French Soitec signs Saudi JV to tap solar market.
France's Soitec, a leader in semiconductors for the energy industry, and Khaled Juffali Company (KJC), a Saudi investment firm, have signed an agreement to drive solar industry growth in Saudi Arabia.
Under a memorandum of understanding, the two companies will create a joint-venture to market and sell concentrator photovoltaic (CPV) systems in the Kingdom - a system which uses parabolic mirrors, but directed onto a comparatively smaller area of high-efficiency solar cells.
Soitec will provide the technical and commercial solar expertise, while KJC will facilitate access to local and regional stakeholders and share its experience in managing international joint-ventures.
Soitec's CPV technology achieves at least twice the performance of conventional photovoltaics, making it highly cost efficient solution for regions with intense levels of solar radiation.
Sheikh Khaled Juffali, founder and chairman of KJC,said: "Soitec holds a leading position in the CPV industry with a pipeline of hundreds of megawatts in the USA and South Africa, and including a demonstration system at the Medina College of Technology in Saudi Arabia."
He continued: "Soitec has already demonstrated its ability to industrialise innovations, which is to our competitive advantage and will help to realize the Kingdom's high solar potential."
The Sheikh underlined the commitment to harness solar energy as a means of solving some the most urgent energy problems in the world, as well as putting Saudi Arabia at the forefront of renewables.
Juffali added that Soitec has also already "shown its willingness to contribute to the Kingdom's skills training with its co-operation with the Saudi Arabian Technical and Vocational Training Corporation."
Gaetan Borgers, executive VP of Soitec Solar, said: "KJC is an excellent partner in Saudi Arabia, with a track record for creating multinational partnerships that gain a strong position in the Kingdom.
"This is this very important country for us, as solar energy will play a key role in meeting Saudi Arabia's increasing electricity demand. We hope to establish CPV as a key solution to this challenge."
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|Date:||Apr 22, 2013|
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