Saudi group and French firm form JV to manufacture solar panels
Saudi Arabia’s Al-Rushaid Group has formed a joint venture (JV) with France’s Optimum Tracker to develop a solar panel manufacturing facility in the kingdom’s eastern province.
The creation of the new JV was announced by the Saudi General Investment Authority (Sagia) on 19 December.
The JV will develop a manufacturing facility with an initial $53.3m investment, and is targeting for its eastern province facility to produce up to 150MW of PV panels. The development will provide 1,000 direct jobs, and will assist meet the objectives of the kingdom’s ambitious 58.7GW renewable energy programme.
The Renewable Energy Project Development Office (Repdo), which falls under the umbrella of the Ministry of Energy, is overseeing the National Renewable Energy Programme (NREP).
Repdo will oversee the development of 30 per cent of the 58.7GW renewable energy target through a competitive tendering programme.
State sovereign wealth vehicle Public Investment Fund (PIF) will appoint developers through direct negotiations for the remaining 70 per cent of the 58.7GW programme.
While Repdo has set sizable localisation targets in tender documents for the initial projects under the NREP, PIF is expecting the majority of components used in its projects to be sourced locally.
Energy & Utilities - Middle East and Africa Market Outlook Report 2024.
This must-have report for industry players offers a thorough understanding of the latest developments, challenges, and opportunities in the region, supported by data, analysis, and expert insights.
E&U Podcast
Subscribe to our Market Talk podcast for the latest on the key issues and trends in the energy and utilities sector
