Alfanar, a leading manufacturer of electrical products and provider of engineering services, said it has signed an agreement with Taqnia Energy, a unit of Saudi Technology Development and Investment Company, for joint collaboration on development of alternative energy and the localisation of energy products.

The MoU will be a testimony to the commitment of both Alfanar and Taqniya in reducing dependence on non-renewable energy and to shift to developing green energy projects in line with the vision of the Saudi Arabia, it stated.

Alfanar Construction president Abdullah Al Hammad and vice-president (growth and strategy) Wasim Al Mallouhi signed the agreement with Saudi Technology Development and Investment Company CEO Ali AlAyed and Taqnia Energy CEO Wail Bamhair.

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 a cornerstone of the kingdom`s mega projects, said the company.

The duo 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 electrical vehicles (EV) charging infrastructure (at Neom, Red Sea and Qiddiya), Esco energy efficiency opportunities, and off-grid hybrid solutions, it added.

Alfanar said the MoU is aimed at advancing the local economy and technology through the duo’s combined knowledge on worldwide trends and the local markets.

With a global renewable development portfolio in photovoltaic (PV), wind technologies, waste-to-energy projects of 1.5 GW, Alfanar renewable and water projects have an aggregated value of $2 billion ongoing projects under various stages.

The company is delivering turnkey projects globally for renewable power generation projects in the UK, Spain, India and Egypt. It is solely focused on enriching the value chain of project development inclusive of development, financing, design, engineering, procurement and construction (EPC), testing and commissioning and operation and maintenance for conventional, renewable and water projects globally, said the company.