Soitec and Khaled Juffali sign solar deal
Saudi investment firm to work with solar specialist on joint venture
Saudi Arabia’s Khaled Juffali Company (KJC) and France’s Soitec have announced they have signed a memorandum of understanding that will see the firm’s cooperate to boost solar energy in the Saudi market. Under the agreement, the investment firm will create a joint venture with Soitec to sell concentrator photovoltaic (CPV) systems within the Kingdom.
Soitec’s CPV technology utilises triple-junction cells mounted on a glass plate, which the firm says achieves at least twice the performance of conventional solar PV technologies. This, the firm says, makes it ‘the most cost-efficient solution for high-volume power generation in regions with high direct normal irradiation’.
KJC chairman and founder, Sheik Khaled Juffali, said: “Soitec holds a leading position in the CPV industry, with a pipeline of projects totaling hundreds of megawatts in the USA and South Africa and operates in 14 countries around the world, including a demonstration system at the Medina College of Technology in Saudi Arabia.”
Soitec’s executive vice president of the solar division, Gaetan Borgers, added: “KJC is an excellent partner in the Kingdom of Saudi Arabia, with an extensive track record creating multinational partnerships that gain a strong position in the Kingdom…Solar energy will play a key role in meeting Saudi Arabia’s increasing electricity demand and, thanks to KJC, we hope to establish CPV as a key solution to this challenge.”