Siemens and sustainability investor Desert Technologies have created a new joint venture to invest and develop in solar and smart infrastructure in the Middle East, Africa and Asia, with investments earmarked for a portfolio of projects exceeding 1GW.
The new venture, dubbed Capton Energy and announced at the Expo 2020 Dubai, intends to invest in existing and greenfield solar projects ranging between 20-100MW in size.
Capton Energy will be led by Umer Ahmad, and the new CEO and chief investment officer said: “Capton Energy is already advanced in assembling a pipeline of solar-themed investments and is in progressive discussions to launch the inaugural fund raising.”
Steffen Grosse, head of equity finance at Siemens Financial Services, added: “The launch of Capton sets the stage to help drive the expansion of more sustainable and flexible energy systems across the Middle East, Africa and parts of Asia and we’re looking forward to jointly building this platform alongside Desert Technologies.”
Desert Technologies, based in Jeddah, Saudi Arabia, is a solar PV and smart infrastructure company focused in sustainable investments and manufacturing with more than 40 solar projects in 22 countries, with a major focus in the Middle East and Africa.
Demand in solar development has been increasing in the past years in the Middle East and North Africa with Saudi Arabia, Egypt and the United Arab Emirates leading the transition to renewable energy. The region is expected to have more than 50GW of solar PV by 2030, according to the International Renewable Energy Agency.