$54m UAE solar power technology factory plan

[OKIsItJustMe]

http://www.arabianbusiness.com/547675-54m-uae-solar-power-technology-factory-plan

$54m UAE solar power technology factory plan

Monday, 23 February 2009

A new UAE-based solar energy company is to invest over AED200m ($54.5m) to set up a factory manufacturing solar power technology to be deployed in the Gulf and around the world, it was announced on Monday.

UAE conglomerate Mulk Holdings and US solar energy developer Suntrof signed a memorandum of understanding opening the way for the creation of the firm, to be known as Suntrof Mulk Energy Group, which will be headquartered in the UAE and have branches in the USA, Europe and India, Mulk said in a release.

Negotiations were already underway on large scale contracts in Abu Dhabi and Umm Al Quwain in the UAE, in addition to the USA, India and Nigeria, among others, that would see the group become one of the largest solar energy system suppliers in the region, it said.

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Over AED200m will be invested by the firm in the first phase to establish a facility manufacturing parabolic sun troughs, a system that produces solar energy.

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