Greencells, one of the largest independent European solution providers for solar photovoltaic (PV) power plants, has concluded a strategic investment with OMAS, a wholly-owned subsidiary of The Zahid Group, a diversified Saudi Arabian conglomerate. With the investment, OMAS has taken a 50% stake in Greencells.
Greencells develops, builds, operates and finances utility-scale solar projects. With a track record of more than 1.3 GW of capacity over more than 100 individual projects in 25 countries, Greencells is trusted by many key players in the solar industry. From its roots in central Europe, the company has built a substantial presence expanding into the U.S., Asia Pacific and the Middle East. This includes the supply of the mounting system and construction services for the world’s largest solar power plant, the 1.2 GW Sweihan project in Abu Dhabi, which is currently under construction.
Greencells’ founders Andreas Hoffmann and Marius Kisauer have so far developed and grown the company to its current position without any third-party investment. 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.”
“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 Majid T. Zahid, Group President (Energy) at Zahid Group.
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.
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).
About Greencells Group
Greencells is an EPC, project development and O&M provider of utility-scale solar PV power plants. Founded in 2007 and headquartered in Saarbrücken, Germany, the group employs a staff of 70. As one of the biggest European providers of PV power plants, Greencells Group has built a track record of more than 1.3 GW of PV power plants constructed or developed in 25 countries around the world.
About Zahid Group
Zahid Group is a privately-held organization headquartered in Jeddah, Saudi Arabia. Founded in 1943, it employs more than 5,000 people and is a leading player in multiple industries that include, energy & utilities, heavy machinery, financial services, industrial manufacturing, transport, and hospitality. The Zahid Group partners with leading global brands including Caterpillar, Renault trucks, Volvo, and Total.
Established in 2015, OMAS, a wholly-owned subsidiary of The Zahid Group, is a leading Saudi contractor specializing in EPC and operations & maintenance (O&M) of electromechanical systems for complex utility and energy efficiency applications, including balance of plants (BoP) for mobile and small frame gas turbines. With a workforce of 200 highly skilled professionals, OMAS has been recognized with multiple awards for its fast response in emergency situations, whilst maintaining the highest standards of environment, health and safety (EHS) and work quality.