Siemens and Saudi Arabian solar energy company Desert Technologies have launched a joint venture (JV) called Capton Energy.
Capton will be jointly owned by Siemens’ financing arm, Siemens Financial Services (SFS), and Desert Technologies.
The JV will be based in Dubai, UAE, and invest in the development of solar and smart infrastructure across the Middle East, Africa and Asia.
SFS Equity Finance head Steffen Grosse said: “Solar power plays a critical part in the global energy transition.
“The launch of Capton sets the stage to help drive the expansion of more sustainable and flexible energy systems across the Middle East, Africa and parts of Asia and we’re looking forward to jointly building this platform alongside Desert Technologies.”
Capton Energy aims to support projects with a combined capacity of more than 1 GW, which will supply clean energy to underserved markets.
In particular, the JV will invest in existing and greenfield solar power projects with electricity generation capacities ranging from 20 MW to 100 MW.
It will also provide opportunities to third-party investors to participate in the energy transition.
Desert Technologies founder Nour Mousa said: “Solar power enables places without reliable energy networks to leapfrog the legacy infrastructure common in developed nations and benefit from sustainable, clean and affordable power.
“We are eager to work with Capton and Siemens to back projects and drive positive change in line with our environmental, social and governance (ESG) ideals.
“Such efforts to fully optimise the potential of the sun and technologies such as sustainable mini-grids and smart distributed energy systems will anchor our ideals and embody positive impact.”
In January, Siemens Energy received an order from Korea East-West Power to deliver its HL-class power plant technology for Eumseong Unit One, a combined-cycle power plant in South Korea’s Chungcheongbuk-do Province.
