Taqnia Acquires Saudi Arabian Solar Company
The Saudi Technology Development and Investment Company (Taqnia) acquired a 50% stake in Sun & Life, a Saudi-based solar energy company. Sun & Life is a subsidiary of ACWA Holding, a regional energy and water infrastructure developer. The deal will rebrand Sun & Life into Taqnia Solar. In September 2013, Sun & Life acquired German glass and mirror manufacturer FLABEG.
Sun & Life is slated to build the biggest photovoltaic plant in Saudi Arabia, a 10.5 MW facility for energy giant Saudi Aramco.
Taqnia is owned by Saudi Arabia’s Public Investment Fund.
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