Siemens and Saudi Arabia-based solar energy firm Desert Technologies have created a joint venture (JV) called Capton Energy to develop and make investments in solar and smart infrastructure in Africa, the Middle East and Asia.
The JV announcement was made at Expo 2020 Dubai.
Capton Energy will aim to develop a portfolio of investments in projects with a total capacity of over 1GW. To be based in Dubai, the JV will support projects offering clean, reliable and affordable energy in areas that require it most.
Siemens will take part in the joint venture through its financing arm Siemens Financial Services.
The newly formed entity will use the ability of its founding companies to provide technology and expertise to enable the development of new solar facilities. It will also give scope to third party investors to take part in the energy transition journey.
For more information visit Siemens’ website.