Jeddah-headquartered Zahid Group, represented by ‘Altaaqa Alternative Solutions’ and the French energy company Total via ‘Total Solar Distributed Generation’ is establishing a joint venture named SAFEER – Saudi French for Energy Efficiency and Renewables.
With SAFEER, both Zahid Group and Total aim to bring affordable and reliable solar energy solutions to commercial and industrial customers across the Kingdom, by developing an ecosystem for distributed generation through the delivery of state-of-the-art solutions.
The joint venture will make the best use of Total’s expertise across the entire solar value chain and Altaaqa’s leadership in delivering independent power and water utility solutions to provide specialized commercial and industrial solar installation services on rooftops and carports.
Both the Zahid Group and Total have a successful history of investments in the Kingdom’s Oil & Gas and Energy Sectors and the current establishment of SAFEER comes following the Ministry of Energy´s announcement to promote Renewable Distributed Generation in the Kingdom.
“In line with our 2050 carbon neutrality ambition and our growth strategy in renewables, we are committed to bringing to SAFEER Total’s world-class expertise in on-site solar power generation solutions to provide clean, affordable, and reliable energy to industrial and commercial customers in KSA. We are delighted to expand our partnership with Zahid Group to this new field opened by the Ministry of Energy in the frame of KSA Vision 2030.”
Commenting on the joint venture, Majid T. Zahid, Group President of Energy at Zahid Group, stated that “Across our 11 sectors of operation, Zahid Group has illustrated its commitment to our Kingdom’s future. Whether it is through the establishment of companies and joint ventures, the development of local talent, the empowerment of women, or the investment in new factories, facilities and technologies. We take great pride in the Kingdom’s ambitious plan to become a diversified investment powerhouse and are committed to playing our role in the realization of Vision 2030.”
SAFEER will support the development of the careers of future generations of Saudi Arabians and it will also act as a driving force in attaining the Kingdoms ambitious renewable energy goals.