Hanergy is launching the Middle East's first $1 billion solar industrial park

Hanergy Thin Film Power Group signed a Memorandum of Understanding with Ajlan & Bros to launch a $1 billion investment in the Middle East's first solar thin-film industrial park.

The agreement was signed at the launch of the National Program for Industrial Development and Logistics (NIDLP) in Saudi Arabia, one of 12 programs aligned with Saudi Vision 2030. Investment will transform the region into an industrial powerhouse and a global leader in logistics services, which will fuel growth in four key sectors: Industry, mining, energy and logistics. Under the agreement, both companies will work together to develop renewable energy production facilities in Saudi Arabia and seek relevant investment opportunities together. " We are excited to work with Hanergy. Thin-film power is a promising market, especially in Saudi Arabia. Renewable energy facilities must reform the country's energy industry landscape and help us achieve our goals in the 2030 vision, "said Mr. Mohamed Al Ajlan, Chairman of the Deputy Board, Ajlan & Bros. With its state-of - the-art technologies and innovative products, Hanergy has anchored its roots in the Saudi market, while Ajlan & Bros Holding Group Company is one of the country's leading international companies and the Arab Gulf.

The Kingdom of Saudi Arabia has sought to reduce its dependence on oil and to make a major transition to more diverse and sustainable energy resources. In 2011, oil was the country's source of more than 50 percent electricity and nationally installed solar power capacity was only 0.003 gigawatts. The government has since announced that 41 gigawatts of solar capacity will be developed by 2032 in Saudi Arabia. The launch of the National Program for Industrial Development and Logistics will contribute to this objective. 

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