The capital will enable Energia to acquire new assets, refinance its near-term maturities and focus on its growth initiatives, including sustainable and green energy solutions, the entities said in a joint statement on Monday.
“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,” Rashid Siddiqi, founding partner at Ruya, said.
Within the TPS sector, Energia has done “a remarkable job of building a strong reputation and securing a leading market position … we are very excited to partner with them”, Mr Siddiqi said.
Power demand in Saudi Arabia, the biggest regional consumer of electricity, is growing rapidly as the kingdom transforms its economy under its Vision 2030 plan.
Total electricity demand in the kingdom is expected to reach 365.4 terawatt-hours (TWh) by 2030, from 299.2 TWh in 2018, according to a report by Riyadh-based King Abdullah Petroleum Studies and Research Centre.
Headquartered in Jubail, Energia provides rental power, cooling, compressors, tower lights and welding solutions.
Some of its recent projects include the Saudi Electric Company National Grid Support project, Saudi Aramco Hugrs Gas Refinery Critical Power project, Riyadh Metro project and Dammam Airport Emergency Power.
“We are keen to continue gaining market share on the back of our strong reputation for dependability, speed and execution,” Shahid Hassan, Energia’s founder and chief executive, said.
“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," Mr Hassan said.
Saudi Arabia is focusing heavily on renewable energy under Vision 2030. In December, the kingdom announced plans to invest more than $100 billion in renewable energy projects.
Energia will 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", Energia's general manager Mohin Shaikh said.
Ruya, which focuses on mid-market companies, was established in 2020 with an anchor investment from Abu Dhabi Catalyst Partners, a joint venture between Mubadala and Alpha Wave Global.
It is regulated by Abu Dhabi Global Market’s Financial Services Regulatory Authority and is licensed to manage collective investment funds.