Saudi SAGIA announces new joint venture in renewable energy sector | ZAWYA MENA Edition:
The General Investment Authority (SAGIA) announced the signing of a new joint venture agreement in the Kingdom’s emerging renewable energy sector. The signatories, Al Rushaid Group and the French-based Optimum Tracker, solidified their new partnership at a signing ceremony witnessed by SAGIA Governor Ibrahim Al-Omar, attending under Invest Saudi.
The new legal entity created by the two companies will combine their expertise into a Saudi-registered company providing design and engineering services in the field of solar energy, with a focus on the manufacturing of mounting system structures for solar PV panels.
Beginning the joint venture with an initial investment of SR200 million, Al Rushaid and Optimum Tracker, will base their main operations in the Kingdom’s Eastern Province and target a gradual capacity to no less than 150 megawatts (MW).
The plant constructed under the deal plans to export at least 30% of its products to countries across the region and create 1,000 direct jobs.
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