Two Chinese companies signed For solar energy Deals worth about $3 billion to build plants in Saudi Arabia, highlighting the oil-rich kingdom’s drive to boost renewable energy production, it said. Bloomberg Agency.
TCL Zhonghuan Renewable Energy, the world’s second-largest solar wafer maker, said Tuesday it will partner with Saudi Arabia’s sovereign wealth fund Public Investment Fund and Vision Industries on a $2.08 billion plant.
Chinese solar panel giant Jinko Solar has agreed a joint venture with the Public Investment Fund worth about $985 million. Vision Industries, a private renewable energy manufacturer, will also be a shareholder in the joint venture.
Chinese inverter maker Sungro Power Supply has signed an agreement with Saudi Arabia’s Al-Jihaz Holding Company to build a 7.8 GWh energy storage project, the company said. Reuters”.
The company said in a statement that the project, which is expected to be delivered this year, will enhance the stability of the electricity grid in Saudi Arabia and help achieve the Kingdom’s Vision 2030.
According to the same source, the Kingdom’s sovereign wealth fund and Saudi Vision Industrial Company will sign an agreement with Envision Energy this week, according to people familiar with the matter.
The deal will involve the Public Investment Fund, which controls nearly $1 trillion in assets, and the other two companies to build a wind turbine manufacturing plant in Saudi Arabia, as part of the kingdom’s efforts to localize supply chains, according to Bloomberg.
“China’s Envision Energy is expected to be the largest investor in the three-way partnership,” the people, who declined to be identified discussing confidential information, told Bloomberg.
Bloomberg explained that the Public Investment Fund and Vision Industrial Company did not immediately respond to requests for comment, while Envision Energy Company declined to comment.
It is worth noting that in 2021, the Kingdom launched the “Green Saudi Arabia” initiative, which is a long-term sustainable plan for climate action.
The initiative works according to three comprehensive objectives: reducing carbon emissions, afforestation and land reclamation, and protecting land and marine areas.
Saudi Arabia seeks to achieve carbon neutrality by 2060.
