Solar has become the dominant form of renewable energy in the MENA region. (Picture for illustrative purposes)
OMAS, a wholly-owned subsidiary of Saudi Arabian conglomerate Zahid Group, has acquired a 50% share in Greencells Group, a German provider for solar photovoltaic power plants.
Greencells is present in the U.S., Asia Pacific, and the Middle East.
In the Middle East, it supplied the mounting systems 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.
Investment from Zahid Group will provide Greencells with finances to undertake new strategic opportunities and it will also strengthen its position in the solar photovoltaic market. Greencells will continue delivering its services out of four regional hubs to cater to a growing demand for solar and hybrid power solutions.
“We have been actively seeking companies to partner within the renewables sector. We are pleased to have found a capable management team in Greencells, with an impressive global track record.” said Majd T. Zahid, Group President (Energy) at Zahid Group.
Andreas Hoffmann, CEO of Greencells, said: “OMAS and Zahid group’s strategic vision and values align well with ours”.
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