BERLIN — Apricum — The Cleantech Advisory acted as the exclusive financial advisor to Greencells, one of the largest European solution providers of solar photovoltaic (PV) power plants, with respect to the recent strategic investment from OMAS, a wholly-owned subsidiary of The Zahid Group, a diversified Saudi Arabian conglomerate. With the investment, OMAS has taken a 50% stake in Greencells.

Apricum led a comprehensive structured transaction process to support Greencells’ growth ambitions, identifying investors with a strategic match globally.

Greencells develops, builds, operates and finances utility-scale solar projects, with a track record of more than 1.3 GW of capacity over more than 100 individual projects in 25 countries. From its roots in central Europe, the company has built a substantial presence expanding into the U.S., Asia Pacific and the Middle East. This includes the supply of the mounting system and construction services for the world’s largest solar power plant, the 1.2 GW Sweihan project in Abu Dhabi, which is currently under construction.

Greencells’ founders Andreas Hoffmann and Marius Kisauer have so far developed and grown the company to its current position without any third-party investment. The investment from Zahid Group substantially strengthens Greencells’ balance sheet and enables Greencells to embark on new strategic opportunities.

“This transaction is an inflection point for Greencells. In Zahid Group and OMAS, we have found a highly reputable and strong partner, whose strategic vision and values align well with ours,” said Greencells CEO Andreas Hoffmann. “With a solid financial base, we can further strengthen our global footprint, serving more customers with our hallmarks of flexible, modular services, a high-quality product and lean operations to respond quickly in a competitive market. In close collaboration with our new partner Zahid Group and OMAS, we will continue in our mission to make utility-scale solar the world’s cheapest and most scalable power source.”

“We thank Apricum for making this transaction happen. Their access to decision makers among investors worldwide, deep understanding of the solar industry, their execution expertise and high commitment from beginning to end were crucial to successfully closing the deal,” added Mr. Hoffmann.

“We are delighted to have facilitated this transaction for Greencells. The company’s dynamism, agility and depth of market presence were waiting to be matched up with a strong strategic partner, to take the next major step in Greencell’s success story together,” said Dr. Moritz Borgmann, Apricum partner and lead on the Greencells transaction. — SG