The agreement is for a first-of-its-kind solar thin-film industrial park
Hanergy Thin Film Power Group has signed an agreement with Saudi Arabian company Ajlan & Brothers to launch a $1 billion solar thin-film industrial park in the Kingdom.
The project will be the first of its kind in the Middle East region and China-based Hanergy Group and Ajlan & Brothers have signed an investment cooperation agreement during the launch event of Saudi Arabia National Industrial Development and Logistics Program (NIDLP). The NIDLP is one of the 12 programs that began as part of the Saudi Vision 2030 which focuses on turning the Kingdom into an industrial powerhouse.
The agreement states that the two companies will collaborate to develop renewable energy manufacturing facilities in Saudi Arabia and jointly seek relevant investment opportunities.
Mohamed Al Ajlan, deputy chairman of Ajlan & Brothers 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.”
Meanwhile, 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 fulfil the kingdom’s commitments to reducing carbon dioxide emissions.
He added that this collaboration between both the companies could be a turning point for the solar industry in the Kingdom and Hanergy.
The agreement is in line with the recent initiatives undertaken by the Kingdom which is set to reduce its dependence on oil and gas and diversify to sustainable energy resources.