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Israeli firm inks renewable energy deal with Saudi conglomerate
August 02, 2023
The joint venture between SolarEdge Technologies Inc. and Ajlan & Bros Holding will "support the deployment of smart renewable energy solutions in Saudi Arabia."
Israel’s SolarEdge Technologies Inc. has entered into a joint venture with Saudi Arabia’s Ajlan & Bros Holding to deploy “smart renewable energy solutions” in the kingdom, according to the Israeli firm.
The joint venture is “in line with the Saudi Vision 2030 initiative that aims to reduce the country’s dependence on oil by the end of this decade,” the Herzliya-based company said in a press statement.
The joint venture will be established in the kingdom’s capital, Riyadh, where the private sector conglomerate is based.
“We are honored to partner with Ajlan & Bros Holding and to support Saudi Arabia’s journey towards ‘Vision 2030’. 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,” SolarEdge CEO Zvi Lando said.
The joint venture will be managed by teams from both companies, with Ajlan & Bros Holding as the majority shareholder.