Corys Environment and Akuo Energy launch a Dubai-based joint venture devoted to net metering
Akuo Energy Solutions, subsidiary of the leading French independent power producer in renewable energy Akuo Energy and Corys Environment, the environmental investment arm of Green Coast Enterprises announced in December the creation of a joint venture to provide comprehensive turnkey net metering solutions on solar rooftops in Dubai.
The joint venture will be able to call on the proven expertise of its two founding companies, Akuo Energy and Corys Environment, to offer comprehensive solutions combining development, financing, construction and operation of solar rooftops for commercial and industrial companies based in Dubai with no front-cost for customers. The new joint venture is already operational and has already secured its first projects representing a total capacity of 1.3MW while still working on numerous other feasibility studies. The construction works for the first project will start in January 2016. The launch of the joint venture is in line with the Shams initiative, the new regulatory framework put in place by the Dubai government in order to encourage a surge in net metering solutions. Combining financing solutions and very long-term visibility on electricity tariffs, net metering is a high-potential market in Dubai, particularly given that solar energy market is still untapped.
Brice Yharrassarry, Managing Director of Akuo Energy International, says: “We are delighted to be able to work hand in glove with a player as prominent as Corys Environment to launch ourselves on Dubai’s net metering market. Akuo Energy is a renewable energy industrialist with proven expertise in terms of developing, financing, constructing and operating assets around the world. Corys Environment shares Akuo Energy’s values, has an extensive knowledge of Middle Eastern markets and benefits from the soundness of its parent company, Green Coast Enterprises. This is a wonderful partnership that marks a milestone in the surge in net metering in Dubai, a market we know has amazing potential.”
David Auriau, CEO of Corys Environment, concludes: “We are very pleased to announce this partnership with Akuo Energy. This is a strategically important alliance for both organisations, and means we will be part of shaping the Dubai solar energy landscape. Our ambition is to turn Dubai into a true solar city visible from the sky. ”