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EU Renewables PPA Market Shines with 7.8 GW of New Renewable Energy Contracts To Date
To provide a major boost to the ongoing energy transition, Saudi Arabia based solar power company Desert Technologies and Siemens have launched a joint venture (JV) called Capton Energy.
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The announcement has revealed that the novel joint venture will be jointly owned by financing arm of Siemens called Siemens Financial Services (SFS) and the Saudi Arabian company.
The focus of the new venture is on supplying clean energy to underserved markets. The target of Capton Energy will be to support projects that will make a combined capacity in excess of 1GW. Capton Energy shall invest in the development of solar power projects and smart infrastructure across the Middle East, Asia and the vast expanse of Africa.
The new joint venture will be based in Dubai, United Arab Emirates. “Solar power plays a critical part in the global energy transition. The launch of Capton Energy 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,” says Steffen Grosse, head of Siemens Financial Services Equity Finance.
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Nour Mousa, Founder of Desert Technologies, Saudi Arabia, apprised, “Solar power enables places without reliable energy networks to leapfrog the legacy infrastructure common in developed nations and benefit from sustainable, clean and affordable power.”
Going into specificities of the renewables, Capton Energy is expected to invest in both the existing and greenfield solar power projects. Projects that have electricity generation capacities ranging from 20MW to 100MW will be in focus.
The announcement also made clear that the third-party investors will also be accorded opportunities to participate in the energy transition in the regions that are in focus of the new joint venture.
Nour Mousa added, “We are eager to work with Capton and Siemens to back projects and drive positive change in line with our environmental, social and governance (ESG) ideals.”
“Such efforts to fully optimise the potential of the sun and technologies such as sustainable mini-grids and smart distributed energy systems will anchor our ideals and embody positive impact,” he said.
