Al-Babtain redrafts agreement on wind power unit into cooperation deal for expertise exchange

Logo of Al-Babtain Power and Telecommunication Co. 

Al-Babtain Power and Telecommunication Co.  has redrafted the agreement inked with Spain-based Haizea Wind Group on Al-Babtain’s wholly-owned subsidiary, International Wind Power LLC, into a cooperation agreement premised on exchanging technical expertise between both firms, according to a statement to Tadawul.

The delay was attributed to not obtaining the required licenses, the COVID-19 pandemic, the change in the management of the Spanish partner and the behind-schedule implementation of the Wind Energy Program in the GCC.

No relevant financial impact was detected as result of the delay. Any positive results will likely appear by the end of 2024.

In February 2018, Al-Babtain sold a 50% stake of International Wind Power to a Spanish investment company for SAR 2.5 million. The two parties, now 50-50 owners, said they would raise the company's capital to SAR 16.8 million from a current SAR 5 million, according to data available with Argaam.