(MENAFN) Saudi Ajlan & Bros and Chinese Hanergy Thin Film Power Group inked an investment deal on the commencement of a solar thin-film industrial park project worth USD1 billion in the Kingdom.
Both firms, according to the pact, will be joining hands in the establishment of renewable energy manufacturing facilities in Saudi Arabia.
The two companies will also under the agreement explore more investment potentials related to the same field.
Ajlan & Bros deputy chairman Mohamed Al Ajlan affirmed that "we are excited to collaborate with Hanergy. Thin-film power is a promising market, especially in Saudi Arabia."
Al Ajlan added: "the renewable energy facilities are bound to reform the landscape of the country's energy industry and help us achieve our goals in the 2030 vision."