Abdul Latif Jameel Energy and Fotowatio Renewable ventures (FRV) have formed a joint venture to develop photovoltaic (PV) solar energy projects in Saudi Arabia.
Through the venture, both the firms will work on projects of the King Abdullah City for Atomic and Renewable Energy (KA-CARE) program, which includes the construction of 41GW solar power by 2032, of which 16GW is photovoltaic.
KA-CARE aims to develop alternative energies and to position the Kingdom as one of the most important renewable energy markets in the world.
It includes PV and concentrated solar power energy, wind, geothermal, waste conversion as well as nuclear energy schemes in a bid to diversify its energy sources in the future. These projects represent an estimated investment of over $60 billion.
Abdul Latif Jameel Energy, a wholly owned division of Saudi-based Abdul Latif Jameel Company, brings its expertise in the local market and financial capabilities to this joint venture. FRV, which has developed more than 2 GW of energy worldwide, brings its experience in engineering, development and construction of solar installations to the partnership.
Roberto de Diego Arozamena, CEO of Abdul Latif Energy, said that the joint venture will create a competitive and experienced new player in the Kingdom’s solar energy space.
“We aim to bring best cost, flawless execution and optimal energy pricing to the Saudi Arabian market supported by FRV’s significant track record and experience,” he said.
“Our partnership will bring additional value to the Kingdom by developing training programmes and creating local job opportunities for Saudi nationals.”
Arozamena said that Abdul Latif Energy is also evaluating other potential solar energy generation opportunities with FRV.
According to Tristan Higuero, FRV´s managing director for the MENA region: “Due to its geographical position, high level of solar radiation and the government’s commitment to diversify the national energy production and to promote the creation of a local solar industry, Saudi Arabia is a strategic market for us”.
Saudi Arabia is the largest solar power market in the region with plans to install 23,900MW of renewable energy by 2020, as per the MENA solar energy report released recently.
The Kingdom has also outlined plans to spend around $109 billion on solar and nuclear power projects by 2032.
The MENA region is expected to see investments worth more than $50 billion in the solar power sector by 2020, according to the report.