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).

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This article is published by MEED, the world’s leading source of business intelligence about the Middle East. MEED provides exclusive news, data and analysis on the Middle East every day. For access to MEED’s Middle East business intelligence, subscribe here.