Three Eight Six Holdings LTD, a Solar IPP operating in the GCC, has announced its partnership with B.Grimm Power Public Company Limited for renewable energy in the GCC.
It was shared that B.Grimm Power Public Company Limited, Minas Investments LLC, and Green Synergy Consulting FZCO have acquired a 49 per cent equity stake in Three Eight Six Holdings LTD, which has subsidiaries in the UAE, KSA, and Bahrain.
Through this, the company will leverage B.Grimm Power’s experience and capabilities to jointly develop solar energy projects in the GCC region.
B.Grimm Power noted that its strategic entry into the Middle Eastern market is based on its “adherence” to the region’s commitment to a high rate of investment in renewable energy infrastructure.
“This marks the beginning of a cleaner and greener future for the Middle East, thereby finally putting it on the world map for energy transformation,” said Dr. Harald Link, President of B.Grimm Power Public Company Limited.
Meanwhile, Ahmad Al Khayyat, Chairman of Three Eight Six Group, said that the company wants to be the “front runner” in renewable energy developments in the GCC.
“With our new partnership, we have a clear ambition to develop and operate 100 MW of C&I solar projects by 2025,” added Al Khayyat.