The JV was formed in Abu Dhabi. Flickr: Thomas Galvez
Italian solar developer and waste management firm TerniEnergia has formed a joint venture in Abu Dhabi with Khalid Al Hamed Group to operate in the Middle East.
The JV, named TerniErgia Middle East Power, will be 51% owned by Khalid Al Hamed Group and 49% owned by TerniEnergia. Khalid Al Hamed Group will manage relationships with government authorities in the area, authorization and acquisitions. TerniEnergia will manage the JV’s operational activities in renewable energy and environmental industry.
Stefano Neri, chairman and chief executive of TerniEnergia, said: “We believe that business development in high-growth areas such as the Gulf and the Emirates, will be a major opportunity to strengthen the market position and maximize the prospects of value creation of the Group”.