Taqnia acquires 50pc of Sun & Life
Riyadh, February 3, 2014
Saudi Technology Development and Investment Company (Taqnia) has acquired a 50 per cent stake in Sun & Life, a Saudi leader in solar energy, as part of its strong renewable energy plans.
Taqnia is a development and investment company owned by the Public Investment Fund (PIF) of Saudi Arabia. It promotes technology and knowledge transfer in the kingdom 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 plans, engineers and operates large-scale photovoltaic plants. Its latest achievement is the largest PV plant of Saudi Arabia for Saudi Aramco, with a capacity of 10.5 MW.
Sun & Life recently acquired 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 forming of combined teams and pooling of market expertise. - TradeArabia News Service