Siemens, Desert Technologies create JV to invest in 1 GW of solar
- Saudi solar power firm Desert Technologies and German industrial corporation Siemens AG (ETR: SIE) have established a joint venture to establish and invest in greater than 1 GW of solar and smart framework in the Middle East, Africa as well as Asia.
From its head office in Dubai, the joint venture referred to as Capton Energy will invest in existing and greenfield solar energy projects with an output in the range of 20 MW to 100 MW, Desert Technologies said on Monday.
The joint company is headed by energy and framework financing professional Umer Ahmad as chief executive. The firm is already working on a pipe of solar-themed investments and also remains in dynamic conversations to launch the inaugural fundraising, Ahmad claimed in the declaration.
Caption Energy will certainly build on the partners' technology as well as expertise in the growth of solar plants. Jeddah-based Desert Technologies operates as a solar designer as well as an EPC and also O&M contractor with a track record of more than 40 finished solar projects in 22 countries. At its head office, the firm has a 110 MW manufacturing facility for the production of solar panels.
The launch of the joint venture occurred at Expo 2020 Dubai on Monday.
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