Akuo and Corys form net metering joint venture
Combining financing solutions and very long-term visibility on electricity tariffs, net metering is a high-potential market in Dubai, particularly given that solar energy market is still untapped
Akuo Energy and Corys Environment have created a joint venture to provide comprehensive turnkey net metering solutions on solar rooftops in Dubai as solar uptake gains momentum.
The two companies will draw on their industry expertise to offer comprehensive solutions combining development, financing, construction and operation of solar rooftops for commercial and industrial companies based in Dubai with no front-cost for customers.
Net metering provides a billing arrangement between the solar user and the utility company to determine how the user gets credit for any excess renewable electricity delivered to the grid. A net meter tracks both the electricity consumed and the electricity generated by the on-site solar system.
Solar programs such as the Shams Dubai initiative rely on net metering to reward users by creating a balance between solar power generation and consumption.
“This is a wonderful partnership that marks a milestone in the surge in net metering in Dubai, a market we know has amazing potential,” said Brice Yharrassarry, Managing Director of Akuo Energy International.
The new joint venture is already operational and has secured its first projects representing a total capacity of 1.3MW while still working on numerous other feasibility studies.
Construction work on the first project will start in January 2016.
“Our ambition is to turn Dubai into a true solar city visible from the sky,” said David Auriau, CEO of Corys Environment.
The launch of the joint venture is in line with the Shams initiative, the new regulatory framework put in place by the Dubai government in order to encourage a surge in net metering solutions.
Combining financing solutions and very long-term visibility on electricity tariffs, net metering is a high-potential market in Dubai, particularly given that solar energy market is still untapped.