Khaled Juffali (KJC), a Saudi Arabian investment firm, and Soitec, France-based manufacturer of semiconductor materials for energy industry, have signed a memorandum of understanding (MoU) to drive solar industry growth in Saudi Arabia.
The two firms will set up a joint venture to sell concentrated photovoltaic (CPV) systems in Saudi Arabia, maximizing the local content.
Soitec will offer technical and commercial solar expertise, while Khaled Juffali will help in gaining access to key stakeholders and share its track record in managing joint ventures.
Using triple-junction cells mounted on a glass plate, Soitec’s CPV technology achieves at least twice the performance of conventional photovoltaic technologies, which makes it a cost- efficient solution for high-volume power generation in areas which have high direct normal irradiation.
The KJC-Soitec MOU is in line with the current focus of Saudi Arabia to tap into renewable energy sources.
Recently, a white paper was published by the King Abdullah City for Atomic and Renewable Energy which details the competitive procurement process for solar, wind, geothermal and waste to energy projects in Saudi Arabia.
KJC founder and chairman Sheik Khaled Juffali said Soitec holds a leading position in the CPV industry with a pipeline of projects totaling hundreds of megawatts in the USA and South Africa and operates in 14 countries around the world, including a demonstration system at the Medina College of Technology (MCT) in Saudi Arabia.
"Soitec has already demonstrated its ability to industrialize disruptive innovations with high-quality standards. Thanks to Soitec’s leading CPV technology, our partnership will have a true competitive advantage and help to realize the Kingdom’s high solar potential. CPV is indeed perfectly suited for countries which benefit, like Saudi Arabia, from intensive solar radiation," Juffali added.
Soitec’s Solar Division executive vice president Gaetan Borgers said KJC is an excellent partner in the Kingdom of Saudi Arabia with an extensive track record creating multinational partnerships that gain a strong position in the Kingdom.
"Solar energy will play a key role in meeting Saudi Arabia’s increasing electricity demand and thanks to KJC, we hope to establish CPV as a key solution to this challenge," Borgers added.