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Saudi group buys 50% stake in German solar firm Greencells

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Saudi group buys 50% stake in German solar firm Greencells


August 2 (Solar) – OMAS, a wholly-owned subsidiary of Saudi conglomerate The Zahid Group, has bought a 50% stake in German solar plants developer and operator Greencells GmbH.

The newly-concluded investment, whose exact amount was not disclosed, will bolster Greencells’ balance sheet and will enable it to pursue new strategic opportunities, the company said in a statement on Wednesday.

Saarbruecken-based Greencells is engaged in the development, construction, operation and and financing of utility-scale solar projects. The company has been involved in more than 100 individual projects in 25 countries with a combined capacity exceeding 1.3 GW. It was previously selected as the supplier of mounting systems and construction services for the 1.2-GW Sweihan project in Abu Dhabi.

Apricum – The Cleantech Advisory acted as Greencells’ exclusive financial advisor, while Herbert Smith Freehills delivered legal advice. At the same time, the investor was consulted by Watson Farley & Williams, EY and TUeV SUeD.


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