BGRIM, a major player in the power industry, has set its sights on the Middle Eastern clean energy market with a substantial investment of US$3.39 million. The company’s president, Harald Link, revealed that they are acquiring a 40% stake in ThreeEightSix Holdings Ltd., an independent power producer focusing on commercial and industrial solar assets in the Gulf Cooperation Council region.
This strategic move by BGRIM comes at a time when countries in the Middle East are ramping up their efforts to transition to renewable energy sources. The United Arab Emirates, for example, has ambitious plans to increase its renewable energy capacity from 3.7GW in 2023 to a staggering 19.8GW by 2030. Similarly, Saudi Arabia aims to boost its renewable capacity from under 1GW in 2022 to an impressive 58GW by 2030. Even smaller markets like Bahrain are making strides towards increasing their renewable energy capacity, with a target of 710MW by 2035.
ThreeEightSix Holdings already has a strong presence in the region, with solar rooftop assets and solar energy sales agreements totaling 33.7MW across key markets like the UAE, Saudi Arabia, and Bahrain. The company currently operates five projects with a combined capacity of 4.1MW and has plans to develop an additional 10 projects, aiming for a total capacity of 29.6MW. All projects are expected to be operational between 2024 and 2025, meeting the growing demand for renewable energy in the region.
This investment marks BGRIM’s entry into the Middle East’s clean energy market, signaling the company’s commitment to expanding its presence in the region’s renewable energy sector. Harald Link expressed optimism about the potential for significant investments in the Middle East, positioning BGRIM as a key player in driving the region’s transition towards sustainable energy solutions.
In related news, Delta Electronics, a leading electronics firm, announced plans to invest US$1 billion in manufacturing and research and development (R&D) over the next five years. CEO Victor Cheng revealed that a substantial portion of this investment will be allocated to enhancing operations in Thailand, further highlighting the country’s growing importance in the global clean energy landscape.
As BGRIM and Delta Electronics make significant strides in the clean energy sector, their investments underscore the increasing momentum towards sustainable energy solutions in the Middle East and beyond. With a focus on renewable energy sources and innovative technologies, these companies are poised to play a pivotal role in shaping the future of energy production and consumption in the region.