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French firm Akuo Energy Solutions and Corys Environment, environmental investment arm of Green Coast Enterprises, have announced a joint venture to provide comprehensive turnkey net metering solutions on solar rooftops in Dubai
The firm will offer comprehensive solutions combining development, financing, construction and operation of solar rooftops for commercial and industrial companies based in Dubai.
The new joint venture is already operational and has already secured its first projects representing a total capacity of 1.3MW while still working on numerous other feasibility studies. The construction works for the first project will start in January 2016.
The JV is reportedly 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.
Brice Yharrassarry, managing director of Akuo Energy International, said, “We are delighted to be able to work with a player as prominent as Corys Environment to launch ourselves on Dubai’s net metering market. This is a wonderful partnership that marks a milestone in the surge in net metering in Dubai – a market we know has amazing potential.”
David Auriau, CEO of Corys Environment, added that they are pleased to announce the partnership with Akuo Energy.
“This is a strategically important alliance for both organisations, and means we will be part of shaping the Dubai solar energy landscape. Our ambition is to turn Dubai into a true solar city visible from the sky.”