RIYADH: Saudi Arabian temporary power solutions provider Energia has secured SR75 million ($20 million) from Abu Dhabi-based private credit firm Ruya Partners, as it aims to acquire new assets and refinance its near-term maturities.
According to a press release, the raised capital will also help Energia to focus on its growth initiatives, including sustainable and green energy solutions.
“We believe the temporary power solutions sector is critical for the economy. It is well-positioned to benefit from a robust cyclical growth driven by increased economic activity in infrastructure, construction, oil and gas, events and tourism,” said Rashid Siddiqi, founding partner at Ruya.
Shahid Hassan, Energia’s founder and CEO added: “As we set our sights on the next 10 years, we are delighted to partner with Ruya. This partnership will enable us to accelerate our growth plans and engage on new initiatives such as sustainable and green energy solutions that we plan to launch imminently.”
