HAALA Energy Secures SAR 28.5 Million in Series A Funding to Expand Saudi Solar Projects

Published: Feb 28, 2025 15:28

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On February 26, HAALA Energy, a leading Saudi solar energy developer and installer based in Jeddah, announced the successful completion of its Series A funding round, raising SAR 28.5 million to support its growing development pipeline. This round includes SAR 18.5 million in equity and SAR 10 million in debt, led by Fakeeh Investment Holding, the parent company of Fakeeh Care, a prominent listed healthcare company in Saudi Arabia. FINERGREEN served as HAALA Energy’s exclusive financial advisor throughout the process.

Founded in 2017 at KAUST (King Abdullah University of Science and Technology) Innovation Cluster, HAALA Energy quickly evolved from a solar installer to a key player in Saudi Arabia's solar industrial and commercial (C&I) segment. The company offers a range of vertically integrated services, including project development, installation, and operation & maintenance, serving off-grid and on-grid clients across the country. HAALA Energy also upholds the principle of employee ownership, with a substantial Employee Stock Ownership Program (ESOP) that attracts and retains top talent in the industry. The company plans to complete the 30 MW C&I project within the next three years and is currently negotiating with external investors to raise additional capital to accelerate and expand this goal.

FINERGREEN, a mergers and acquisitions and financing advisory firm specializing in the energy transition, supported HAALA Energy during this fundraising process, further strengthening its reputation in the region and demonstrating its commitment to continuing to support the growth of this market.

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