SAGIA Announces Fresh Partnership in Renewable Energy Sector

The General Investment Authority (SAGIA) has announced the validation of a new joint venture agreement in the Kingdom’s emerging renewable energy sector.

Hosted at SAGIA’s Riyadh headquarters, the signatories, Al-Rushaid Group and the French-based Optimum Tracker, solidified their new partnership at a signing ceremony witnessed by Ibrahim Al-Omar, governor of SAGIA, attending under Invest Saudi.

The new legal entity created by the two companies will combine their expertise into a Saudi-registered company providing design and engineering services in the field of solar energy, with a focus on the manufacturing of mounting system structures for solar PV panels. Beginning the joint venture with an initial investment of SR200 million ($53.3 million), Al-Rushaid and Optimum Tracker will base their main operations in the Kingdom’s Eastern Province and target a gradual capacity to no less than 150 megawatts. The plant constructed under the deal plans to export at least 30 percent of its products to countries across the region and create 1,000 direct jobs.

SAGIA governor Al-Omar said: “We are very pleased to welcome Optimum Tracker to Saudi Arabia and facilitate their new partnership with leading Saudi innovator Al-Rushaid Group, as we build the future of the renewable energy sector in the Kingdom.”