Dubai:  Korean companies in the solar energy sector clocked contracts worth AED 550 million from the UAE and Middle East companies, indicating the growing potential for solar services and products in the Middle East and North Africa (MENA) region.

The contracts were signed at the just concluded Korea Energy Week UAE on October 7 2021, where Korean solar energy companies signed over 19 MoUs with local UAE partners for solar products and services.

“The show’s success endorses the robust market for solar products and services in the UAE and the Middle East and North Africa (MENA) market, where investments could reach reportedly US$182.3 billion by 2025,” said Chulwon Im, President, Energy Valley Enterprise Development Institute (EVEDI), Korea, one of the organizers of the event.

“The size of the contracts could be bigger as negotiations between Korean solar companies and potential UAE partners are yet to conclude. The concluded contracts spanned 7 Korean companies entering into MoUs with over 21 local companies, including multiple deals with the highest deal value range at US$30 million upwards,” said Jeen Joshua, Director, Verifair, which organised the event with other partners, including Korea Electric Power Corporation, Korean Ministry of Trade, Industry and Energy (MOTIE), JeollaNamdo and Jeonnam Technopark, Korea and Interfairs Korea.  The headline partner of the event was the Middle East Solar Industry Association (MESIA).

The contracts signed included Korean GEUM CHUL Renewable Energy partnering with two companies – one from the UAE and one from Jordan – for over US$20 million, while Korean Aviation Light Co. Ltd. signed three contracts cumulatively worth US$50 million with the UAE companies.

Other Korean solar energy companies which signed contracts include ITMAN Co. Ltd bagging orders from three companies, POWERCONS four, BA Energy Co. Ltd. Two, TDL Co. Ltd three and SSOM Co. one contract.

The UAE and regional companies which signed contracts with Korean companies include UAE-based Chaintech, Solo Energy, Ray International, Tech& Beyond, Al Nakhi Power Transmission Equipment Trading, Apogee Control Equipment Trading Est, TSS Trading LLC, Beta Industrial L.LC, Beta Green Energy, Sunshine Technical Works LLC, Al Ruyah International Trading & Engineering Services, Boldborne Solar System, Be Solar and Opti-Solar from Jordan, among others.

 Ends

For more information
Jayakrishnan Bhaskaran, O Z O N Marketing

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.