In a written statement, the company explained both markets share a number of enticing characteristics, including an appealing regulatory environment, promising wind and solar resources and little in the way of competition.
As a result SOWITEC, said. both nations "provide huge potential for the development of renewable energy projects."
Despite being blessed with a quarter of the world's proven oil reserves, Saudi Arabia has been moving aggressively to renewables, with its rulers calling for the installation of an impressive 54 GW in wind and solar assets by 2032.
The company has established a subsidiary, SOWITEC Saudi Arabia LLC with an office in Riyadh.
Dominated by coal fired power plants, Kazakhstan has a nearly untapped potential of renewable energy resources, and currently clean energy accounts for only one percent of the country’s energy balance.
SOWITEC sees a huge potential in the Kazakhstan market driven by good regulatory conditions.
Adopted in 2009, the Law to Support of Usage of Renewable Energy Sources (The RES Law) provides a full regulatory framework for developers supporting renewable energy sources utilization by two classic mechanisms for promoting renewable sources: feed-in tariffs and renewable energy certificates.
Obligating electricity distribution companies to buy energy from power producers and guaranteeing a certain energy price will promote the national goal of an increase of renewable energies up to five percent until 2024.
SOWITEC’s business activities in Kazakhstan are being coordinated from a new office located in the country’s capital Astana.
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