Utilities Middle East

Saudi Arabia’s solar company Taqat Badeela to sell 21% shares in IPO

Taqat Badeela hopes to raise funds to support its ambitious expansion plan as demand for solar products increases in Saudi Arabia

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Saudi Arabia based solar energy firm Taqat Badeela has announced plans to sell 21.28% of its shares to the public to fund its expansion ambitions, according to media reports.

The subscripti­on for up to 135,134 shares will be available through the Afaq Financial Platform for 80 days, from Nov. 15,

2021 until Feb. 3, 2022, reported Argaam.

Taqat Badeela installs, maintains and manufactur­es solar panel systems for homes and companies.

The company hopes to cash in on the increasing demand in Saudi Arabia for this energy source.

Saudi Arabia launched the National Renewable Energy Program

in 2017 to increase the share of renewables in its overall power mix.

The first round of the program facilitate­d the installati­on of the 300-MW Sakaka solar park and the 400-MW Dumat Al-Jandal wind farm, which produced its first power in April.

The Kingdom wants to increase the generation capacity of renewthe able energy sources to about 58.7 GW by 2030, of which 40 GW would be from solar and 16 GW from wind energy and the balance coming from other

The renewable energy market in the Gulf Cooperatio­n Council countries has already reached 17 GW and stands at 70 gigawatts in the wider Middle East and North Africa region.

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