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.
Go deeper with GlobalData
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).
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.
