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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