Abdul Latif Jameel Co., a Saudi
Arabian holding company, teamed up with a European partner to
build projects in the Arab nation’s $100 billion solar program.
Jameel will work with Spain’s Fotowatio Renewable Ventures
to develop power plants, Roberto de Diego Arozamena, chief
executive officer of the Jeddah-based company, said today in an
interview in Abu Dhabi. The partners will look at projects of
about 100 megawatts, costing about $130 million each, he said.
Saudi Arabia, the largest oil producer in the Organization
of Petroleum Exporting Countries, is investing in solar power to
diversify its energy mix and retain more crude for export. The
country plans to build 41,000 megawatts of solar plants by 2032,
almost matching its current installed power-generation capacity.
The venture with FVR, as the Spanish company is known, will
also seek to develop power projects in North Africa and Turkey,
as well as other Persian Gulf countries, Arozamena said. It will
bid on a 100-megawatt solar plant planned by Dubai’s state-owned
utility and may develop 80 megawatts of projects in Jordan and
Egypt, as well as others in Morocco, he said.
Developers are waiting for Saudi Arabia to start a first
round of solar-power tenders, while neighboring Abu Dhabi and
Dubai have already built more than 100 megawatts of such plants.
Jameel and FVR will probably collaborate for about three years,
the time it takes Saudi Arabia to run two renewable-energy
bidding rounds, before reevaluating their venture, Arozamena
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