Jeddah, Saudi Arabia – 26th of February, 2025 – HAALA Energy, a leading Saudi solar energy developer and installer based in Jeddah, has announced the successful completion of its Series A funding round, securing SAR 28.5 million to support its growing development pipeline. This funding round includes SAR 18.5 million in equity and SAR 10 million in debt, led by the Fakeeh family office, representing the majority shareholders of Fakeeh Care, the premier listed healthcare company in Saudi Arabia. FINERGREEN acted as HAALA Energy’s exclusive financial advisor throughout the process.
Founded in 2017 at the KAUST (King Abdullah University of Science and Technology) Innovation Cluster, HAALA Energy has rapidly evolved from its origins as a solar installer to become a key player in the Kingdom’s solar industrial and commercial (C&I) segment. The company offers a comprehensive suite of vertically integrated services, including project development, installation, and operation & maintenance services, catering to a wide array of off and on-grid clients across the country. The company is also committed to the principle of employee ownership, with a substantial ESOP program that has allowed it to attract and retain the best talent in the industry.
This strategic transaction will enable HAALA Energy service its growing pipeline of projects for Tier-1 and repeat clients that include the Kingdom’s largest grocery chain the Panda Retail Company – Savola Group, retail giants like IKEA Alsulaiman, as well as leaders in the pharmaceutical and healthcare industries such as GSK, Fakeeh Care Group, and Tamer Group.
The company is targeting the completion of 30MWp of C&I projects in the next 3 years, with discussions currently underway to raise further capital in an external vehicle to accelerate and expand on this target. More broadly, the funding round will be instrumental in advancing the company’s commitment to driving the adoption of renewables across the kingdom, and playing its part in the ambitious climate goals central to Vision 2030 program.
Faris Al-Sulayman, Executive Director at HAALA Energy, commented on the milestone: “We are thrilled to have completed this funding round, which demonstrates investor confidence in our vertically integrated model, and a strong willingness to support the growth of a homegrown Saudi developer that is able to compete successfully in a market with many foreign players. HAALA is now able to offer solar power to our clients at rates that are competitive with the Saudi Electricity Company (SEC)’s lowest tariffs, and this will mark the beginning of a new wave of Solar PV adoption across the commercial and industrial segment. As a local company with an unrivalled team, great financial backing, and a diverse portfolio of projects under its belt, Haala is uniquely positioned to play a leading role in the industry. We are excited about the next few years.”
Dr. Mazen Fakeeh, a leading investor in the round added “HAALA Energy has shown great promise and resilience over the last few years, and is well positioned to play a big role in what is set to be a hot industry in the Kingdom of Saudi Arabia over the next decade. We are looking forward to playing a bigger role in their growth story.”
Finergreen, an M&A and financing advisory boutique specialized in the energy transition, supported HAALA Energy during the fundraising process, further strengthening its credentials in the region and demonstrating its enthusiasm to continue supporting the growth of this market alongside major players.
Press contact:
Please contact BD Lead Ahmed Ashraf for any press or client enquiries on: ahmed@haalaenergy.com or visit our website www.haalaenergy.com
