Juwi launches Dubai PV subsidiary
German renewables polymath Juwi has launched a subsidiary in Dubai, to build PV projects in North and East Africa and the Middle East.
The new company, known as juwi Renewable Energies FZCO, was established jointly with local partner Z-One DMCC, an unknown in the solar industry.
The new juwi subsidiary will act primarily as a consultant and EPC partner in the region, with the first project expected to be underway by next year.
“We are evaluating large solar parks in Africa,” says managing director Luca Sacchetto, adding that there is a “great backlog” of demand for PV in both Africa and the Gulf region.
Juwi calls Z-One DMCC a “local partner who has the necessary contacts and the respective network for a successful implementation of … projects”.
A number of major international solar EPC players have set up shop in the Middle East in recent years, including Phoenix Solar and First Solar.
Juwi was one of the world’s five largest solar EPC operators last year, with a turnover (including its wind business) of €1.1bn ($1.5bn), although its ranking will diminish this year due to China’s rising stars.
Privately owned Juwi, which claims to be profitable, anticipates bringing 200MW-300MW of PV capacity on line this year.
This summer the German company nailed down a €253m package of loans from a syndicate of banks, which it says puts it on firm financial footing for the next few years.