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Saudi Arabia?s Zahid Group acquires German solar PV firm

The initiative is in line with Saudi Arabia?s aim to expand its renewable energy sector. (Image source: Slimdandy/Flickr)

OMAS, a wholly-owned subsidiary of Saudi Arabian conglomerate Zahid Group, has acquired a 50 per cent share in Greencells Group, a German provider for solar photovoltaic (PV) power plants

Andreas Hoffmann, CEO of Greencells, commented, ?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. 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.?

?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,? said Majid T Zahid, group president (Energy) at Zahid Group.

?We look forward to jointly realising growth and success in this burgeoning industry,? he further added.

Greencells develops utility-scale solar projects globally. The company builds more than 1.3 GW of capacity in more than 100 individual projects in 25 countries. It has built a substantial presence expanding into 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.

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