First Saudi National Company Formed to Manufacture Solar Power Plants
Vision Electro Mechanical Co. (VISION), a subsidiary of Construction Products Holding Company (CPC), has formed a company with a capital of $150 million (SR562.5 million) for the development, manufacture and operation of solar power plants to generate electricity.
The company started the building of a solar field at its industrial complex in Bahra, Makkah region, in cooperation with an international leading company in solar power technology. 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.
On this occasion, Dr. Faysal Alaquil, Director of Business Development for Construction Products Holding Company 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 to the local region, but the needs of power projects throughout the Arabian Gulf region".
He pointed out that 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 the 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 noted, adding that "aside from providing an alternative source of clean energy, it also contributes to the preservation of conventional sources of energy, primarily oil, for future generations."