OMAS has acquired 50% stake in Greencells, an independent European solution provider for solar photovoltaic (PV) power plants.
The investment from OMAS, a wholly-owned subsidiary of the diversified Saudi Arabian conglomerate Zahid Group, is expected to strengthen Greencells´ balance sheet and allow it to embark on new strategic opportunities.
With more than 1.3GW of capacity over 100 individual projects in 25 countries, Greencells develops, builds, operates and finances utility-scale solar projects.
The company has a major presence the US, Asia Pacific and the Middle East. It is the supplier of mounting system and construction services for the 1.2 GW Sweihan project in Abu Dhabi, which is currently under construction.
Greencells CEO Andreas Hoffmann said: “This transaction is an inflection point for Greencells. In Zahid Group and OMAS, we have found a highly reputable and strong partner, whose strategic vision and values align well with ours.
“With a solid financial base, we can further strengthen our global footprint, serving more customers with our hallmarks of flexible, modular services, a high-quality product and lean operations to respond quickly in a competitive market.
“In close collaboration with our new partner Zahid Group and OMAS, we will continue in our mission to make utility-scale solar the world´s cheapest and most scalable power source.”
While Apricum – The Cleantech Advisory acted as Greencells´exclusive financial advisor, Herbert Smith Freehills served as its legal advisor.
Founded as a small assembly company in 2007, The Greencells Group is now a global provider of turnkey solar parks, employing 600 people worldwide. The company has international subsidiaries in Abu Dhabi, Romania, Singapore and the US. In March 2017, its delivery of solar plants surpassed 1GW mark.
The firm said: “The Greencells Group will continue its successful strategy of delivering their services out of four regional hubs to serve the world´s growing demand for solar and hybrid power solutions.”