Valoe and ICON to setup solar module manufacturing in Saudi Arabia

Valoe and ICON to establish solar module manufacturing plant in Saudi Arabia

HELSINKI, FINLAND: Valoe Oyj and ICON Advanced Co. Ltd, have agreed on establishing a joint venture company in Saudi Arabia. Valoe shall own 40 percent and ICON 60 percent of the joint venture company. The joint venture company is planning to build in Saudi Arabia a Back Contact Solar Module (solar module) manufacturing plant that Valoe would engineer, build, and deliver.

ICOM is a Saudi Limited Liability Company fully owned by Salem Balhamer Holding.

On 12 August 2021, Valoe disclosed that it had signed a Memorandum of Understanding with ICON. Since then, Valoe, ICON, and Salem Balhamer Holding have held more detailed negotiations to implement the project.

As a result, the parties completed the negotiations, and Valoe and ICON signed an agreement for establishing a joint venture company at Expo2020 in Dubai.

The parties intend to invest approximately EUR 15 million in the joint venture company, out of which Valoe’s maximum investment is EUR 6 million. The investment includes a solar module manufacturing plant, technology transfer, training, and initial operation delivered by Valoe. The estimated value of Valoe’s delivery is approximately EUR 12 million.

The procedures to establish the joint venture will begin immediately, and Valoe will send its personnel to Dammam, Saudi Arabia, to assist with the arrangements. The goal is to have the joint venture established by the end of 2021. According to current plans, the construction of the solar panel plant is scheduled to begin in the first half of 2022.

In addition, Valoe and ICON have signed an agency agreement. It was agreed that ICON would immediately begin marketing and selling Valoe’s products in Saudi Arabia, Dubai, Abu Dhabi, and Oman.

Salem Balhamer Holding Group is a Saudi Arabian conglomerate having its Global Headquarters in Damman. The Group operates in trading, contracting, entertainment, to name a few. The company is committed to diversify and invest into un-tapped sectors of Saudi Arabian market, to support the growth of the Kingdom and achieve its goals in line with Vision 2030.

Valoe Corporation specializes in the clean energy, especially in photovoltaic solutions. Valoe provides automated production technology for solar modules based on the company’s own technology; production lines for modules, solar modules, and special components for solar modules. Valoe’s head office is located in Mikkeli, Finland.

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