B.Grimm Power Public Company Limited (SET: BGRIM) announced a new investment to penetrate the clean energy market in the Middle East by investing over $3.39 million to acquire a 40% shareholding in ThreeEightSix Holdings Ltd, an independent power producer focused on Commercial & Industrial solar assets in the GCC region. This investment aims to meet the growing demand for renewable energy in the region.
This investment is driven by the potential seen in the Middle Eastern renewable energy industry, which aligns with various countries’ policies. For example, the UAE has plans to increase its renewable energy capacity from 3.7 gigawatts in 2023 to 19.8 gigawatts by 2030. Similarly, Saudi Arabia has committed to expand its renewable capacity from less than 1 gigawatt in 2022 to 58 gigawatts by 2030. Bahrain, although a smaller market, has set a clear renewable energy policy aiming to increase its capacity to 710 megawatts by 2035.
ThreeEightSix Holdings Ltd. Ltd has solar rooftop assets and solar energy sale agreements for a total capacity of 33.7 megawatts in the UAE, Saudi Arabia, and Bahrain. The projects include five operating projects with a combined capacity of 4.1 megawatts and another ten projects in development and construction stages, aiming for an additional capacity of 29.6 megawatts. All projects are targeted for commercial operation (COD) during 2024 – 2025, meeting the increasing demand for renewable energy and marking B.Grimm Power’s new investment in the clean energy market of the Middle East through this Joint Venture. B.Grimm Power expects it as a small start to significant investments in the Middle East in the future.
