Saudi Arabia’s PIF has announced a solar ingot and wafer manufacturing partnership
It has roped in a subsidiary of China’s TCL to establish 20 GW annual capacity
The other partners of the partnership are PIF subsidiary RELC and Vision Industries
Another Chinese company Sungrow has secured a contract to supply up to 7.8 GWh of energy storage capacity to a project in Saudi Arabia
The Public Investment Fund (PIF) of Saudi Arabia has announced a joint venture (JV) agreement with China’s TCL Zhonghuan Renewable Energy to build a 20 GW ingot and wafer manufacturing project in the Middle Eastern nation.
On completion, TCL expects it to become the largest overseas ingot and wafer factory. It will be built for an investment of around $2.08 billion.
The JV will comprise TCL subsidiary Lumatek SEPTEC Limited, PIF subsidiary Renewable Energy Localization Company (RELC), and Vision Industries. All of these will own 40%, 40% and 20% of the JV, respectively. TCL says Lumatek is its wholly-owned subsidiary in Singapore.
This JV agreement was signed alongside another JV deal PIF entered with China’s JinkoSolar for 10 GW high-efficiency solar cell and module production each (see Solar Manufacturing Consortium In Saudi Arabia). PIF also announced a partnership with Envision Energy to produce 4 GW worth of wind turbines in the country.
Saudi Arabia is investing in renewable energy manufacturing as it targets to localize the production of 75% of such components within the country by 2030, in line with its National Renewable Energy Program.
PIF’s Deputy Governor and Head of the Middle East and North Africa Investments Department, Yazeed Al-Humaid said these projects will enable the kingdom to become a global center for exporting renewable energy technologies, in partnership with the private sector.
Sungrow in Saudi Arabia
In related news, TCL’s compatriot and one of the world’s leading solar inverter manufacturers Sungrow has signed an agreement with Saudi’s Algihaz Holding for what it says is the world’s largest energy storage project.
The 3 projects that add up to this capacity will be located in Najran, Madaya, and Khamis Mushait regions. Sungrow will deliver more than 1,500 units of its Titan 2.0 liquid-cooled storage system for these facilities.