State-owned firm acquires 50% of Saudi Arabia's Sun & Life


As part of its renewable energy plans, the Saudi Technology Development and Investment Company (TAQNIA) has acquired a 50% stake in leading Saudi Arabian solar energy leader Sun & Life.

A development and investment company owned by Saudi Arabia's state-run Public Investment Fund (PIF), TAQNIA promotes technological development and knowledge transfer in Saudi Arabia by partnering with leading players in industry, venture capital and academia while seeking to maintain attractive returns on investment.

Sun & Life is the solar subsidiary branch of ACWA Holding, a regional infrastructural developer specializing in the power and water sectors. The company currently plans, engineers, realizes and operates large-scale photovoltaic plants. Its latest project is Saudi Arabia’s largest PV plant, a 10.5 MW facility for Saudi Aramco.

Also active in the concentrated solar power (CSP) sector, Sun & Life recently took over German high-tech glass and mirror manufacturer FLABEG, a technology provider and manufacturing leader of solar mirrors used in all kinds of CSP and concentrated photovoltaic (CPV) power plants.

Following its acquisition by TAQNIA, Sun & Life will be renamed TAQNIA Solar.

The company said it would focus on the Saudi Arabian market as well as "other regional markets with fundamental needs for solar applications, with a continuous aim to provide an economically viable alternative to local energy sources."

The formation of TAQNIA Solar is seen as a significant move by the government and domestic market towards the anticipated implementation of the ambitious Saudi energy diversification plan proposed by the government agency K.A.CARE and its set target of realizing 41 GW of solar projects by 2030, an endeavor that will have an estimated cost of more than SAR 350 billion ($93.3 billion).

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.