The Saudi Technology Development and Investment Company (TAQNIA) has acquired 50% stake in Saudi Arabian solar energy developer SUN & LIFE, a subsidiary of ACWA Holding.

Taqnia

As part of the strategic acquisition, SUN & LIFE will be rebranded as TAQNIA SOLAR, combined talented teams will be gathered, as well as a solid technology and market expertise is being grasped.

The move is aimed at focusing the Saudi Arabian market and other regional markets with fundamental needs for solar applications, providing an economically viable alternative to local energy sources.

According to the company, the 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 €69.1bn.

Owned by the Public Investment Fund of the Kingdom of Saudi Arabia, TAQNIA promotes technology and knowledge transfer in the country, while SUN & LIFE plans, engineers, realizes and operates large-scale PV plants.


Image: TAQNIA acquires 50% of SUN & LIFE, regional leader in Solar Energy. Photo:courtesy of TAQNIA.