CPC launches Saudi solar power venture
Jeddah, August 14, 2010
Saudi-based Construction Products Holding Company (CPC), said its subsidiary Vision Electro Mechanical Company has set up a SR562.5 million ($150 million) company to develop solar plants for power generation in the Kingdom.
Vision has already started the construction of a solar field at its industrial complex in Bahra, Makkah region, in co-operation with an international leading company in solar power technology, according to a company statement.
The solar power field is designed to work under the highest temperatures to commensurate with the atmosphere of the Gulf region, and will keep track of the movement of the sun throughout the day to achieve the maximum potential use of solar energy, it added.
Commenting on the launch, Dr Faysal Alaquil, director of Business Development for CPC, said: 'Through this pioneering project, Vision hopes to introduce this new technology era to the clean energy sector in Saudi Arabia, in line with its objective of investing in renewable energy projects.'
This project will not only serve the local region, but also the needs of power projects throughout the Gulf.'
He said Saudi Arabia, under the leadership of the Custodian of the Two Holy Mosques, King Abdullah Bin Abdulaziz, has plans to develop renewable energy sources.
'It has established King Abdullah City for Atomic and Renewal Energy, which currently is making pioneering efforts to ensure maximum utilization of alternative energy sources, most notably the solar energy which is available in the country throughout the year.'
'Through the establishment of this new company, Vision has become one of the leading national companies that enters the solar energy exploitation domain, which has a promising future in Saudi Arabia,' Dr Alaquil said.
'Besides providing an alternative source of clean energy, it also contributes to the preservation of conventional sources of energy, primarily oil, for future generations,' he added.-TradeArabia News Service