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Poulina Group, a Tunis-based conglomerate led by multimillionaire businessman Abdelwaheb Ben Ayed, has entered the solar energy market as part of an energy transition initiative that will diversify revenue and earnings, while increasing Tunisia’s renewable energy capacity.
In line with its energy transition plans and recent entry into the solar energy market, the Tunisian conglomerate has established Nova Green Volt, a subsidiary dedicated to the installation of small photovoltaic (PV) units.
The move, which comes more than two years after German renewables developer ABO Wind AG installed 12 PV rooftop systems totaling 1.5 MWp at Poulina’s poultry breeding farms, marks a watershed moment in the North African renewable energy debate.
The new subsidiary will not only strengthen the group’s energy supply, but will also allow the leading conglomerate to implement projects on behalf of other companies.
Poulina Group is a Tunisian conglomerate with interests and active operations in real estate, public works and infrastructure, wood, home appliances, and mass consumer products.
A Tunisian businessman who was instrumental in the group’s expansion, Ayed owns a beneficial 3.4-percent stake in the conglomerate.
In 2021, Poulina’s revenue increased by 25.7 percent from TND2.2 billion ($723.9 million) in 2020 to TND2.88 billion ($947.7 million) in 2021.
The increase in revenue was driven by strong growth in both domestic and export sales, as well as an impressive performance across all of its business lines, with the exception of retail, which declined by a single digit due to a decrease in its home market of Tunisia.
As of press time on Sept. 8, shares in the conglomerate were trading at TND10.35 ($3.22), with the group’s market capitalization marked at TND1.86 billion ($578 million).
At the current price, Ayed’s 3.4-percent stake is worth TND63.2 million ($19.7 million).
