SAGIA announces Saudi-French JV for renewable energy sector
Saudi's Al Rushaid Group and France-based Optimum Tracker's JV to have an initial investment of more than $53m
Saudi Arabia’s Al Rushaid Group and France-based Optimum Tracker have formed a joint venture (JV) to provide design and engineering services within the solar energy sector and focus on manufacturing of mounting system structures for solar photovoltaic (PV) panels, the kingdom’s General Investment Authority (SAGIA) has announced.
The newly formed JV will have an initial investment of more than $53m (SAR198.8m) and the companies will base main operations in the eastern province of Saudi Arabia. The JV will target a gradual capacity of no less than 150MW.
As part of the deal the plant that will be constructed plans to export at least 30% of its products to countries across the region and create 1,000 direct jobs.
Speaking about the new JV, governor of SAGIA, HE Ibrahim AlOmar, said the JV is a part of the kingdom’s efforts to promote opportunities and facilitate international partnerships to drive growth of the renewable energy sector.
“Our country is undergoing a significant economic transformation and energy demand at home and abroad is growing rapidly, leading to the emergence of renewable energy as one of the most important strategic sectors in line with Saudi Vision 2030.”