Saudi Arabia’s Al-Rasheed Petroleum Investment Company has inked a joint venture agreement in the field of solar energy with French company Optimum Tracker, which specializes in manufacturing solar energy tracking devices.
The value of the investment is 200 million riyals ($53 million), the Saudi state news agency reported.
The project will focus on designing and manufacturing advanced solar panels.
Al-Rasheed specializes in the fields of oil, gas, petrochemicals, energy, and mining.
Headquartered in Meyreuil, France, Optimum Tracker develops patented single axis trackers, which are used in the optimization of utility-scale power plants.