Abunayyan Holding, Eaton form joint venture to make switchgears

$Image used for illustrative purpose. \\r\\nA technician demonstrates a utility-scale battery that can store the energy produced by solar panels on the roofs of houses as part of Nice Grids, a smart solar district demonstration project, in Carros, southeastern France, June 12, 2015. On the French Riviera, Europe\\'s biggest electricity network operator is trying out the smart grids of the future but its project of linking solar panels to batteries is not yet ready for commercial roll-out. In the village of Carros north of Nice, ERDF - a unit of state-owned utility EDF - has connected a range of batteries to solar panels in households and companies and huge utility-size batteries to its local power distribution network. Picture taken June 12, 2015. REUTERS/Eric Gaillard - RTX1J745 , Eric Gaillard - RTX1J745$

Image used for illustrative purpose. A technician demonstrates a utility-scale battery that can store the energy produced by solar panels on the roofs of houses as part of Nice Grids, a smart solar district demonstration project, in Carros, southeastern France, June 12, 2015. On the French Riviera, Europe's biggest electricity network operator is trying out the smart grids of the future but its project of linking solar panels to batteries is not yet ready for commercial roll-out. In the village of Carros north of Nice, ERDF - a unit of state-owned utility EDF - has connected a range of batteries to solar panels in households and companies and huge utility-size batteries to its local power distribution network. Picture taken June 12, 2015. REUTERS/Eric Gaillard - RTX1J745
Eric Gaillard - RTX1J745

JV to produce and service low and medium-voltage switchgears

Staff Writer, Thomson Reuters Projects News

February 20, 2020

PHOTO
Image used for illustrative purpose. A technician demonstrates a utility-scale battery that can store the energy produced by solar panels on the roofs of houses as part of Nice Grids, a smart solar district demonstration project, in Carros, southeastern France, June 12, 2015. On the French Riviera, Europe's biggest electricity network operator is trying out the smart grids of the future but its project of linking solar panels to batteries is not yet ready for commercial roll-out. In the village of Carros north of Nice, ERDF - a unit of state-owned utility EDF - has connected a range of batteries to solar panels in households and companies and huge utility-size batteries to its local power distribution network. Picture taken June 12, 2015. REUTERS/Eric Gaillard - RTX1J745

Saudi power and water company Abunayyan Holding and United States-based power management company Eaton have formed a joint venture to produce and service low- and medium-voltage switchgear in the Middle East, it was announced on Thursday.

The 50:50 JV, known as Eaton Arabia, will have locations in Dammam and Dubai, a press statement from Eaton said, adding that Abunayyan Holding will consolidate JV results.

The statement didn't disclose the amounts invested by the two parties in the JV.

"We are pleased to form this new joint venture with Abunayyan," said Tim Darkes, president, Europe, Middle East and Africa Region, Corporate and Electrical Sector. "Abunayyan's strong presence in the Kingdom of Saudi Arabia combined with Eaton's global scale and access to the broader Middle East will strengthen our offerings to customers in the region."

The NYSE-listed Eaton's 2019 revenues were $21.4 billion.

(Writing by Madhura Deulgaonkar; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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