RIYADH — Alfanar and Taqnia Energy have recently signed an Memorandum of Understanding to develop alternative energy and the localization of energy products. The signing of MOU will be a testimony to the commitment of both Alfanar and Taqniya in reducing dependence on nonrenewable energy and to shift to developing Green energy projects in line with the vision of the Kingdom of Saudi Arabia.

Abdullah Al Hammad, President, alfanar Construction and Wasim Al Mallouhi, Vice President - Growth & Strategy, alfanar Construction, signed the agreement with Ali AlAyed, CEO, Taqnia, and Wail Bamhair, CEO, Taqnia Energy

The agreement will explore the previously untapped alternative energy areas in the Saudi market, such as the hybrid off-grid solution and the electric vehicles charging infrastructure, which is an emerging technology worldwide and is a cornerstone of the Kingdom`s mega projects. The agreement further aims at developing the local economy and technology advancement through Alfanar’s and Taqnia’s combined knowledge on worldwide trends and the local markets.

Wassim Mallouhi said “the Saudi market’s optimistic view to adapt to the renewable initiative has further strengthened the determination of the companies to jointly identified the opportunities in the sector. Additionally, the companies will capitalize on the most modern technologies available in the sector to provide efficient and sustainable solution to the users in the Kingdom.”

The companies will further aim at exploring the local and international markets such as the opportunities by the Renewable Energy Projects Development Office (REPDO), Giga projects renewable energy and EV charging infrastructure (NEOM, Red Sea, Qiddiya), ESCO energy efficiency opportunities, and off-grid hybrid solutions. — SG