Bahrain's Kanoo Industrial and Energy and India-based renewable energy company CleanMax have signed a memorandum of understanding to set up joint ventures in Bahrain and Saudi Arabia that will provide on-site solar solutions to local customers on a build-own-operate (BOO) basis.
The partnership aims to support the expansion of clean energy sources for both commercial and industrial companies and thus contribute to the reduction of carbon emissions, Kanoo said in a statement published by Bahraini media.
The initiative will combine CleanMax's expertise in building, operating and financing renewable energy assets and Kanoo’s presence in Bahrain and Saudi Arabia.
The joint companies will offer solutions with a lifespan of up to 25 years that will help customers cut energy consumption and reduce their electricity bills. The solutions include grid-connected solar systems with an option to supply surplus energy to Bahraini and Saudi electricity providers as well as hybrid solar systems that are connected only to the customer’s network and regulate high-efficiency energy supply.
Kanoo Industrial and Energy is part of the family-owned Yusuf bin Ahmed Kanoo Group which is active also in the real estate, travel, shipping and logistics sectors.
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