Abu Dhabi's Ruya finances USD20m in Saudi power firm Energia

2022-07-26 03:52:45

(MENAFN) Abu Dhabi-based Ruya Partners, a developing markets private credit company, has financed 75 million Saudi riyals (USD20m) in Saudi Arabia-based temporary power solutions provider Energia.

The capital is going to allow Energia to obtain additional properties, refinance its near-term developments and concentrate on its expansion initiatives, such as maintainable and green energy solutions, the entities stated in a mutual announcement on Monday.

Rashid Siddiqi, founding partner at Ruya, stated that “We believe the TPS sector is critical for the economy and is well-positioned to benefit from a robust cyclical growth driven by increased economic activity in infrastructure, construction, oil and gas, events and tourism.”

Within the TPS area, Energia has managed to do “a remarkable job of building a strong reputation and securing a leading market position … we are very excited to partner with them”, as stated by Mr Siddiqi.

Power request in Saudi Arabia, the main regional consumer of electricity, is expanding quickly as the kingdom alters its economy below its Vision 2030 strategy.

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