Saudi-French JV inks $53m deal to manufacture solar panels

      Published on Friday, 3 January , 2020      617 Views     
Saudi-French JV inks $53m deal to manufacture solar panels

  • Business

A joint venture agreement has been signed between Saudi and French companies to invest SR200 million ($53.3m) in the design and manufacturing of solar panels.

The agreement has been inked between France-based Optimum Tracker, which specialises in manufacturing solar energy tracking devices, and Al-Rasheed Petroleum Investment Company, a Saudi company operating in the fields of oil, gas, petrochemicals, mining and energy.

According to Saudi Press Agency, the Saudi-French partnership will invest SR200m in designing and manufacturing solar panels.

This announcement came during a ceremony held by the Saudi Arabian General Investment Authority (SAGIA) at its headquarters, in the presence of its governor Ibrahim Al-Omar.

The deal comes as the number of foreign investment licences reached 809 in the first three quarters of 2019, with the percentage of joint ventures at more than 33 percent and the energy sector one of the most important strategic sectors.

Category Business | 2020/01/03 latest update at 4:53 PM
Source : Arabian Business | Photocredit : Google
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