Al-Babtain to set up renewable energy firm with SAR 200,000 capital

Al-Babtain Power & Telecommunication Co.’s board of directors has approved the establishment of a limited liability company in the renewable energy sector with SAR 200,000 in capital.

The Riyadh-based entity will be self-financed and wholly owned by Al-Babtain, the company said in a bourse statement on Thursday.

It will supply, install, and maintain renewable energy projects for residential complexes, commercial properties, and industrial compounds.

All related regulatory approvals are expected to be obtained by Q1 2018.

There are no related parties, the statement said.