Alfanar and Taqnia Energy have signed a memorandum of understanding (MoU) to improve alternative energy in Saudi Arabia, Arab News reported.

The agreement aims to shift towards increased dependence on renewable energy sources, in line with Saudi Vision 2030.

“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” Wasim Al-Mallouhi, Vice President Alfanar commented.

The agreement will exploit Saudi Arabia’s alternative energy projects, such as electric vehicles charging infrastructure, in order to promote Saudi economy and technology.

Moreover, the companies will explore opportunities in the Renewable Energy Projects Development Office (REPDO), NEOM, Red Sea Project, Qiddiya, energy service companies, and off-grid hybrid solutions.

Taqnia Energy, subsidiary of the Saudi Technology Development and Investment Company (Taqnia), was established in 2014 to develop and invest in bankable technology-focused energy business opportunities.

On the other hand, alfanar is primarily engaged in manufacturing electrical construction products, solutions for conventional and renewable power plants, engineering services and design engineering.