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Zenger
Zenger
Environment
Lennox Kalifungwa

SolarEdge Joins Forces With Saudi Conglomerate For Renewable Energy Push

Israel’s SolarEdge Technologies Inc. has entered into a joint venture with Saudi Arabia’s Ajlan & Bros Holding to deploy “smart renewable energy solutions” in the kingdom, according to the Israeli firm.

The joint venture is “in line with the Saudi Vision 2030 initiative that aims to reduce the country’s dependence on oil by the end of this decade,” said the Herzliya-based company in a press statement.

The project will enable the supply of clean energy to tens of thousands of homes in Israel.

A solar power plant in southern Israel. Nov. 16, 2017. Israeli firm inks renewable energy deal with Saudi conglomerate.The joint venture between SolarEdge Technologies Inc. and Ajlan & Bros Holding will “support the deployment of smart renewable energy solutions in Saudi Arabia.”MOSHE SHAI/FLASH90.

The joint venture will be established in the kingdom’s capital, Riyadh, where the private sector conglomerate is based.

“We are honored to partner with Ajlan & Bros Holding and to support Saudi Arabia’s journey towards ‘Vision 2030’. SolarEdge is committed to driving the clean energy transition on a global scale, exemplified by this JV which will provide local enterprises in Saudi Arabia with the support they need to rapidly transition away from fossil fuels to clean solar energy and meet their aggressive renewable energy goals,” said SolarEdge CEO Zvi Lando said.

The joint venture will be managed by teams from both companies, with Ajlan & Bros Holding as the majority shareholder.

A solar power plant in southern Israel. Nov. 16, 2017. Israeli firm inks renewable energy deal with Saudi conglomerate.The joint venture between SolarEdge Technologies Inc. and Ajlan & Bros Holding will “support the deployment of smart renewable energy solutions in Saudi Arabia.”MOSHE SHAI/FLASH90.

The news of the deal, described by Bloomberg News as a “rare collaboration,” comes amid reports of potential progress on a U.S.-brokered rapprochement between Jerusalem and Riyadh that would see the Saudis join the Abraham Accords.

Israel’s Foreign Minister  Eli Cohen said on Monday that a peace agreement is “closer than it has ever been.” However, a day earlier Likud MK Yuli Edelstein had a more cautious take on the negotiations, saying that it was “too early” to talk about an agreement.

Produced in association with Jewish News Syndicate

Edited by Judy J. Rotich and Newsdesk Manager

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