DUBAI, UAE, 27 May 2024: Three Eight Six Holdings Ltd, a Solar IPP operating in the GCC region with a focus on Commercial & Industrial (C&I) customers, has announced a partnership with B.Grimm Power Public Company Limited, a player in the South-East Asian region for sustainable energy solutions with an international track record.

According to a joint Press release, B.Grimm, along with Minas Investments and Green Synergy Consulting, has acquired a 49% equity stake in Three Eight Six Holdings, which has subsidiaries in the UAE, Saudi Arabia, and Bahrain. Three Eight Six will leverage B.Grimm Power’s experience and capabilities to jointly develop solar energy projects in the GCC region, the two companies said.

Ahmad Al Khayyat, Chairman, Three Eight Six Group, said: “We want to be the front runner in renewable energy developments in the GCC [region] 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.”

Dr. Harald Link, President, B.Grimm, said, “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.”

According to the Press release, B.Grimm Power’s investment in Three Eight Six Holdings demonstrates the promising and attractive nature of the renewable energy sector in the Middle East. The two companies said that the investment aligns with the strategic vision of the GCC region countries, which seek increased renewable energy capacity, in line with capacity requirement increases and sustainable development goals. This investment, the Press release said, will strengthen Three Eight Six Holdings’ existing portfolio and pipeline projects across the three jurisdiction.