In a strategic push to enhance the domestic renewable energy industry, Saudi Arabia’s Ministry of Energy, partnering with the Public Investment Fund, has marked a significant step on Tuesday with the finalization of three pivotal agreements. These accords are set to amplify the nation’s capabilities in renewable energy production.
These partnerships are a continuation of the collaborative efforts between the Ministry and PIF to foster in-country manufacturing of renewable energy apparatus and to further the objectives outlined in the ambitious Saudi Vision 2030.
The scope of these agreements encompasses the sectors of wind energy, as well as the production of solar modules and the underlying components such as solar wafers and ingots.
One of the agreements, formalized with Envision Energy and Vision Industries Company, is poised to initiate domestic production of wind turbines and their associated parts. The venture is expected to generate an impressive capacity of up to 4 gigawatts each year.
In the realm of solar energy, an accord with Jinko Solar alongside Vision Industries Company aims to localize the fabrication of high-efficiency solar cells and panels. This endeavor is anticipated to boast a yearly production capacity reaching up to 10 gigawatts.
Furthering the solar industry’s growth, another agreement involves a subsidiary of TCL Zhonghuan Renewable Energy Technology and Vision Industries Company. This partnership is set to localize the creation of wafers and ingots integral to solar panels, targeting an annual production capability of up to 20 gigawatts.
The overarching goal of these projects is to strengthen local supply chains, cater to the growing domestic and international demand for renewable energy, and aid in meeting the country’s renewable energy targets.
These strategic moves are also designed to embed cutting-edge technologies within the kingdom’s renewable energy sphere and to achieve the target of localizing 75% of the Kingdom’s renewable energy projects by the year 2030, in alignment with the National Renewable Energy Program.
With these projects underway, Saudi Arabia is on course to transform itself into a leading exporter and global hub for renewable energy technologies.
