BGRIM will invest $3.39 million in the energy market in the Middle East

BGRIM, a dominant player in the energy sector, announced its plans to infiltrate the Middle East clean energy marketwith an investment of nearly $3.39 million for a 40% stake in independent energy producer ThreeEightSix Holdings Ltd.

The company’s president, Harald Link, confirmed this strategic investment that focuses on commercial and industrial solar assets within the Gulf Cooperation Council region, meeting the region’s escalating demand for renewable energy. This step is in line with the potential of the region’s renewable energy sector and the policies of various countries.

For example, the United Arab Emirates (UAE) plans to increase its renewable energy capacity from 3.7 GW in 2023 to a massive 19.8 GW by 2030. Saudi Arabia is also on a similar trajectory and aims to expand its capacity for renewable energy from just under 1 GW in 2030. 2022 to as much as 58 GW in 2030. Bahrain, although a smaller market, aims to increase its capacity to 710 MW by 2035 under its policy for renewable energy.

ThreeEightSix Holdings has solar rooftop assets and solar sales agreements for a total capacity of 33.7 MW in strategic locations such as the UAE, Saudi Arabia and Bahrain. It currently operates five projects with a combined capacity of 4.1 MW, with plans to develop and construct a further 10 projects targeting a total capacity of 29.6 MW.

All projects will be commercially operational between 2024 and 2025 and will effectively meet the increasing demand for renewable energy. This marks BGRIM’s first investment in the clean energy market in the Middle East, in partnership with this joint venture.

Harald expects this to be the start of significant investments in the Middle East, giving BGRIM a strong foothold in the region’s renewable energy sector, reports Bangkok Post.

In related news, Delta Electronics plans to invest $1 billion in manufacturing and R&D. The country’s largest electronics company by market capitalization is poised to inject between $500 million and $1 billion in a bid to boost its manufacturing and research and development. R&D) capabilities over the next five years. A significant part of this investment is intended for Thailand, CEO Victor Cheng announced.

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