ACWA Holding and SUN & LIFE, its Solar Energy subsidiary, has anchored on a major milestone by acquiring a Global concentrating solar power (CSP) technology leader, FLABEG.
German FLABEG Solar is a technology provider and manufacturing leader of solar mirrors used in all kinds of CSP and CPV power plants. FLABEG Solar’s products are known for their high precision, reflectivity and durability resulting in cutting edge quality.
This recognized quality is the result of the unique process know-how, which was developed over 130 years of state-of-the-art glass bending and coating and, strong relationships with suppliers as well as a strong product and solutions engineering teams who helped advance the CSP solar technology. Due to the high quality and unrivalled precision of its mirrors, FLABEG Solar successfully built a track record of almost 30 years and more than 40 CSP power plants equipped.
CSP technology uses the highly reflective mirrors to reflect the solar direct radiation into a tube, heating up the heat transfer fluid to temperatures up to 550 degrees, allowing the production of adequate steam to run the power turbines. CSP technology in combination with large thermal energy storages is well suited for base load power production as well as other industrial steam production applications.
FLABEG’s Technology and strategic growth will efficiently respond to the Saudi Energy diversification Plan proposed by KACARE, addressing 25GW of CSP projects by 2030, with an estimated project value of 250 Billion Saudi Rials.
“This acquisition marks a humongous move for Saudi Arabia into renewables; paving the way for a sustainable localization path.” Abdullah Taibah, CEO of SUN & LIFE.
“We are very happy that we have found a strategic investor with a vision to drive this technology to the right direction. The next step to fully industrialize this technology will help to get LCOE further down and take a significant share of renewable energy market in the future. The cost effective combination of CSP with large thermal energy storages provides dispatchable energy and will contribute a significant benefit for the energy grids of tomorrow.” Holger Klimaschewski, CEO of FLABEG.