MULK HOLDINGS TO INVEST DH200M IN JV WITH US FIRM BACK TO NEWS
 
     
 

DUBAI - UAE-based Mulk Holdings is investing Dh200 million in a joint venture with US-based Solar Energy Developers Mulk Enpar RE.

The  joint venture partners had created a new solar energy  company called Mulk Enpar Renewable Energy Group FZC which will  build a factory manufacturing solar power technology to be deployed in the Gulf, the US, Europe and India.

Negotiations are  already ongoing for  large scale contracts in Abu Dhabi and Umm Al Quwain in the UAE, in addition to the USA, India and Nigeria, among others. The manufacturing plant is forecast to post a turnover of at least $600 million once projects under negotiation were underway, Milk Holdings said in a Press statement.

 
 

The first phase of the joint venture will involve  establishing  a facility to manufacture parabolic sun troughs, a system that produces solar energy. A prototype solar energy generation plant will also be installed in Sharjah Hamriya Freezone, with the backing of the Sharjah government.

More than 1,000 skilled people will be employed in the facilities, with work scheduled to start on a 500 kilowatt prototype in April and is  expected to be completed before the end of 2009.

The group is also considering setting up a manufacturing base in Masdar City, the zero-carbon project to be powered by solar energy under development in Abu Dhabi, which will have a captive consumption of nearly 1,500MW.

  
     
  Source : www.khaleejtimes.com / www.gulfnews.com