3 Chinese clean-energy firms to set up solar, wind manufacturing in Saudi Arabia

Jinko Solar, TCL Zhonghuan and Envision Energy will set up joint ventures with Saudi Arabia’s Public Investment Fund and a private firm

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An aerial photo taken on December 22, 2023, shows a wind farm in Tangshan City, in north China’s Hebei province. Photo: Xinhua

Published: 3:45pm, 17 Jul 2024Updated: 4:14pm, 17 Jul 2024

Three major Chinese clean-energy manufacturers will build production plants in Saudi Arabia to expand their global footprints amid US and European trade barriers and fierce competition at home.

Saudi Arabia’s Public Investment Fund (PIF) announced on Tuesday that it will form joint ventures in the Middle Eastern country with Jinko Solar and TCL Zhonghuan, two of the world’s largest producers of solar modules and solar silicon wafers, as well as wind turbine maker Envision Energy.

The new agreements are part of PIF’s effort to localise advanced technologies in the renewable-energy sector in Saudi Arabia, said Yazeed Al-Humied, deputy governor and head of investments for the Middle East and North Africa region at PIF.

“These projects will also enable Saudi Arabia to become a global hub for export of renewable technologies,” he said.

Jinko Solar said on Tuesday that it will build a US$985 million facility with an annual capacity of 10 gigawatts (GW) for both high-efficiency solar cells and solar modules. Saudi Arabia’s Vision Industries, a privately owned green energy developer, will also be a shareholder in the joint venture.

“This partnership is another major milestone in the execution of our globalisation strategy, and will further help us optimise our global manufacturing and marketing infrastructure, as well as enhance our global competitiveness,” Li Xiande, chairman and CEO of Jinko Solar, said in the statement.