German renewables project developer juwi has begun a joint venture in Dubai.
As part of juwi’s progressive expansion overseas after receiving €252 million (US$343 million) in funding from a 13-strong consortium, juwi has teamed up with local corporation Z-One DMCC to form, juwi Renewable Energies FZCO.
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Dubai was chosen for its Middle Eastern economic metropolis status, as juwi looks to Africa and the Middle East for investment in renewables.
The new subsidiary, juwi Renewable Energies FZCO will serve North Africa and the Middle East as a consultant and engineering, procurement and construction (EPC) partner for solar investors, with the first projects expected to be realised this year.
The subsidiary made a debut appearance at the GulfSol 2013 event in Dubai, an exhibition for the solar industry in the MENA region.
Luca Sacchetto, the new managing director of juwi Renewable Energies FZCO said it is evaluating various projects in Africa due to the beneficial climate for solar power, saying the region has “a great backlog demand for renewable energies”.
Joint venture partner Yasser Gamil from Z-One DMCC said: “In the area of North and East Africa, the potential for the solar and wind energy sector is huge. So far, we were lacking the know-how to implement specific projects. Now, with juwi at our side as an important and experienced partner, we hope to change the market of renewable energies in the area”.
Juwi hopes to benefit from the local expertise of Z-One DMCC, while Z-One DMCC gain access to juwi’s international industry experience.