Isofoton SA (Málaga, Spain) has signed a joint venture agreement with Industrial Systems Corp. (INDSYS, Riyadh), a Saudi Arabian company with a significant interest in the renewable energy sector, in order to install 300 megawatt (MW) of solar photovoltaic (PV) plants in Saudi Arabia. The deal was signed on August 15th, 2012, Isofoton reports in a press release.

Under the agreement, the parties plan to jointly develop and construct significant PV projects in the Middle East, North Africa (MENA) and India region, including Saudi Arabia. This initiative will see Isofoton continue to spearhead developments in the photovoltaic sector at world level, responding to high photovoltaic demand, with plans in the pipeline to roll out 1,500 MW in the next two years, the company emphasizes.

Isofoton President Ángel Luis Serrano: Saudi Arabia is a market that offers major opportunities

“We are sure that this partnership will bring a strong value to both companies, given that it will take place in Saudi Arabia, a market that offers major opportunities for the development of renewable energy," says Ángel Luis Serrano, President of Isofoton.

"This agreement also provides a highly valuable platform for focusing all our photovoltaic projects in the Middle East, North Africa (MENA) and India: priority markets for the photovoltaic industry in the coming years.”

Saudi Arabia is aiming to install about 14 GW of solar photovoltaic facilities by 2030

The agreement is supported by the Saudi Arabian government’s commitment to defining a strategy to foster renewable energies as a clean alternative for power generation. In this regard, according to data from the King Abdullah City for Atomic and Renewable Energy (KA-CARE), the country is aiming to install about 14 GW of solar photovoltaic facilities by 2030.

Amr Murad, CEO of INDSYS, adds: “We are delighted to collaborate with Isofoton, a leader in the development of applied solutions for solar energy generation, and establish the best, most professional platform for the photovoltaic sector in the Middle East and India region. We expect to benefit greatly from their team’s vast experience and competence in the investment for and development and construction of industrial projects and their success in the execution of diversified industrial projects.”

2012-09-28 | Courtesy: Isofoton SA | solarserver.com © Heindl Server GmbH

Our editorial selection of breaking solar news is published at:
www.solarserver.com/solar-magazine/solar-news/top-solar-news.html