PVTIME – Gstar, a leading Chinese provider of renewable energy solutions, has recently entered into a memorandum of understanding (MoU) with a prominent Middle Eastern consortium led by Siraj Group, the UAE’s strongest and most diversified investment company. The collaboration aims to launch a solar module manufacturing project with a production capacity of 2GW.
This is a pivotal move for both parties, accelerating the transition to green energy in a region with abundant sunlight and opening up new growth opportunities in the renewable energy business for both sides. This project represents a key step in the UAE’s energy transition plan, paving the way for a sustainable future. Construction is scheduled to commence in November 2024 with the establishment of a solar module manufacturing facility based on n-type technology. The project will provide support for the clean electricity supply of the Middle East, as well as the European and North American markets in the future.
Siraj Group, with its extensive network of resources and deep understanding of the Middle East market, will play a key role in ensuring the smooth progress of the 2GW high-efficiency PV module manufacturing project. Siraj Group is a Middle Eastern consortium with extensive experience in project finance and asset management, and is part of the Al Otaiba Group, a diversified business with interests in a wide range of sectors, including real estate, infrastructure development, telecoms and communications, and oil. In the new energy sector, Siraj Group has established strong relationships with many leading companies in the Middle East based on its deep experience and significant achievements in power plant financing. Gstar is pleased to be working with Siraj Group to bring its industry-leading photovoltaic solar power supply chain solutions to the market, ensuring top-tier product quality and meeting diverse market demands globally.
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