Chinese solar products manufacturer Hanergy Thin Film Power Group has signed an MOU investment cooperation agreement with Ajlan & Bros to launch the first solar thin-film industrial park in the Middle East region. The total investment of the project will be over $1 billion.
The agreement was signed at the launch event of Saudi Arabia National Industrial Development and Logistics Program (NIDLP), which is one of the 12 programs initiated as part of Saudi Vision 2030, focusing on transforming Saudi Arabia into an industrial powerhouse and a global leader in logistical services by fueling up the growth in four key sectors: industry, mining, energy and logistics.
With this collaboration, Hanergy marks yet another breakthrough in the Middle East market.
The Kingdom of Saudi Arabia has been endeavoring to reduce its dependence on oil and going through a major transition toward more diversified and sustainable energy resources since the beginning of this decade.
In 2011, oil was the source of more than 50 percent electricity in the country and there was only 0.003 gigawatts of solar power capacity installed nationwide. It was then announced by the government that Saudi Arabia would develop 41 gigawatts of solar capacity by 2032. The National Industrial Development and Logistics Program was launched to help achieve this goal.
