Saudi Arabian solar developer and installer HAALA Energy has raised SAR 28.5 million (USD 7.6 million/EUR 7.3 million) in a Series A funding round, positioning the company to accelerate the development of its commercial and industrial (C&I) solar project pipeline.
The Jeddah-based company announced on Wednesday that the investment was led by Fakeeh Investment Holding, the majority shareholder of domestic healthcare provider Fakeeh Care. The transaction includes SAR 18.5 million in equity and SAR 10 million in debt financing.
With this funding, HAALA Energy plans to deploy 30 MWp of solar capacity for C&I clients over the next three years. The company also revealed that discussions are ongoing to secure additional capital through an external investment vehicle to expand its solar development targets.
Founded in 2017, HAALA Energy specializes in solar project development, installation, and plant operation and maintenance. Its client portfolio includes major corporations such as Savola Group, IKEA Alsulaiman, and leading pharmaceutical and healthcare firms, including GSK, Fakeeh Care Group, and Tamer Group.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
