Abu Dhabi-based Ruya Partners (“Ruya”) announced today that it completed a SAR 75 million (USD 20 million) investment into Energia MGCC (“Energia”), a leading temporary power solutions (“TPS”) provider in Saudi Arabia.
Headquartered in Jubail, Energia has a nationwide presence with offices across all major cities, a high-quality fleet, and deep engineering capabilities. The Company has been a leading player in the Saudi TPS sector over the past decade and plays an integral role in providing turn-key power solutions to the Kingdom’s rapidly growing economy and its evolving power needs. Some of Energia’s most recent projects include The Saudi Electric Company National Grid Support Project, Saudi Aramco HUGRS Gas Refinery Critical Power Project, Riyadh Metro Project, Dammam Airport Emergency Power, and significant events such as Formula 1 and Riyadh Season.
Ruya’s investment will further strengthen Energia and enable it to acquire new assets, refinance its near-term maturities, and focus on its growth initiatives, including sustainable and green energy solutions.
Shahid Hassan, Energia’s Founder and CEO commented: “Our journey began in 2011 with the aim to deliver high-quality, dependable power solutions to our customers. Thanks to our loyal customers and hardworking teams, we have grown considerably since our humble beginning. We are proud of Energia’s milestones and believe that the best is yet to come. We are keen to continue gaining market share on the back of our strong reputation for dependability, speed, and execution. As we set our sights on the next ten 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.”
Energia’s General Manager, Mohin Shaikh added: “With the support of Ruya Partners, we will be able to strengthen our leadership position in the Kingdom by expanding into the events & entertainment industry and boost our position in the specialized medium voltage power projects.
Energia will also play an active role in supporting Saudi Vision 2030 on renewable energy as we embark on a journey to provide green energy solutions in solar hybrid, hydrogen fuel cells, and Natural gas.”
Rashid Siddiqi, Founding Partner at Ruya stated: “We believe in backing strong management teams with a proven track record of building and managing strong businesses within vital sectors of the economy. TPS is a sector we’ve monitored for many years within KSA. We believe the 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 & gas, events, and tourism. Within the sector, Shahid, Mohin and team have done a remarkable job of building a strong reputation and securing a leading market position; we are very excited to partner with them as they continue executing on Energia’s growth journey. ”
Mirza Beg, Founding Partner at Ruya added: “We are delighted to back a very entrepreneurial management team. We have followed Energia and its progress for the past few years and look forward to being their partner in the years ahead.” Omar Al Yawer, Partner at Ruya noted, “We are witnessing an incredible growth across Saudia Arabia and are delighted to be able to invest towards achieving Vision 2030.”