UAE’s Dutco, an energy , infrastructure and construction conglomerate and Spain’s X-Elio, a renewable energy firm, have established a joint venture named X-Noor.
X-Noor is said to be a significant milestone in the GCC renewable energy industry to boost up the development, construction, and operation of world-class solar energy projects across the GCC region. It is expected to leverage the collective strengths of Dutco and X-Elio.
Having offices in Saudi Arabia and UAE, it aims to cover the GCC region and will focus on developing a diversified portfolio of solar projects, including on-grid and off-grid projects for industrial and commercial facilities, as well as utility-scale solar plants and solar-powered hydrogen plants.providing lease or Power Purchase agreements will allow clients to immediately optimise their electricity costs, and also helping reduce overall emissions footprint over the long term.
Nelson Gibb, Group CEO at Dutco Group added, “The announcement of this new Joint Venture marks an exciting chapter in our company’s history. As a leading infrastructure, energy and construction conglomerate in Saudi Arabia and the UAE, we are delighted to partner with X-Elio, a renowned global player in the renewable energy sector. We are confident that X-Noor will contribute to the region’s renewable energy goals and create a sustainable future for its citizens.”
Lluís Noguera, CEO of X-Elio, noted, “We are thrilled to join forces with Dutco, a formidable partner with a long presence and solid track record in the GCC region. It is an exciting landmark for X-Elio to establish X-Noor and to embark on this groundbreaking venture. Energy transition is accelerating all over the world and X-Elio and Dutco have taken on the challenge of being a leading player in this journey.”
The firm informed, “The partnership between X-Elio and Dutco combines local knowledge and global expertise, creating a synergy that will accelerate the development of renewable energy infrastructure in Saudi Arabia and the GCC region.”
