Isofotón and Industrial Systems Corp (INDSYS) have signed a joint venture agreement to install 300 MW of photovoltaics in Saudi Arabia. The two parties will also develop projects across the Middle East, North African (MENA) and Indian regions.
Spain-based Isofotón signed the agreement with Saudi Arabia’s INDSYS back in August. Under the terms, they will design and construct photovoltaic plants across MENA and India.
While the financial details have not been disclosed, a spokesperson for the company tells pv magazine that construction is slated to begin in Q2 2013 and should be complete by the end of next year. Meanwhile, all permits and approvals are said to be being processed.
The agreement is supported by the Saudi government, which recently unveiled its plans to install 41 GW of solar by 2032. It was also reported that the government is looking to attract investment of up to $109 billion to establish a solar industry in the region, with the aim of harnessing a third of the kingdom's power needs from solar energy.
Commenting on the new partnership, Ángel Luis Serrano, Isofotón president, stated, "This agreement … 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."
Isofotón is on an internationalization mission on the back of Europe’s declining presence. While its attempt to take Q.Cells over failed, the company is not resting on its laurels. In addition to opening up a photovoltaic manufacturing facility in Napoleon, Ohio, it told pv magazine at this year’s Solar Power International it is also looking to set up manufacturing facilities in Brazil, China and Saudi Arabia.
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