Alfanar & Taqnia team up for alternative energy projects

Alfanar & Taqnia team up for alternative energy projects
The signing ceremony was attended by officials from Alfanar and Taqnia Energy.
Updated 07 July 2019

Alfanar & Taqnia team up for alternative energy projects

Alfanar & Taqnia team up for alternative energy projects

Alfanar and Taqnia Energy have recently signed a memorandum of understanding to develop alternative energy and the localization of energy products. The signing is a testimony to the commitment of both Alfanar and Taqniya to reducing dependence on non-renewable energy and to shift to developing green energy projects in line with Saudi Vision 2030, the companies said.
Abdullah Al-Hammad, president, Alfanar Construction, and Wasim Al-Mallouhi, vice president — growth and strategy, Alfanar Construction, signed the agreement with Ali Al-Ayed, CEO, Taqnia, and Wail Bamhair, CEO, Taqnia Energy.
The agreement will explore 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 is a cornerstone of the Kingdom’s megaprojects. The agreement further aims at developing the local economy and technology advancement through Alfanar’s and Taqnia’s combined knowledge on worldwide trends and the local markets.
Al-Mallouhi said: “The Saudi market’s optimistic view to adapt to the renewable initiative has further strengthened the determination of the companies to jointly identify the opportunities in the sector. Additionally, the companies will capitalize on the most modern technologies available in the sector to provide efficient and sustainable solutions to the users in the Kingdom.”
The companies will further explore the local and international markets and opportunities in the Renewable Energy Projects Development Office (REPDO), NEOM, Red Sea Project, Qiddiya, energy service companies, and off-grid hybrid solutions.
Taqnia Energy is a subsidiary of the Saudi Technology Development and Investment Company (Taqnia), which was established in 2014 and is headquartered in Riyadh. The company was founded with a mandate to develop and invest in bankable technology-focused energy business opportunities, in order to contribute to technology localization and job creation.