Korean companies in the solar energy sector clocked contracts worth AED 550 million from the UAE and Middle East companies, indicating the growth potential for solar services and products in the MENA region.
The contracts were signed at the just concluded Korea Energy Week UAE on October 7, 2021, where Korean solar energy companies signed over 19 MoUs with local UAE partners for solar products and services.
“The show’s success endorses the robust market for solar products and services in the UAE and the Middle East and North Africa (MENA) market, where investments could reach reportedly US$182.3 billion by 2025,” said Chulwon Im, President, Energy Valley Enterprise Development Institute (EVEDI), Korea, one of the organizers of the event.
“The size of the contracts could be bigger as negotiations between Korean solar companies and potential UAE partners are yet to conclude. The concluded contracts spanned 7 Korean companies entering into MoUs with over 21 local companies, including multiple deals with the highest deal value range at US$30 million upwards,” said Jeen Joshua, Director, Verifair, which organized the event with other partners. The headline partner of the event was the Middle East Solar Industry Association (MESIA).
The contracts signed included Korean GEUM CHUL Renewable Energy partnering with two companies – one from the UAE and one from Jordan – for over US$20 million, while Korean Aviation Light Co. Ltd. signed three contracts cumulatively worth US$50 million with the UAE companies.
Other Korean solar energy companies which signed contracts include ITMAN Co. Ltd bagging orders from three companies, POWERCONS four, BA Energy Co. Ltd. Two, TDL Co. Ltd three, and SSOM Co. one contract.
The UAE and regional companies which signed contracts with Korean companies include UAE-based Chaintech, Solo Energy, Ray International, Tech& Beyond, Al Nakhi Power Transmission Equipment Trading, Apogee Control Equipment Trading Est, TSS Trading LLC, Beta Industrial L.LC, Beta Green Energy, Sunshine Technical Works LLC, Al Ruyah International Trading & Engineering Services, Boldborne Solar System, Be Solar and Opti-Solar from Jordan, among others.