TAQNIA picks up stake in Acwa solar arm in Saudi Arabia

By VCPOST Staff Reporter

Feb 04, 2014 09:14 AM EST

Technology Development & Investment Co (TAQNIA) has acquired a 50% interest in Sun & Life in Saudi Arabia. Sun & Life is the solar energy division of power and water company Acwa, according to Construction Week Online.

Sun & Life is a company that plans, builds, engineers and operates big-scale photovoltaic facilities in the Kingdom with the use of Concentrated Solar Power (CSP), the report detailed.

The company most recently installed a 10.5MW facility for Saudi Aramco. This plant can supply energy for around 6,000 homes, the report stated.

TAQNIA is an investment unit of the Public Infrastructure Fund of Saudi Arabia. The investment firm has purchased the Sun & Life stake from Germany-based glass technology firm Flabag. Under the terms of the acquisition deal, the solar power firm will be renamed as TAQNIA Solar, the report explained.

Part of the solar energy strategy of the Saudi government is to execute 41GW of solar projects by 2030. These projects have a total value of $93 billion (SAR350 billion), Construction Week Online reported.

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