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Alfanar, Taqnia Energy Collaborate on Alternative Energy Development

Alfanar, a leading manufacturer of electrical products and provider of engineering services, said it has signed an agreement with Taqnia Energy, a unit of Saudi Technology Development and Investment Company, for joint collaboration on development of alternative energy and the localization of energy products.

 

The MoU will be a testimony to the commitment of both Alfanar and Taqniya in reducing dependence on nonrenewable energy and to shift to developing green energy projects in line with the vision of the Saudi Arabia, it stated.

 

Alfanar Construction President Abdullah Al Hammad and VP (Growth & Strategy) Wasim Al Mallouhi signed the agreement with Saudi Technology Development and Investment Company CEO Ali AlAyed and Taqnia Energy CEO Wail Bamhair.

 

The agreement will explore the previously untapped alternative energy areas in the Saudi market, such as the hybrid off-grid solution and the electric vehicles charging infrastructure, which is an emerging technology worldwide and a cornerstone of the kingdom`s mega projects, said the company in a statement.

 

The duo will further aim at exploring the local and international markets such as the opportunities by the Renewable Energy Projects Development Office (Repdo), Giga projects renewable energy and EV charging infrastructure (Neom, Red Sea, Qiddiya), Esco energy efficiency opportunities, and off-grid hybrid solutions, it added.

 

Alfanar said the MoU is aimed at developing the local economy and technology advancement through the duo’s combined knowledge on worldwide trends and the local markets.

 

With a global renewable development portfolio in PV, wind technologies, waste-to-energy projects of 1.5 GW, Alfanar renewable and water projects has an aggregated value of $2 billion on-going projects under various stages, including development and financial closure.

 

The company is delivering turnkey projects globally for renewable power generation projects in the UK, Spain, India and Egypt.

 

It is solely focused on enriching the value chain of project development inclusive of development, financing, design, EPC, testing & commissioning and Operation & maintenance for Conventional, renewable and water projects globally, said the company in its statement.

 

The Saudi market’s optimistic view to adapt to the renewable initiative has further strengthened the determination of the companies to jointly identify the opportunities in the sector, stated Mallouhi.

 

"Additionally, the companies will capitalize on the most modern technologies available in the sector to provide efficient and sustainable solution to the users in the kingdom," he added.

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