Saudi Arabia’s Technology Development & Investment Co (TAQNIA) has bougt a 50% stake in power and water firm Acwa’s solar energy arm, SUN & LIFE.

SUN & LIFE currently plans, engineers, builds and operates large-scale photovoltaic plants in the Kingdom using Concentrated Solar Power (CSP).

Its most recent installation is a 10.5MW plant for Saudi Aramco which can power the equivalent of 6,000 homes.

TAQNIA, which is an investment arm of Saudi’s Public Infrastructure Fund, has bought out the stake in SUN & LIFE that was previously held by German glass technology specialist Flabag. The firm will now be rebranded as Taqnia Solar.

The Saudi government’s solar strategy involves bringing forward 41GW of projects by 2030 with an overall value of $93bn (SR350bn).