Hanergy to set up a thin-film solar power industrial park in Middle East
Post date: 31/01/2019 - 19:36
Chinese Hanergy Thin Film Power Group has signed an MOU investment cooperation agreement with Ajlan & Bros in launching the first solar thin-film industrial park in the Middle East region. The total investment of the project will be over one billion dollars. Under the aegis of the agreement the two companies will collaborate to develop renewable energy manufacturing facilities in Saudi Arabia and conjointly seek relevant investment opportunities.
Saudi Ajlan & Bros Holding Group Company is investing in multiple industries like real estate and fashion. The Kingdom of Saudi Arabia has been endeavoring to reduce its dependence on oil and going through a major transition towards more diversified and sustainable energy resources since the beginning of this decade. In 2011, oil was the source of over 50 percent electricity in the country and there was only 0.003 GW of solar power capacity installed nationwide. It was then announced by the government that Saudi Arabia would develop 41 GW of solar capacity by 2032.