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FINANCIAL NEWS
CPC unit launches $150m venture in Saudi Arabia
15 Aug 2010
(MENAFN) Saudi Gazette reported that Vision Electro Mechanical Co. (VISION), a subsidiary of Construction Products Holding Company (CPC), has formed a company with a capital of $150 million for the development, manufacture and operation of solar power plants to generate electricity.
The company started the building of a solar field at its industrial complex in Bahra, Makkah region, in cooperation with an international leading company in solar power technology.
The solar power field is designed to work under the highest temperatures to commensurate with the atmosphere of the Gulf region, and will keep track of the movement of the sun throughout the day to achieve the maximum potential use of solar energy.
The company has established King Abdullah City for Atomic and Renewal Energy, which currently is making pioneering efforts to ensure the maximum utilization of alternative energy sources, most notably the solar energy which is available in the country throughout the year.
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