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- FAS ENERGY started investing in Green ammonia and green hydrogen as well.
- The public and the private sectors together are working in parallel in order to reach the target of the vision of 2030 in less time than scheduled.
- We expect the market to be booming to the max in 2023, and the private sector will be more interested in renewable especially solar.
Please introduce us to your company.
At FAS ENERGY, we are developers, EPC, and O&M for renewable energy projects. We are a subsidiary of Fawaz Al Hokair group, the largest owner and operator of shopping malls in Saudi Arabia and Egypt with a presence in different countries around the world. FAS ENERGY was established in 2013 and focused on the Saudi market, then we have been qualified in Jordan, DEWA, Morocco, and Egypt, and we started our first utility-scale project in Egypt in Benban. Now we are working on C&I opportunities.
What have been some of your major projects in the region? What new projects are coming up?
Our first project was in Egypt in Benban with a capacity of 62 MW dc with a single axis tracker, we reached the financial close round one, we were 2 companies out of 312 international developers and investors who reached the financial close. Our second project was in Ukraine with a 69 MW dc capacity, with a fixed structure, where we reached the COD in October 2021. Now we are in process of signing a few PPAs in different countries in CIS, South America, the far east, and Africa. The total capacity in the pipeline is around 5GW. FAS ENERGY started investing in Green ammonia and green hydrogen as well.
How have your recent projects performed, financially and technically?
All the projects are working great, with no failures or problems, it is just normal maintenance. Regarding the finance, everything is going as per the plan.
How has the solar development been in KSA this year?
Actually, in Saudi, the market is now booming and performing over expectations regarding the maturity and the support from the government and the banks as well. I said a long time before that we will lead the world in renewable energy as we lead it now in oil & gas. The public and the private sectors together are working in parallel in order to reach the target of the vision of 2030 in less time than scheduled. Personally, I believe we will do it.
What is your solar market outlook for the region in 2023?
At FAS ENERGY, we are working as a developer for utility scales projects. Now we are working to develop the C&I market. We expect the market to be booming to the max in 2023, and the private sector will be more interested in renewable especially solar.