News Article
JV announced for Saudi Arabian projects
ISOFOTON has signed a joint venture agreement with Saudi Arabian company Industrial Systems Corp (INDSYS) in order to install 300 MW of photovoltaic plant facilities in Saudi Arabia.
Under the agreement, the parties plan to jointly develop and construct significant projects in the Middle East, North Africa (MENA) and India region, including Saudi Arabia. This initiative will see ISOFOTON continue to spearhead developments in the photovoltaic sector at world level, responding to high photovoltaic demand, with plans in the pipeline to roll out 1500 MW in the next two years.
This agreement is supported by the Saudi Arabian government's commitment to defining a strategy to foster renewable energies as a clean alternative for power generation. In this regard, according to data from the King Abdullah City for Atomic and Renewable Energy (KA-CARE), the country is aiming to install about 14 GW of solar photovoltaic facilities by 2030.
àngel Luis Serrano, President of ISOFOTON, stated "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 (MENA) and India: priority markets for the photovoltaic industry in the coming years."
According to Amr Murad, CEO of INDSYS, "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."
The main lines of action of ISOFOTON's global development plans are based on constant innovation and a commitment to R&D, in addition to the establishment of production centers in the end customers' location, internationalization, and strategic alliances with prestigious companies including Samsung, Posco Plant Engineering and Mercedes AMG Petronas. ISOFOTON's president recently announced a EUR 40 million investment from Samsung for its Malaga facility (Spain), aimed at increasing production capacity and improving technological efficiency. A new 50-MW capacity production plant will open in Ohio (US) in November 2012, with plans to expand capacity to 100 MW. In order to strengthen its position in key markets for the photovoltaic sector, ISOFOTON has already finalized an agreement for the construction of a 50-MW photovoltaic plant in the Dominican Republic and expects to inaugurate another 50-MW one in Ecuador.
