A recent agreement signed between Saudi Arabian and Japanese companies will give the Kingdom’s solar energy sector an investment and production boost. The memorandum of understanding signed by Solar Frontier of Japan and Saudi Aramco has outlined the companies’ plans to explore the possibility of developing a state-of-the-art production facility for copper indium diselenide (CIS) solar PV modules. With its high solar output, Saudi Arabia has attracted international investment following the release of its Vision 2030 plan, which specifies the Kingdom’s target to increase clean energy output to 9.5 GW. The hot and dry desert climate of Saudi Arabia will enable Solar Frontier investors to investigate how the country’s environment can raise production capabilities, assisting the Kingdom in its output goals. A key component of the plan states that Saudi Arabia will foster international partnerships in order to strengthen the country’s economy and develop opportunities for its citizens in all sectors. The investment by Solar Frontier comes in a recent push to engage with rising markets that demonstrate high potential for growth. A domestic partnership between Saudi Aramco and the Saudi Arabian National Industrial Cluster Development Program (NICDP) will open doors for the release of a feasibility study into producing a CIS module in Saudi Arabia in line with a vision to re-energize the renewable power sector. By 2030, Saudi officials expect local energy consumption to increase threefold. Localization of the Saudi solar industry is widely anticipated in order to increase the competitiveness of national research, development, and manufacturing sectors. As part of the plan’s campaign to enhance environmental sustainability in the Kingdom, Saudi Arabia will launch the King Salman Renewable Energy Initiative to review the role of public-private partnerships and gradually liberalize the clean fuels market. Legal processes are currently undergoing review in Saudi Arabia to make investing in the Kingdom easier. The Vision 2030 plan provides a clear structure for coordination between ministries to implement a number of ambitious initiatives. A recent turn towards clean energy sources underlines efforts to leverage Saudi expertise in building a sector open to foreign investment. Read more here at PV Magazine.
Japanese company PV has signed an agreement with Saudi Aramco to assess the possibility of building a "state-of-the-art production facility" for copper indium diselenide (CIS) solar Solar Frontier modules. PV executives will explore ways in which Saudi Arabia can boost its clean energy output to 9.5 GW. It is predicted that Saudi local energy consumption will increase threefold by 2030.