A branch of TCL Zhonghuan Renewable Energy has finalized a deal alongside Saudi Arabia’s Public Investment Fund (PIF) and Vision Industries for the establishment of a solar manufacturing operation. This venture aims to yield 20 gigawatts (GW) of solar ingots and wafers annually within the kingdom.
Lumetech, a subsidiary of the China-based solar giant TCL Zhonghuan, is joined in this undertaking by the Saudi consultancy firm Vision Industries and the Renewable Energy Localization Company (RELC), a PIF-owned entity. The partnership envisages RELC owning a 40% stake, Lumetech another 40%, and the remaining 20% assigned to Vision Industries.
In a parallel development, a subsidiary of Chinese solar manufacturer JinkoSolar has engaged in a separate contract to erect a 10 GW solar cell and module plant in Saudi Arabia.
Yazeed Al-Humied, PIF’s deputy governor and head of MENA investments, highlighted that these strategic moves are integral to PIF’s objective of fostering the domestic development of cutting-edge renewable technologies, as well as positioning Saudi Arabia as a leading exporter in the renewable energy sector.
