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B.Grimm Power Public Company Limited (B.Grimm Power) has announced its acquisition of a 40% stake in ThreeEightSix Holdings Ltd., a company based in the United Arab Emirates (UAE). The investment, totaling USD 3.39 million, adds to B.Grimm Power’s renewable energy portfolio and marks its entry into the promising solar rooftop sector in the Middle East.
ThreeEightSix Holdings Ltd. boasts a solar rooftop portfolio commitment of 33.7 megawatts (MW) spread across the UAE, Saudi Arabia, and Bahrain. Presently, five projects with a combined capacity of 4.1 MW are operational, while an additional ten projects with a total capacity of 29.6 MW are currently under development and construction. These projects are slated for commercial operation dates (COD) between 2024 and 2025.
The move aligns with the region’s growing focus on renewable energy initiatives. In the UAE, the Renewable Energy Policy targets a significant increase in renewable capacity from 3.7 gigawatts (GW) in 2023 to 19.8 GW by 2030, as outlined by the UAE Ministry of Energy and Infrastructure. Similarly, Saudi Arabia aims to ramp up its renewable capacity from below 1 GW in 2022 to an impressive 58 GW by 2030, according to The Renewable Energy Project Development Office of Saudi Arabia’s Ministry of Energy. Bahrain also has ambitious renewable energy targets, aiming to boost its capacity to 710 MW by 2035, as per the Bahrain Sustainable Energy Authority.
Notably, this transaction is not classified as a connected transaction, and thus, the transaction size does not require disclosure or the preparation of a report under relevant regulatory guidelines.
B.Grimm Power’s strategic investment in ThreeEightSix Holdings Ltd. underscores its commitment to expanding its renewable energy footprint in key markets, capitalizing on the region’s burgeoning demand for clean energy solutions. |
