(SeeNews) - Mar 26, 2014 - China-based Auhua Clean Energy (LON:ACE) said on Tuesday its solar water heater systems will be distributed in several countries in the Middle East by Istidama LLC as part of a five-year distribution contract.
Under the agreement, Istidama, based in the United Arab Emirates (UAE), will be selling at least 10,000 of Ahua's solar water heater systems per year, gradually rising to 50,000 over the five-year period. It will offer the products in the UAE as well as in Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.
Auhua Clean Energy expects the agreement to generate revenues of around USD 100 million (EUR 72m) in the mid-term. The deal is in line with the company's internationalisation strategy as it is its first distribution contract for a foreign market.
Istidama specialises in the provision of corporate social responsibility and sustainability consultancies.
(USD 1.0 = EUR 0.724)