Riyadh — Mubasher: China-based solar panel maker Hanergy Thin Film Power Group has inked an investment cooperation agreement with Saudi Ajlan Bin Abdulaziz Al Ajlan & Brothers (Ajlan & Bros.) to implement the Middle East’s first solar thin-film industrial park in the oil-rich kingdom at $1 billion in investments.
The agreement was signed on the sidelines of launching Saudi Arabia National Industrial Development and Logistics Programme (NIDLP), which is one of the 12 programmes initiated as part of Saudi Vision 2030, intended to diversify the kingdom’s economy and invest more heavily in infrastructure.
Under the deal, the two firms will collaborate to develop renewable energy manufacturing facilities in Saudi Arabia and jointly seek relevant investment opportunities, Arabian Business reported.
Commenting on the deal, Mohamed Al Ajlan, deputy chairman of Ajlan & Bros, said, “We are excited to collaborate with Hanergy. Thin-film power is a promising market, especially in Saudi Arabia. The renewable energy facilities are bound to reform the landscape of the country’s energy industry and help us achieve our goals in the 2030 vision.”
The agreement is part of the GCC nation’s efforts to curtail its dependence on oil by adopting more diversified and sustainable energy resources.
Wei Qiang, president of Hanergy Saudi Arabia Country Company, said, “We realise the potential of renewable energy in Saudi Arabia and have set out an organized and specific road map to diversify our business in the country while supporting the advancement of renewable energy and fulfill the kingdom's commitments to reducing carbon dioxide emissions.
The project’s timeframe wasn’t disclosed.
Saudi Arabia, the biggest Middle Eastern economy, seeks to develop 41 gigawatts of solar capacity by 2032.
