Madrid, February 27th, 2013
Solaria Energia y Medio Ambiente S.A., leading company in the European solar business with presence through the value chain of the photovoltaic business from module manufacturing to power generation, has signed a collaboration agreement with AB Group, a leading holding of companies in the Kingdom of Saudi Arabia with a diversification of business activities in Construction, Engineering Consultancy, Pre-Engineering Steel Building, Urban Development, Facility Management & Maintenance, Real Estate Investment, Food & Catering and Information Technologies.
The parties have agreed to start negotiations in order to conduct the registration of a Joint Venture company with a 50% share for each partner for the following activities:
- Investment in photovoltaic projects in the Kingdom of Saudi Arabia, under the program KACARE (King Abdullah City for Atomic and Renewable Energy), for the development of 16 GW of photovoltaic solar power in the next years.
- Design, engineering, construction and execution of turnkey photovoltaic power plants (EPC contracts).
- Manufacturing of photovoltaic modules.
This relevant agreement confirms the success of one of the key drivers of the Strategic Plan of Solaria, empowering the business in those markets with huge development potential and where significant growth rates are expected for photovoltaic business in the next few years.
This success comes from the fulfillment of Solaria of the efficiency and competition objectives, fixed at the highest international standards, which have allowed the company to be in conditions to establish a strategic alliance with a partner of the size and relevance as AB Group, with whom Solaria will work together to take advantage of the synergies between both groups in the Saudi Arabian photovoltaic market.