As part of the deal, SUN & LIFE will be rebranded to TAQNIA SOLAR, according to TAQNIA.
With an estimated project value of around SAR350bn ($93.2bn), TAQNIA SOLAR implementation should efficiently respond to the Saudi Energy diversification plan proposed by KACARE, addressing 41GW of Solar projects by 2030.
SUN & LIFE, which is the solar subsidiary branch of ACWA Holding, plans engineers, realises and operates large-scale photovoltaic (PV) plants.
Recently, the company has built 10.5MW PV plant in the kingdom for Saudi Aramco, which provides power to around 6,000 residential homes.
By acquiring the German FLABEG, a technology provider and manufacturer of solar mirrors used in all kinds of CSP and CPV power plants, SUN & LIFE has demonstrated its active role in the CSP Industry.
TAQNIA, which is a development and investment company owned by the Public Investment Fund (PIF) of Saudi Arabia, promotes technology and knowledge transfer in the kingdom.
Image: TAQNIA acquires 50% of SUN & LIFE. Photo: Courtesy of TAQNIA/PRNewswire.
