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Saudi Arabia's Energia has secured SAR75 million ($20 million) from Abu Dhabi-based private credit firm Ruya Partners.
The "growth capital investment" will be used to acquire new assets, refinance near-term maturities and fund growth initiatives, according to a statement on Monday.
Ruya Partners is an independent alternative investment firm set up in 2020 with an anchor investment from Abu Dhabi Catalyst Partners, a joint venture between Mubadala and Alpha Wave Global.
Headquartered in Jubail, Energia is a temporary power solutions provider in the kingdom, with its most recent projects including the Saudi Electric Company National Grid Support Project, Saudi Aramco HUGRS Gas Refinery Critical Power Project and Riyadh Metro Project, among others.
According to Shaid Hassan, the company's founder and CEO, Energia is keen on expanding its market share.
He said Ruya's investment will also enable the company to pursue new initiatives, such as sustainable and green energy solutions.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
