GES has sold its Sharjah terminal to Paragon Capital, redirecting its focus towards sustainable energy storage solutions.
Information on the Target
Global Energy Storage Group (GES) has successfully sold its terminal located in Sharjah to Paragon Capital Pvt Ltd. This terminal, which has a storage capacity of 178.6 thousand cubic metres for petroleum products and petrochemicals, was developed on a greenfield site starting in 2018 and was officially commissioned in 2020. It is operated under GES's subsidiary, SRS Middle East FZE, which has been a prominent player in the energy storage sector within the Middle East.
Throughout its operational period, SRS Middle East FZE has provided innovative energy storage solutions, contributing significantly to the region's energy infrastructure. The strategic nature of the asset is underscored by its modern facilities and essential role in storing various energy products.
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Industry Overview in the UAE
The energy storage industry in the United Arab Emirates (UAE) is experiencing significant growth, driven by the country's strategic investment in sustainable energy solutions. As part of its Vision 2021, the UAE aims to enhance energy effic
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Paragon Capital Pvt Ltd
invested in
SRS Middle East FZE
in 2023
in a Other deal