Israeli solar energy firm SolarEdge Technologies, Inc. has recently signed a joint venture with Saudi Arabia’s Ajlan & Bros Holding (ABH), to deploy “smart renewable energy solutions” in Riyadh.
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.”
It will be established in the Kingdom’s capital, Riyadh, where the private sector conglomerate is headquartered.
The joint venture will be managed by a group of both companies, with Ajlan and Bros Holding holding the majority stake.
“We are proud to collaborate with AHB and support Saudi Arabia’s journey towards’ Vision 2023,'” said SolarEdge CEO Tzvi Lando. “SolarEdge is committed to driving the global transition to renewable energy, and this joint venture exemplifies that. With proper support for local facilities in Saudi Arabia, they will be able to swiftly transition to clean solar energy and meet the country’s ambitious energy goals.”
This marks the first known public deal between companies in the two countries that still do not have formal diplomatic relations.
