Saudi Arabia's Energia Receives $20 Million Investment from Abu Dhabi's Ruya
Abu Dhabi-based Ruya Partners, an emerging markets private finance firm, has invested $20 million in Energia, a Saudi Arabian provider of temporary power solutions.
The proceeds will allow Energia to purchase new assets, refinance its near-term maturities, and focus on its growth plans, including sustainable and green energy solutions, according to a joint statement released by the entities recently.
Rashid Siddiqi, the founding partner at Ruya, said:
"We believe the TPS sector is critical for the economy and is well-positioned to benefit from robust cyclical growth driven by increased economic activity in infrastructure, construction, oil and gas, events and tourism."
Within the TPS sector, Energia has done “a remarkable job of building a strong reputation and securing a leading market position … we are very excited to partner with them," Mr. Siddiqi said.
Saudi Arabia, the largest regional electricity consumer, is transforming its economy under the Vision 2030 plan, resulting in a significant increase in electricity demand.
According to a report from the King Abdullah Petroleum Studies and Research Centre in Riyadh, the kingdom's total electricity demand is projected to increase to 365.4 terawatt-hours (TWh) in 2030 from 299.2 TWh in 2018.
Energia provides rental power, cooling, compressors, tower lighting, and welding solutions from its headquarters in Jubail.
Saudi Electric Company National Grid Support, Saudi Aramco Hugrs Gas Refinery Critical Power, Riyadh Metro, and Dammam Airport Emergency Power are among its most recent projects.
“We are keen to continue gaining market share on the back of our strong reputation for dependability, speed and execution,” Shahid Hassan, Energia’s founder and chief executive, said.
“As we set our sights on the next 10 years, we are delighted to partner with Ruya. This partnership will enable us to accelerate our growth plans and engage in new initiatives such as sustainable and green energy solutions that we plan to launch imminently, "Mr. Hassan said.
Saudi Arabia's Vision 2030 places a significant emphasis on renewable energy. The monarchy announced plans to invest over $100 billion in renewable energy projects in December.
Energia will play an “active role in supporting Saudi Vision 2030 on renewable energy as we embark on a journey to provide green energy solutions in solar hybrid, hydrogen fuel cells, and natural gas," Energia's general manager Mohin Shaikh said.
Ruya was founded in 2020 with an anchor investment from Abu Dhabi Catalyst Partners, a joint venture between Mubadala and Alpha Wave Global. Ruya focuses on mid-market firms.
It is governed by the Financial Services Regulatory Authority of Abu Dhabi Global Market and licenced to manage collective investment funds.
Source: The National
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