Jerusalem, 2 August, 2023 (TPS) — Israel’s SolarEdge Technologies Inc. has entered into a joint venture with Saudi Arabia’s Ajlan & Bros Holding to deploy “smart renewable energy solutions” in the kingdom, according to the Israeli firm.

The joint venture is “in line with the Saudi Vision 2030 initiative that aims to reduce the country’s dependence on oil by the end of this decade,” the Herzliya-based company said in a press statement.

The joint venture will be established in the kingdom’s capital, Riyadh, where the private sector conglomerate is based.

“We are honored to partner with Ajlan & Bros Holding and to support Saudi Arabia’s journey towards ‘Vision 2030’. SolarEdge is committed to driving the clean energy transition on a global scale, exemplified by this JV which will provide local enterprises in Saudi Arabia with the support they need to rapidly transition away from fossil fuels to clean solar energy and meet their aggressive renewable energy goals,” SolarEdge CEO Zvi Lando said.

The joint venture will be managed by teams from both companies, with Ajlan & Bros Holding as the majority shareholder.

The news of the deal comes amid reports of potential progress on a U.S.-brokered rapprochement between Jerusalem and Riyadh that would see the Saudis join the Abraham Accords.

Israeli and US officials have hinted of possible progress in recent days. Israeli media reported on Sunday that the country’s opposition parties are open to the possibility of supporting a Saudi peace agreement if Prime Minister Benjamin Netanyahu’s right-wing coalition partners object to possible Saudi demands for concessions to the Palestinians.

Israel’s Foreign Minister Eli Cohen said on Monday that a peace agreement is “closer than it has ever been.” However, a day earlier Likud MK Yuli Edelstein had a more cautious take on the negotiations, saying that it was “too early” to talk about an agreement.