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
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.
“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.
Also partnering with PIF and Vision Industries, TCL Zhonghuan will invest US$2.08 billion in a plant capable of producing 20GW of photovoltaic silicon ingots and wafers a year, according to an exchange filing in Shenzhen.