Three Eight Six Holdings LTD, B.Grimm Power PCL forge strategic partnership to develop renewable energy projects in the GCC region

The investment by B.Grimm Power in the Three Eight Six Holdings LTD unit demonstrates how promising and attractive the renewable energy sector in the Middle East is

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Published: Mon 10 Jun 2024, 3:22 PM

Three Eight Six Holdings LTD, a Solar IPP operating in the Gulf Cooperation Council (GCC) region with a focus on Commercial & Industrial (C&I) customers, announced today a strategically significant partnership with B.Grimm Power Public Company Limited, a key player in the South-East Asian region for sustainable energy solutions, with an extensive international track record.

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. Three Eight Six Holdings LTD has subsidiaries in the UAE, Saudi Arabia, and Bahrain. It will be poised to leverage B.Grimm Power's experience and capabilities to jointly develop solar energy projects in the GCC region.


"We want to be the front runner in renewable energy developments in the GCC to make a strongly positive and sustainable impact in the region. With our new partnership, we have a clear ambition to develop and operate 100 MW of C&I solar projects by 2025,” said Ahmad Al Khayyat, chairman of Three Eight Six Group.

"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.


Investment Highlights:

Strategic Expansion and Market Impact

The investment by B.Grimm Power in the Three Eight Six Holdings LTD unit demonstrates how promising and attractive the renewable energy sector in the Middle East is. In this sense, it can be aligned with the strategic vision of the GCC countries, which pursue increased renewable energy capacity in line with capacity requirement increases and sustainable development goals. This will be a strengthening investment in Three Eight Six Holdings LTD already existing portfolio and pipeline projects across the three jurisdiction.

B.Grimm Power's 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. From this perspective, this partnership with Three Eight Six Holdings ensures that B.Grimm Power becomes a significant player in the region's renewable energy portfolio, thereby supporting several countries in their sustainability agendas.



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