Hanergy Thin Film Power Group has signed an Memorandum of Understanding with Ajlan & Bros to launch the first solar thin-film industrial park in the Middle East in a $1bn investment.
The agreement was signed at the launch event of Saudi Arabia National Industrial Development and Logistics Programme (NIDLP), one of 12 programmes aligned with Saudi Vision 2030. The investment will work to transform the region into an industrial powerhouse and a global leader in logistical services, fuelling growth in four key sectors: Industry, Mining, Energy and Logistics.
Under the agreement, the two companies will collaborate to develop renewable energy manufacturing facilities in Saudi Arabia and conjointly seek relevant investment opportunities.
"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," said Mr. Mohamed Al Ajlan, Deputy board chairman, Ajlan & Bros. Hanergy has anchored its roots in the Saudi market with its cutting-edge technologies and innovative products, while Ajlan & Bros Holding Group Company is one of the leading international companies in the country and Arabian Gulf.
"At Hanergy we've accorded priority to Saudi Arabia as one of the key strategic markets for our business globally. We realise the potential of renewable energy in Saudi Arabia and have set out an organised 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," added Mr. Wei Qiang, President of Hanergy Saudi Arabia Country Company.
"The collaboration with Ajlan & Bros could be a turning point for both Hanergy and solar industry of Saudi Arabia.”
With the great market potential to be explored in Saudi Arabia and Hanergy's accumulated technological advantages, as well as the right partner with mutual interest and rich resources, the collaboration seems well in place to firm Hanergy's foothold in the Middle East Market and transform the landscape of solar industry of Saudi Arabia.
The Kingdom of Saudi Arabia has been endeavouring to reduce its dependence on oil and going through a major transition towards more diversified and sustainable energy resources. In 2011, oil was the source of over 50% electricity in the country and there was only 0.003 gigawatts of solar power capacity installed nationwide. The government has since announced that Saudi Arabia would develop 41 gigawatts of solar capacity by 2032. The launch of National Industrial Development and Logistics Programme will work to help achieve this goal.