RIYADH: US-based Pacific Green Technologies Inc. (PGTK) has signed a joint venture agreement with Amr Khashoggi Trading Co. Ltd. (Amkest Group) to establish a company in Saudi Arabia to sell Pacific Green environmental technologies.
Founded in 1983, Amkest Group has a history of success in the Kingdom. Its diverse business portfolio includes the manufacture and supply of building materials, real estate development and advisory services.
Scott Poulter, CEO of PGTK, said in response to the partnership, “Saudi Arabia will rapidly deliver 9.5 GW of the Kingdom’s energy with renewables under its Vision 2030 strategic framework, which calls for supplying 9.5 GW of the Kingdom’s energy by 2030. to grow.”
Poulter added, “Pacific Green’s technologies, particularly in solar, desalination and battery energy storage systems, provide the perfect solution to the growing demand from the Kingdom, and we are delighted to join Amkest Group’s hard-earned relationships. to be used to contribute to the goals of Vision 2030. “
Amr Khashoggi, Chairman of Amkest Group, said, “We believe that the combination of our experience and knowledge of the Saudi market, coupled with Pacific Green’s portfolio of technologies, provides the basis for an incredible partnership and the opportunity to deliver multiple complementary technologies. to offer.”
Pacific Green focuses on addressing the global need for cleaner and more sustainable energy. The expansion into Saudi Arabia through this joint venture is no surprise, as the Kingdom is aiming for 30 percent of its energy from renewable sources by 2030.
The deal stems from the expectation that Saudi Arabia will attract more than $ 20 billion in investment in renewable energy sources over the next ten years. This prediction was made in October by the CEO of Saudi National Grid, according to a report from S&P Global.