Alfanar and Taqnia Energy have signed a Memorandum of Understanding (MoU) to jointly develop alternate energy and the localisation of energy products.

The MoU is in line with Alfanar and Taqnia’s commitment in reducing dependence on non-renewable energy and shift to developing green energy projects.

In a statement, Alfanar said that the partnership will explore previously untapped  alternate energy sources in the Kingdom, such as hybrid off-grid solutions and electric-vehicle’s charging infrastructure.

The partnership will also investigate opportunities from Renewable Energy Projects Development Office (REPDO), renewable energy for giga project (NEOM, Red Sea and Qiddiya), and ESCO energy efficiency opportunities.

Abdullah Al Hammad, President from Alfanar and Wasim Al Mallouhi, Vice President – Growth & Strategy from Alfanar, signed the agreement with Ali Alayed, CEO from Taqnia, and Wail Bamhair, CEO from Taqnia Energy.

During the signing ceremony, Mallouhi said that the Saudi market’s optimistic view to adapt to the renewable initiative has further strengthened the determination of the companies to jointly identify the opportunities in the sector.

Additionally, he added that the companies will capitalise on the most modern technologies available in the sector to provide efficient and sustainable solution to the users in the Kingdom.

Alfanar’s statement also added that the company is focused on enriching the value chain of project development including development, financing, design, EPC, testing and commissioning, and operation and maintenance for conventional, renewable and water projects globally.

The MoU will focus on developing the local economy and technological advancements by both the companies through their combined knowledge on worldwide trends and the local market, Alfanar concluded in the statement.