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Isofoton recently revealed that as of August 15, it had signed a joint venture agreement with Saudi Arabian company Industrial Systems (INDSYS) for the installation of 300MW of PV plant facilities throughout the Middle East, North Africa and India region. The agreement will see both companies develop and construct the projects, which include installations in Saudi Arabia, a country which aims to install about 14GW of solar PV facilities by 2030.
Ángel Luis Serrano, president of Isofoton, stated, “We are sure that this partnership will bring a strong value to both companies, given that it will take place in Saudi Arabia, a market that offers major opportunities for the development of renewable energy. This agreement also provides a highly valuable platform for focusing all our photovoltaic projects in the Middle East, North Africa (MENA) and India: priority markets for the photovoltaic industry in the coming years.”