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A subsidiary of TCL Zhonghuan Renewable Energy has signed an agreement with Saudi Arabias Public Investment Fund (PIF) and Vision Industries to start producing 20 GW of solar ingots and wafers per year in the country.
Just 24 hours after a group led by JinkoSolar announced it will build a 10 GW solar cell and module factory in Saudi Arabia, a consortium has signed a deal to produce 20 GW of ingots and wafers annually in the country.
The consortium consists of Lumetech, which is a subsidiary of China-based solar manufacturer TCL Zhonghuan. It also includes Saudi consultancy Vision Industries and Renewable Energy Localization Company (RELC), which is a wholly-owned unit of PIF, Saudi Arabias sovereign wealth fund.
Under the terms of the agreement, RELC will own 40% of the joint venture, Lumetech 40% and Vision Industries 20%.
Another agreement, involving a subsidiary of Chinese module manufacturer JinkoSolar, provides for the construction of a 10 GW solar cell and module factory in Saudi Arabia.
Yazeed Al-Humied, Deputy Governor and Head of Investments for the Middle East and North Africa at PIF, said the agreements are part of PIF’s efforts to localize advanced technologies in the renewable energy sector in Saudi Arabia and will also enable the country to become a global export hub for renewable technologies. |
