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Three Eight Six Holding Limited (386), the ADGM based solar energy investment platform focusing on commercial and industrial projects across the region, and Enviromena Power Systems LLC (Enviromena), the leading UAE-headquartered clean energy services provider with over 700 MWs of solar PV projects constructed across Europe, Middle East and North Africa and a further 450MW in development, are delighted to announce the closing of equity financing arrangements for a 15MW solar PV off-grid electricity generation plant to be located at the Binzagr Logistics Centre (BLC) in King Abdullah Economic City, Saudi Arabia. Binzagr Logistics Company, the owner and operator of BLC, has invested SAR 1 Billion in its state-of-the-art facility, which is the largest of its kind in the Middle East, North Africa and Turkey. The solar power plant, which is scheduled to be operational by year end, will support Saudi’s Vision 2030 renewables goals and will deliver a significant discount to BLC’s current cost of electricity.
Cabell Fisher, Chief Executive Officer for Enviromena, said “After running a careful process to find the right investment partner, it became clear that 386 was the front runner. We were impressed by 386’s long-term investment strategy for renewables projects in the region, coupled with their deep development, construction and operations expertise. We are convinced that we have a hands-on investor as a partner, which will only benefit our customer and the project as a whole. The Enviromena team is looking forward to build on the development work achieved so far and to accelerate the process now that 386 are on board.”
Steve Cleveland, Chief Executive Officer for 386, said “We are delighted to partner with Enviromena on this ground-breaking project in Saudi Arabia, in terms of scale and the true private sector nature of the parties involved. Enviromena has a long-standing track record of delivering solar projects in the region and it was a logical decision for us to invest in the project, particularly as we eye Saudi Arabia as a major growth market for us in corporate and industrial renewable power projects in the coming years. We are also looking forward to contributing our own operational expertise as we look to optimise the project for the customer and the investors.”
Ahmad S. Alkhayyat, President of 386 commented “Our team, which has a combined experience of 2.5 Giga Watts of solar power projects, intends to be on the ground throughout the project to ensure a seamless commissioning of the plant and beyond that to operation and maintenance over the next 25 years. We have the capability to take solar power projects from design and development to finance, construction and maintenance. 386 has an investment pipeline of more than USD 70 million in the region over the next 18 months.”
Enviromena was supported on the transaction by finance consultant, ARKAD Group, and international law firm, DLA Piper, Dubai and associated KSA firm, Mohammed Ayedh AlShahrani and Saad Mansour AlMansour Law Firm.