TAQNIA, a development and investment firm owned by the Public Investment Fund of the Kingdom of Saudi Arabia, has acquired a 50 percent stake in SUN & LIFE. No financial terms were disclosed. SUN & LIFE is the solar unit of the ACWA Holding, a developer in the power and water sectors.
RIYADH, Saudi Arabia, February 3, 2014 /PRNewswire/ —
As part of its strong Renewable energy plans, The Saudi Technology Development and Investment Company (TAQNIA) has anchored a new milestone by acquiring 50% of SUN & LIFE, Saudi Arabian Leader in Solar Energy.
TAQNIA is a development and investment company owned by the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia. It promotes technology and knowledge transfer in Saudi Arabia through partnering with leaders in industry, venture capital, and academia to add maximum strategic value to the Kingdom while maintaining attractive returns on investment.
SUN & LIFE is the Solar subsidiary branch of the ACWA Holding, a regional infrastructural developer especially in the power and water sectors.
The company currently plans, engineers, realizes and operates large-scale photovoltaic plants. Its latest achievement is the largest PV plant of Saudi Arabia for Saudi Aramco, with a power capacity of 10.5MW, allowing powering the equivalent of 6,000 residential homes.
SUN & LIFE has recently demonstrated its active role in the CSP Industry, by acquiring the German FLABEG, a technology provider and manufacturing leader of solar mirrors used in all kinds of CSP and CPV power plants.
This strategic acquisition includes the rebranding of SUN & LIFE into TAQNIA SOLAR, and is gathering combined talented Teams, grasping along a solid technology and market expertise.
Our focus is the Saudi Arabian Market, and other regional markets with fundamental needs for solar applications, with a continuous aim to provide an economically viable alternative to local energy sources.
TAQNIA SOLAR implementation should efficiently respond to the Saudi Energy diversification Plan proposed by KACARE, addressing 41GW of Solar projects by 2030, with an estimated project value over 350 Billion Saudi Rials.