Saudi-based Advanced Electronics Company (AEC) has signed a MoU with Kaco New Energy of Germany to develop new business opportunities in solar energy sector including the setting up of a massive photovoltaic (PV) inverter manufacturing facility in the Kingdom.

One of the world’s largest manufacturers of PV inverters, Kaco New Energy is a family-owned and operated company which boasts of factories in Germany, the US, Canada and South Korea.

AEC, a regional pioneer in the innovation and development of advanced electronics serving the military, telecom and industrial sectors, said its venture with Kaco new energy is aimed at catering to the growing energy demand in Saudi Arabia and the Mena region.

As per the agreement, both the companies will work together to explore development opportunities in the PV solar energy sector.

Among a number of objectives and initiatives for consideration, is the potential to set up PV inverter manufacturing at AEC, for Saudi and Mena region, said a top official.

"The plan is to also establish a customer support and maintenance services center at AEC’s facility in Riyadh," revealed its president & CEO Dr Ghassan Al-Shibl.

"This collaboration reflects the respected capabilities of AEC as a world-class electronics manufacturer. I am sure that AEC and Kaco will make a very successful team. Our joint initiative also aligns completely with the King Abdullah City for Atomic and Renewable Energy (K.A.Care) strategy," said Al-Shibl.

The proposed K.A.Care renewable procurement program will be among the largest sustained efforts of this kind in the world. It is intended to result in over 54 (GW) of energy by 2032.

"Of course, all of our activities underscore our support for local employment, and this is an outstanding opportunity to create new jobs. We believe that our commitment to Saudization sets an example that the whole Kingdom can be proud of. We also look forward to seeing our nation become the acknowledged leader in solar energy," he added.

Kaco new energy CEO Ralf Hofmann said the energy frim provides a century of experience, and has ensured its specialized technological leadership through adherence to the highest global technical standards.

"At the same time, the capabilities of AEC, and their expertise in knowledge and technology transfer, are renowned. We know that AEC is completely ready to handle new opportunities, and is able to move to full production very swiftly. Together, we will support research and development in the Kingdom, as well as repairs and maintenance for customers,"explained Hofmann.

According to him, the local manufacture of PV inverters will enable prompt local service and support. "This will provide the benefits of a reduced level of items that require to be held in stock, as well as shorter lead times for supply," he added.-TradeArabia News Service