23 Feb Siemens partners with Saudi energy company in regional solar push
Industrial conglomerate Siemens has announced a joint venture with Saudi Arabia’s Desert Technologies, in a bid to develop and invest in solar energy and smart infrastructure projects across the Middle East, Africa and Asia.
The Dubai-based platform – named Capton Energy – aims to build a 1GW portfolio of projects by investing in existing and greenfield solar power projects around the region.
“Solar power plays a critical part in the global energy transition,” said Siemens Financial Services head of equity finance Steffen Grosse. “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.”
Saudi Arabia, the world’s largest oil exporter, announced in December plans to invest more than US$100 billion in renewable energy projects in the Kingdom and the wider region. The investment is part of plans to diversify the economy under Saudi Vision 2030.
Siemens and Desert Technologies said that Capton will benefit from the companies’ ability to supply technology and expertise to help develop new solar plants. The platform will also offer third-party investors the ability to participate in the energy transition journey.
“Capton Energy is already advanced in assembling a pipeline of solar-themed investments and is in progressive discussions to launch the inaugural fund raising,” said Capton’s chief executive and chief investment officer Umer Ahmad.