State-owned firm acquires 50% of Saudi Arabia’s Sun & Life

first_imgState-owned firm acquires 50% of Saudi Arabia’s Sun & LifeThe company plans, engineers, realizes and operates large-scale PV plants. Sun & Life also recently took over German high-tech glass and mirror manufacturer FLABEG. February 4, 2014 pv magazine Manufacturing Markets Markets & Policy Share As part of its renewable energy plans, the Saudi Technology Development and Investment Company (TAQNIA) has acquired a 50% stake in leading Saudi Arabian solar energy leader Sun & Life. A development and investment company owned by Saudi Arabia’s state-run Public Investment Fund (PIF), TAQNIA promotes technological development and knowledge transfer in Saudi Arabia by partnering with leading players in industry, venture capital and academia while seeking to maintain attractive returns on investment. Sun & Life is the solar subsidiary branch of ACWA Holding, a regional infrastructural developer specializing in the power and water sectors. The company currently plans, engineers, realizes and operates large-scale photovoltaic plants. Its latest project is Saudi Arabia’s largest PV plant, a 10.5 MW facility for Saudi Aramco. Also active in the concentrated solar power (CSP) sector, Sun & Life recently took over German high-tech glass and mirror manufacturer FLABEG, a technology provider and manufacturing leader of solar mirrors used in all kinds of CSP and concentrated photovoltaic (CPV) power plants. Following its acquisition by TAQNIA, Sun & Life will be renamed TAQNIA Solar.The company said it would focus on the Saudi Arabian market as well as “other regional markets with fundamental needs for solar applications, with a continuous aim to provide an economically viable alternative to local energy sources.” The formation of TAQNIA Solar is seen as a significant move by the government and domestic market towards the anticipated implementation of the ambitious Saudi energy diversification plan proposed by the government agency K.A.CARE and its set target of realizing 41 GW of solar projects by 2030, an endeavor that will have an estimated cost of more than SAR 350 billion ($93.3 billion).Popular content The Hydrogen Stream: 20 MW green hydrogen plant in Finland, two Australian projects move forward Sergio Matalucci 20 April 2021 pv-magazine.com Storegga, Shell and Harbour Energy want to set up a 20 MW blue hydrogen production facility in the U.K. Australia’s Origin Energy wants to build a hy… Enabling aluminum in batteries Mark Hutchins 27 April 2021 pv-magazine.com Scientists in South Korea and the UK demonstrated a new cathode material for an aluminum-ion battery, which achieved impressive results in both speci… ITRPV: Large formats are here to stay Mark Hutchins 29 April 2021 pv-magazine.com The 2021 edition of the International Technology Roadmap for Photovoltaics (ITRPV) was published today by German engineering association VDMA. 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Cracking the case for solid state batteries pv magazine 29 April 2021 pv-magazine-australia.com Scientists in the UK used the latest imaging techniques to visualize and understand the process of dendrite formation an… 123456Leave a Reply Cancel replyPlease be mindful of our community standards.Your email address will not be published. Required fields are marked *CommentName * Email * Website Save my name, email, and website in this browser for the next time I comment. By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. 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