Abdul Latif Jameel Energy, a division of Saudi-based Abdul Latif Jameel Company, and Fotowatio Renewable ventures (FRV) have created a joint venture (JV) for building solar photovoltaic (PV) power projects in Saudi Arabia.
The JV will focus on projects including construction of the 41GW solar power plants in the King Abdullah City by 2032, under Atomic and Renewable Energy (KA-CARE) programme.
Out of these proposed solar power projects of said capacity in the city, 16GW will be PV projects.
Scope of the KA-CARE programme includes construction of the PV and concentrated solar power, wind, geothermal, waste conversion as well as nuclear energy projects in the city with an estimated investment of over $60bn.
The JV will get benefit from Abdul Latif Energy’s expertise in the local market and financial capabilities and FRV’s experience in engineering, development and construction of solar installations.
Abdul Latif Energy CEO Roberto de Diego Arozamena said the JV will perform well in the Kingdom’s solar energy sector.
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By GlobalData"We aim to bring best cost, flawless execution and optimal energy pricing to the Saudi Arabian market supported by FRV’s significant track record and experience," Arozamena added.
"Our partnership will bring additional value to the Kingdom by developing training programmes and creating local job opportunities for Saudi nationals."
