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Goldi Solar, India's most quality-conscious solar brand, signs a Memorandum of Understanding (MoU) with Desert Technologies, a leading solar PV and smart infrastructure holding company based in Saudi Arabia today. This strategic Memorandum of Understanding (MoU) between Goldi Solar and Desert Technologies aims to expand renewable energy opportunities in India, Saudi Arabia, and globally, serving as a collaborative effort to explore all available prospects. The MoU, part of the India-Saudi energy cooperation pact, was signed in the presence of HE Khalid bin Abdulaziz Al Falih, Minister of Investment, Kingdom of Saudi Arabia, and Shri Piyush Goyal, Minister of Commerce and Industry, Government of India at India Saudi Arabia Investment Forum 2023 in New Delhi.
Under the terms of the MoU, Goldi Solar will offer TOPCON/HJT technologies to localize a significant portion of India's renewable energy value chain, encompassing R&D and manufacturing. One of the primary objectives is to establish Original Equipment Manufacturer (OEM) supply for PV Module manufacturing, PV cell production, EVA encapsulants, and back sheets production. In addition to advancing the manufacturing sector, Goldi Solar and Desert Technologies will be working together on projects across various fields, including technology roadmaps, process optimization, new product development, etc.
This strategic partnership is not limited to the private sector, as both companies will also lead relationships with public and semi-public organizations within their respective regions in India and Saudi Arabia. As part of the MoU, the companies can also establish a Joint Venture to execute projects within India upon mutual agreement and capitalize on investment opportunities across various markets globally, including Europe and America. The percentage of each Party's participation in the JV will be tailored to individual projects.
Goldi Solar's Founder and Managing Director, Capt. Ishver Dholakiya, expressed his excitement, stating, “We are delighted to announce our partnership with Desert Technologies. This collaboration signifies a positive step forward, demonstrating that our top-tier products and cutting-edge technologies empower our partners to achieve their sustainability goals. We eagerly anticipate working alongside Desert Technologies to make high-quality solar panels accessible to a wider audience and supporting the kingdom in achieving its contribution to Vision 2030 renewable goals.”
Khaled Sharbatly, CEO, Desert Technologies delighted with the partnership commented, "We have always been committed to creating the highest quality products that meet international standards. Goldi Solar's esteemed reputation in the global renewable market made it clear that this agreement was the right step to take. Their expertise, products, and dedication to driving new technologies only reinforced our belief in them. We are confident that this partnership will deliver promising results, significantly contributing to the Saudi renewable market, and helping meet India's renewable energy targets by 2030. We eagerly look forward to forging a long and robust partnership with Goldi Solar."
This partnership holds great promise in advancing India's renewable energy goals, including the target of generating 50 percent of its electricity from renewables by 2030. Goldi Solar and Desert Technologies are poised to play a key role in achieving these targets by ensuring widespread access to high-quality solar panels and components. Additionally, this MoU opens avenues for investment opportunities in India. As both companies work together to localize renewable energy production and explore various projects, it creates a rich ground for attracting investments in the Indian renewable energy sector. The collaboration not only strengthens the local supply chain but also enhances the overall investment environment in the country. This signifies a significant stride toward a sustainable energy landscape, innovation, and addressing global renewable energy challenges.
The use of solar energy has progressively grown over the past few years on the back of rising energy demands worldwide, in turn, increasing global demand for solar panels in Saudi Arabia is a significant piece of its Vision 2030. Other than the environmental benefits, it is essential to underline that the geographical location of the kingdom of black gold makes utilizing renewable energy sources economically attractive.
