Saudi Arabia, China sign three renewable energy deals

Dubai:Saudi Arabia Renewable Energy Location Company (RELC) enters into three joint venture agreements with Chinese companies to strengthen the country’s energy infrastructure.

Public Investment Fund (PIF) is taking action to localize renewable energy components to achieve its 2030 goals.

RELC is a branch of the sovereign wealth fund that focuses on creating partnerships between global manufacturers and the Saudi private sector to improve local supply chains.

First joint venture pairs Vision Industriesa Saudi private entity, together with Envision Energy, a leading wind energy technology company that manufactures and assembles wind turbine components, including blades, that can generate an estimated 4 gigawatts (GW) per year.

RELC will own 40 percent, Envision 50 percent, and Vision Industries the remaining 10 percent.

The second project includes Jinko Solarsupplier of photovoltaic technologies, cooperates with Vision Industries localization of the production of photovoltaic cells and modules for highly efficient generation of solar energy, with an annual production capacity of 10 GW.

RELC and Jinko Solar each of them will hold a 40 percent stake in the new venture, while Vision Industries retains 20 percent.

The third joint venture between Lumetech (a subsidiary TCL Zhonghuan Renewable Energy Sources) and Vision Industriesaims to produce photovoltaic ingots and wafers, with an annual production capacity of 20 GW of energy.

RELC and Lumetech will each own 40 percent, Vision Industries retaining a 20 percent share.

These transactions will position Saudi Arabia as a global export hub for renewable technologies and is expected to source 75 percent of the components used in renewable projects in Saudi Arabia by 2030.