Zahid Group, a Saudi Arabian conglomerate, through its wholly-owned subsidiary OMAS, an operation and maintenance service provider, has acquired a 50 percent stake in Greencells Group, a utility-scale solar project developer based in Germany.

OMAS and Greencell recently concluded a strategic investment which resulted in the stake acquisition. Apricum – The Cleantech Advisory, served as Greencells´ exclusive financial advisor, with Herbert Smith Freehills providing legal advice. Zahid Group was advised by Watson Farley & Williams (legal, tax), EY (financial) and TÜV SÜD (technical).

The investment from Zahid Group substantially strengthens Greencells´ balance sheet and enables Greencells to embark on new strategic opportunities.

“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,” said Greencells CEO Andreas Hoffmann.

“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,” added Hoffmann.

“Zahid has an extensive history as a leading provider of power solutions in the Middle-East and Africa, through the various energy-related companies under our group. Solar energy is the ideal complement to our conventional power solutions. We have been actively seeking companies to partner with that would fulfill our bold ambitions in the renewables sector, which will be the key future growth driver for power globally. We are pleased to have found a capable management team in Greencells, with an impressive global track record, and look forward to jointly realizing growth and success in this burgeoning industry,” said Majd T. Zahid, Group President (Energy) at Zahid Group.

Recently, Mercom reported that the Public Investment Fund (PIF) of Saudi Arabia acquired a 15.2 percent stake in International Company for Water and Power Projects (ACWA Power), a developer, owner, and operator of power generation and water desalination plants. PIF and ACWA Power jointly announced the acquisition.