ACWA Power locks in funds for 5.5 GW of solar in Saudi Arabia
Sep 02, 2024 10:18 CESTUS electrical balance of systems (EBOS) provider Shoals Technologies Group Inc (NASDAQ:SHLS) has formed a partnership aimed at localising solar EBOS manufacturing in Saudi Arabia.
The company this week said it has signed a non-binding memorandum of understanding (MoU) with Riyadh-based United Utilities Environmental Services Inc (UUES) to collaborate on the development of localised solar solutions for Saudi Arabia and the region. Under the agreement, Shoals and UUES will work to set up a business to localise solar EBOS production for the region.
Saudi Arabia aims to develop up to 130 GW of renewable energy in the next six years, with a focus on solar, and Shoals believes its plug-and-play, prefabricated EBOS solutions can accelerate deployment, given the lack of trade skills in the region.
“Shoals’ approach of pre-designing and pre-fabricating the solar EBOS will greatly speed up installation time and avoid installation failures that have plagued the region,” said UUES CEO Samer Mazloum, who visited Shoals’ facilities in Tennessee.
Shoals says its products are used in over 70 GW of solar systems globally.
ACWA Power locks in funds for 5.5 GW of solar in Saudi Arabia
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