Local and French firms form joint venture for Saudi renewable energy sector

MEED    3 January 2020 (Last Updated January 9th, 2020 11:52)

Local and French firms form joint venture for Saudi renewable energy sector

The local Al-Rushaid Group and France-based Optimum Tracker have signed a joint-venture agreement for work in the kingdom’s renewable energy sector.

The Saudi-registered joint-venture company will provide design and engineering services in the field of solar energy, with a focus on manufacturing mounting system structures for photovoltaic (PV) solar panels.

It will have an initial investment of SAR200m ($53m) and will be based in the Eastern Province. A gradual capacity increase of no less than 150MW is targeted.

The joint venture plans to export at least 30% of its products to countries across the region and create 1,000 direct jobs.

The joint-venture agreement was facilitated by the Saudi Arabian General Investment Authority (Sagia).

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