Both the companies will work on projects of the King Abdullah City for Atomic and Renewable Energy (KA-CARE) program, through the JV.
As part of the program, the JV will build 41GW solar power by 2032, of which 16GW is photovoltaic.
Abdul Latif Jameel Energy CEO Roberto de Diego Arozamena said the JV will create a competitive and experienced new player in the Kingdom’s solar energy space.
"We aim to bring best cost, flawless execution and optimal energy pricing to the Saudi Arabian market supported by FRV’s significant track record and experience," Arozamena added.
Saudi Arabia, which plans to install around 23,900MW of renewable energy by 2020, has outlined plans to spend about $109bn on solar and nuclear power projects by 2032.
