Solar IPP specialist Three Eight Six Holdings has inked a strategic partnership with B.Grimm Power Public Company Limited, a specialist in the South East Asian region for sustainable energy solutions.
As per a statement, B.Grimm Power Public Company Limited, Minas Investments, and Green Synergy Consulting have acquired a 49% equity stake in Three Eight Six Holdings. The deal will enable the firm to leverage B.Grimm Power’s experience and capabilities to jointly develop solar energy projects in the GCC region.
“We want to be the front runner in renewable energy developments in the GCC to make a strongly positive and sustainable impact in the region. With our new partnership, we have a clear ambition to develop and operate 100MW of C&I solar projects by 2025,” said Ahmad Al Khayyat, Chairman of Three Eight Six Group.
“This marks the beginning of a cleaner and greener future for the Middle East, thereby finally putting it on the world map for energy transformation,” said Dr. Harald Link, President of B.Grimm Power Public Company Limited.
Solar panels absorbing the suns energy on hot summer day
The investment by B.Grimm Power in the Three Eight Six Holdings is said to demonstrates how promising and attractive the renewable energy sector in the Middle East is. In this sense, it can be aligned with the strategic vision of the GCC countries, who are pursuing increased renewable energy capacity in line with capacity requirement increases and sustainable development goals, said the statement.
This will be a strengthening investment in Three Eight Six Holdings’s existing portfolio and pipeline projects across the three jurisdiction, it added.
B.Grimm Power’s strategic entry into the Middle Eastern market is based on its adherence to the region’s commitment to a high rate of investment in renewable energy infrastructure. From this perspective, this partnership with Three Eight Six Holdings ensures that B.Grimm Power becomes a significant player in the region’s renewable energy portfolio, thereby supporting several countries in their sustainability agendas, the statement concluded.