SolarEdge announced the forming of a joint venture (JV) in Saudi Arabia with Ajlan & Bros, a leading private sector conglomerate in the MENA (Middle East and North Africa) region.
Combined with the established position of Ajlan & Bros in Saudi Arabia and the extensive experience of SolarEdge in smart, clean energy technology, the JV is expected to offer local enterprises solid and comprehensive solutions from SolarEdge's portfolio of solar generation, energy storage and management systems, and professional project development consultancy.
Though Saudi Arabia has abundant solar irradiation resources, the country's solar industry is still in its early stage, with a solar sector largely depending on external supply chains.
The country's Saudi Vision 2030 initiative has created plans to expand transnational cooperation as well as boost localization for domestic renewable energy and industrial equipment sectors. It also set up a target of generating 9.5 GW of renewable energy by 2030.
"We are honored to partner with Ajlan & Bros Holding and to support Saudi Arabia's journey towards' Vision 2030'," said Zvi Lando, CEO of SolarEdge.
"SolarEdge is committed to driving the clean energy transition on a global scale, exemplified by this JV which will provide local enterprises in Saudi Arabia with the support they need to rapidly transition away from fossil fuels to clean solar energy and meet their aggressive renewable energy goals."
Ajlan & Bros holds a significant presence across more than 25 countries and 75 companies with a diverse business portfolio. In the JV, the company acts as the majority shareholder.