Advanced Building Industries Co. — Capital/Financing Update 2011

Sep 27, 2011

ZAMIL INDUSTRIAL ANNOUNCES THAT ONE OF ITS SUBSIDIARIES WON A MAJOR PHOTOVOLTAIC SOLAR PROJECT IN INDIA

2240 · 27/09/2011 08:45:24 · Announcement #22722 · View on Saudi Exchange

ZAMIL INDUSTRIAL ANNOUNCES THAT ONE OF ITS SUBSIDIARIES WON A MAJOR PHOTOVOLTAIC SOLAR PROJECT IN INDIA

Zamil New Delhi Infrastructure Private Limited (ZNDIPL), the Indian subsidiary of Zamil Industrial Investment Company (Zamil Industrial) and a leading EPC and Turnkey player in the Telecom passive infrastructure arena, has been awarded one of the largest PV Solar EPC contracts on record, worth SAR 256.8 million (USD 68.5 million), to establish a 20 MW Solar plant for PLG Photovoltaic Limited.

The project is located in the vibrant state of Gujarat which has ambitious plans to invest more than USD 10 billion in renewable energy.

The contract was signed on Monday, 26th September 2011 and is expected to have a positive impact on the consolidated financials at the end of each stage during Q1 and Q2 of 2012.

Zamil Industrial owns a 51 percent stake in Zamil New Delhi Infrastructure Private Limited.

This groundbreaking facility has been designed using some of the industrys latest and most effective technologies. Kyocera, Japan and PowerOne, Italy will function as key providers of major supplies. Apart from offshore supplies, as a turnkey supplier, ZNDIPL will perform leading roles as project liaison and in project management, onshore supply, design and drawing, civil and structural engineering, and erection and commission of the project under the guidelines of GETCO.

The first phase of the new PLG Photovoltaic Limited plant will be one of the largest Solar PV plants to be commissioned in India. ZNDIPL and its workforce of more than 500 employees, in cooperation with PLG Power, a seasoned technology player, looks forward to commissioning the plant by end of Q1 2012. This project represents ZNDIPLs first foray into the renewable energy facility fabrication and erection sector, and a timely strategic move that is expected to yield huge rewards for the company and its stakeholders in the years to come.

Zamil New Delhi is building up expertise and capabilities necessary to become leaders in the renewable energy industry. With the Saudi governments plans and initiative to deploy solar and renewable energy projects, Zamil will already have acquired the know-how to transfer the technology. Zamil Industrial will be one of the few leading companies in the world with an ability to localize solar and renewable energy, commented Abdulla M. Al Zamil, CEO of Zamil Industrial and Chairman of Zamil New Delhi Infrastructure Private Ltd.

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