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Abdul Latif Jameel has announced a joint venture with Spain’s Fotowatio Renewable Ventures (FVR) to build photovoltaic solar projects in Saudi Arabia
The Saudi Arabian holding company and FVR will undertake the tender of the King Abdullah City for Atomic and Renewable Energy (KA-CARE) programme, which includes the construction of 41GW of solar power by 2032, of which 16GW is photovoltaic.
The partners will look at projects of about 100MW, costing about US$130mn each, the company said.
Roberto de Diego Arozamena, CEO of Abdul Latif Energy said, “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.
“In addition to the KA-CARE programme, we are also evaluating other potential solar energy generation opportunities with FRV."
According to Tristan Higuero, FRV´s Managing Director for the MENA region, "This joint venture allows us to undertake the project with guaranteed success and to consolidate FRV's long-term presence in this strategic market.
“Due to its geographical position, high level of solar radiation and the government's commitment to diversify the national energy production and to promote the creation of a local solar industry, Saudi Arabia is a strategic market for us."