Siemens and Desert Technologies launch joint venture to develop regional solar infrastructure

By Energy Connects

Feb 22, 2022

image is Capton Energy Board Members At Launch

Capton Energy board members, from left to right: Franco Atassi, CEO of Siemens Smart Infrastructure in the Middle East, Nour Moussa, Managing Director of Desert Technologies, Umer Ahmad, CEO of Capton Energy , Assim Hussein, Investment Director, Private Equity, Siemens Financial Services, Khalid Sharbatly, Group CIO of Desert Technologies, Alejandro Sanchez Hernandez, Investment Manager EMEA, Asia and Australia, Siemens Financial Services.

Siemens and Desert Technologies have launched a joint venture to develop and invest in solar and smart infrastructure in the Middle East, Africa and Asia, the companies announced at Expo 2020 Dubai.

The joint venture, called Capton Energy, is headquartered in Dubai and aims to invest in projects of more than 1GW in aggregate and boost the supply of clean, stable and affordable power in under-served markets, Siemens said in a statement.

Led by Umer Ahmad, who joined as chief executive and chief investment officer in January 2022, Capton Energy counts Siemens Financial Services (SFS) and Jeddah-based Desert Technologies – a solar PV and smart infrastructure holding company – as joint shareholders.

The company will primarily target investments in existing and greenfield solar power projects typically in a range of 20 to 100 megawatts (MW) of electricity generation capacity, leveraging its partners’ ability to supply technology and expertise to facilitate the development of new solar facilities. The platform will also offer third party investors the opportunity to participate in the energy transition journey.

“Solar power plays a critical part in the global energy transition,” Steffen Grosse, head of Equity Finance for SFS, said in a statement. “The launch of Capton sets the stage to help drive the expansion of more sustainable and flexible energy systems across the Middle East, Africa and parts of Asia and we’re looking forward to jointly building this platform alongside Desert Technologies,” he said.