Desert Technologies and Elsewedy Electric sign an MOU to boost Saudi renewable energy exports

Riyadh (Saudi Arabia) : Desert Technologies, a leader in the field of renewable energy solutions and the first Saudi company to manufacture and export solar panels, and Elsewedy Electric LLC (SWDY.CA), the leading company in providing integrated energy and infrastructure solutions in Africa and the Middle East, have signed a memorandum of understanding (MOU) with the aim of cooperating to increase the volume of exports of renewable energy products produced by Desert Technologies to African markets through Elsewedy Electric, and to increase the local content of solar panels produced by the company in the renewable energy projects implemented by Elsewedy in the Kingdom of Saudi Arabia.

The MOU was signed by Mr. Khaled Ahmed Sharbatly, CEO of Desert Technologies, and Engineer Mohamed Atef, Chief Commercial Officer Africa, Elsewedy Electric, on the sidelines of the Saudi-Arab-African Economic Conference held on Thursday, November 9th, 2023. The event was attended by leaders, decision-makers, and elite officials in Saudi Arabia and Arab and African countries, as well as financial, business and investment leaders from the government and private sectors, at the Hilton Hotel in Riyadh.

Following the signing, Mr. Khaled Sharbatly, CEO of Desert Technologies, said: “This agreement comes within the framework of the company’s strategy and its keenness to open new horizons for fruitful and continuous cooperation between Saudi and Egyptian companies, to achieve the desired integration and support and develop renewable energy projects in Saudi Arabia, Egypt, and the African continent. We are pleased to work with Elsewedy Electric, one of the most prominent Egyptian companies in the field of renewable energy solutions.”

He added that the memorandum aims to support Saudi exports of solar panels manufactured by Desert Technologies and enhance local content in the field of renewable energy, as the agreement includes Saudi Arabia, Egypt, and several countries on the West African continent. Pointing out that the quality of the Saudi produced solar panels has strongly qualified it to enter and compete in many global markets, including the German, Spanish, Greek, American, Iraqi, Jordanian, Caribbean, Egyptian, and many African markets. Desert Technologies currently produces 935,000 solar panels annually, with a production capacity of approximately 3,000 megawatts. It aims to raise the production capacity to 4,000 megawatts annually to enhance Saudi non-oil exports, increase and diversify sources of income, and contribute to achieving the goals of the Kingdom’s Vision 2030 especially with the company’s proven track record as a PV energy developer, investor, and EPC contractor, in addition to operating, maintaining and manufacturing PV solar panels, and providing integrated solutions for energy storage systems, as the company operates in more than 25 countries.

From his end, Eng. Mohamed Atef, Chief Commercial Officer Africa, Elsewedy Electric, commented: “The MOU reflects both parties’ commitment to enhancing bilateral cooperation and joint work to achieve development and sustainability goals in the field of renewable energy. It also provides room for cooperation in implementing strategic projects in the renewable energy and infrastructure sector and Integrated operations in the Kingdom, Egypt, and West African countries, and it reflects our commitment to harnessing the advantages possessed by both parties to expand the scope of our business, and open together the doors for opportunities to achieve new growth rates for both parties.”