JOA Energy Contracting Co. is the MENA subsidiary of JOA Energy Technologies, Inc., a San Francisco-based solar power developer. With offices in Riyadh, Dubai and Dammam, JOA Energy aims to finance, develop, design, build, operate and maintain solar power plants in the GCC and Jordan. In order to support the development of the solar energy ecosystem in its target markets, Joa Energy also provides ancillary services such as total solar solutions, training, component manufacturing advisory and equipment/material supplies.
The team driving JOA Energy have more than fifty years of combined experience in power systems, corporate finance, and construction management. The team's unparalleled deep network of experts, regulators, investors, and utility/energy company executives positions it uniquely to gather the right information effectively and execute projects most efficiently. The company's offices are within close proximity of major industrial clusters driving the GCC economy.
With its close relationship with key decision makers in the Gulf, JOA Energy can advise international technology providers on market entry strategies. As per recent announcements, investment in Renewable energy in GCC countries will exceed $150B over the next twenty years. First movers will enjoy strategic advantages in Borg markets share and access to highly profitable opportunities. Its early stages with great expansion opportunities.
For example, Saudi Arabia's target is to generate 15% of its electricity needs from solar sources by 2032 that is 41GW, 25 GW CSP and 16 GW PV. An attractive incentive program (FiT) is being developed to promote solar power production, which will be complemented by local content incentives to encourage investments in manufacturing.
The GCC market has unique characteristics offers attractive value-creation opportunities. For example, KSA's load is mostly residential (almost 50-60%), with air conditioning constituting the single largest load on the grid.