Innovations Unlimited launches powergreen company
Innovations Unlimited has launched a new renewable energy company, powergreen, that will focus specifically on solar energy.
The Green Division of Innovations Unlimited has launched its new corporate identity and independent company, powergreen, which will focus specifically on renewable energy.
At a media briefing held at Hilton Double Tree Doha, on 28 March, managing partner Amr Belal pointed out that “the whole of Qatar intends to achieve 20% requirement of renewable energy by 2020” and added “I can say comfortably, that we today lead the market with between 60 and 70% market share. We would like to be in a position to capture as much of that new market as possible”.
He added that the governments within the region have committed $150-billion to renewable energy.
Belal highlighted that the company has “the right foundation and would like to capture 25% of the remaining target, as we expect a lot of global players to enter the market” and added “The market doesn’t have many competitors today, but as more and more projects go out to tender, you will see more and more (competitors) come in. But we think we are in a prime position.”
He went on to explain the new branding of the renewable energy company will will focus specifically on solar energy: “Given the dynamic evolution of our company since its establishment, we have been working in the past few months to a new name that better represents our business operation.
“After strategic assessment and consultation with our teams, we feel that the new identity maintains the integral nature of our business while allowing for future growth.
"The new name has been devised to give individual identity to our business division allowing us to move forward with confidence.”
He said that having local knowledge serves the company well within the region and it will be actively involved in expanding operations within the Middle East.
The company will build on its capacity as a renewable energy system integrator and EPC contractor having delivered some of the pioneering cleantech projects in Qatar.
During the media gathering, Belal highlighted some of the projects that have been delivered by IUME in Qatar, and which now fall under the powergreen portfolio, such as the series of photovoltaic installations in Msheireb Downtown and the first solar sports facility Al Sadd Multipurpose Hall.
“We have big plans to grow and potentially partner with major organisations to expand and achieve our objectives. This is the route we choose to raise capital, as opposed to going public. Although, in three to four years the direction may change,” he added.