Saudi Arabia to establish largest solar panel plant in Arab ...| MENAFN.COM

Monday, 16 May 2022 08:32 GMT

Saudi Arabia to establish largest solar panel plant in Arab World


(MENAFN) The Saudi Industrial Development Fund (SIDF) has signed an agreement in Riyadh with alternative energy source Masdar to finance the construction of a solar panel plant at the Third Industrial City in Dammam, eastern Saudi Arabia.

Majid Al-MBTI, Chairman of Masdar, said that the project is in line with the vision of Saudi Arabia 2030 and the aspirations of the Crown Prince, Prince Mohammed bin Salman, to invest in solar energy and transfer technology knowledge to diversify energy sources across the Kingdom.

"The project is worth about SR 100 million (USD26.6 million) and is the largest plant in the Middle East specialized in manufacturing solar panels." According to the operational plan and the program, the plant will be able to produce by the end of this year.

He pointed out that Masdar has a strategic partnership with a Chinese company which is one of the top five companies in the world in this field, adding that the company's Chinese partnership in the project is about 20 percent.

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