BGRIM to invest US$3.39m in Middle East’s energy market
A dominant player in the power industry, BGRIM disclosed its plans to infiltrate the Middle Eastern clean energy market, with an investment approaching US$3.39 million for a 40% stake in the independent power producer, ThreeEightSix Holdings Ltd.
The company’s president, Harald Link, confirmed this strategic investment that focuses on commercial and industrial solar assets within the Gulf Cooperation Council region, fulfilling the region’s escalating demand for renewable energy. This move aligns with the region’s renewable energy industry’s potential and various countries’ policies.
For instance, the United Arab Emirates (UAE) intends to escalate its renewable energy capacity from 3.7GW in 2023 to a massive 19.8GW by 2030. Saudi Arabia is also on a similar trajectory, aiming to extend its renewable capacity from just under 1GW in 2022 to a staggering 58GW by 2030. Bahrain, though a smaller market, is striving to increase its capacity to 710MW by 2035 under its renewable energy policy.
ThreeEightSix Holdings boasts solar rooftop assets and solar energy sales agreements for a total capacity of 33.7MW in strategic locations like the UAE, Saudi Arabia, and Bahrain. It currently operates five projects with a combined capacity of 4.1MW, with plans to develop and construct an additional 10 projects, targeting a total capacity of 29.6MW.
All projects are set to be commercially operational between 2024 and 2025, effectively meeting the surging demand for renewable energy. This marks BGRIM’s maiden investment in the Middle East’s clean energy market, in collaboration with this joint venture.
Harald anticipates this to be the commencement of significant investments in the Middle East, giving BGRIM a solid foothold in the region’s renewable energy sector, reported Bangkok Post.
In related news, Delta Electronics plans to invest US$1 billion in manufacturing and R&D, the nation’s premier electronics firm by market capitalisation, is primed to inject between US$500 million and US$1 billion in a bid to enhance its manufacturing and research and development (R&D) capabilities over the next five years. A significant portion of this investment is earmarked for Thailand, disclosed CEO Victor Cheng.
