ISOFOTON set to develop Saudi solar
Spanish firm will install 300MW of solar PV plant facilities
Spain’s solar specialist ISOFOTON has signed a joint venture agreement with Saudi Arabia’s Industrial Systems Corp (INDSYS), to install 300MW of solar PV plant facilities in Saudi Arabia. The deal was reached in mid-August.
Under the contract, the pair will develop and construct “significant” projects in the Middle East, North Africa and in India.
The agreement fits into ISOFOTON’s stated plans to roll out 1,500MW of solar PV within the next two years.
“We are sure that this partnership will bring a strong value to both companies, given that it will take place in Saudi Arabia, a market that offers major opportunities for the development of renewable energy. This agreement also provides a highly valuable platform for focusing all our photovoltaic projects in the Middle East, North Africa and India: priority markets for the photovoltaic industry in the coming years,” said ISOFOTON president Angel Luis Serrano.
INDSYS CEO Amr Murad said of the deal, “We are delighted to collaborate with ISOFOTON, a leader in the development of applied solutions for solar energy generation, and establish the best, most professional platform for the photovoltaic sector in the Middle East and India region. We expect to benefit greatly from their team’s vast experience and competence in the investment for and development and construction of industrial projects and their success in the execution of diversified industrial projects.”
ISOFOTON says that the agreement is supported by the Saudi Arabian government’s commitment to developing renewable energy, with data from King Abdullah City for Atomic and Renewable Energy stating that the Kingdom is aiming to install around 14 GW of solar PV by 2030.