic deal, Majid T Zahid, group president (energy), says: “Zahid has an extensive history as a leading provider of power solutions in the Middle East and Africa region, through the various energy-related companies under our group.”
Solar energy, he states, is the ideal complement to the group’s 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. We are pleased to have found a capabale management team in Greencells, with an impressive global track record, and look forward to jointly realising growth and success in this burgeoning industry,” he adds.
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