- Both companies formed a joint venture.
- They plan to deploy 1GW solar infrastructure in the Middle East, Africa and Asia.
Saudi solar power company Desert Technologies and German industrial conglomerate Siemens have formed a joint venture to develop and invest in over 1GW of solar and smart infrastructure in the Middle East, Africa and Asia.
According to Desert Technologies, the joint venture known as Capton Energy will invest in existing and greenfield solar power projects with an output in the range of 20MW to 100MW.
As chief executive, the joint business is headed by energy and infrastructure financing expert Umer Ahmad. The company is already working on a pipeline of solar-themed investments and is in progressive discussions to launch the inaugural fundraising, Ahmad said in the statement.
Capton Energy will build on the partners’ technology and expertise in developing solar plants. Jeddah-based Desert Technologies operates as a solar developer and an EPC and O&M contractor with more than 40 completed solar projects in 22 countries. At its headquarters, the company has a 110MW factory to produce solar panels.
The joint venture launch took place at Expo 2020 Dubai on Monday.