Al-Babtain Power & Telecommunication Co.’s board of directors has agreed to set up a fully owned wind power company in Riyadh with a capital of SAR 5 million.
The set-up would be subject to regulatory approvals and it is expected to be completed during Q2 2017, the company said in a statement to Tadawul on Sunday.
The new entity would be a limited liability company and there are no related parties involved, it added.
The move into wind power comes as part of Saudi Arabia’s Vision 2030 and the National Transformation Program 2020, which calls for boosting renewable energy investments and diversifying sources of income.
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