A consortium has signed an agreement to annually produce 20 GW of ingots and wafers for solar power in Saudi Arabia.
The consortium consists of Lumetech, which is a subsidiary of China-based solar manufacturer TCL Zhonghuan. It also includes Saudi-based consultancy Vision Industries and Renewable Energy Localization Company (RELC), which is a wholly owned unit of PIF, the sovereign wealth fund of Saudi Arabia.
Under the terms of the agreement, RELC will hold 40% of the joint venture, with Lumetech holding 40% and Vision Industries taking 20%.
Meanwhile, another agreement involving a subsidiary of Chinese module maker JinkoSolar will see the construction of a 10 GW solar cell and module factory in Saudi Arabia.
Yazeed Al-Humied, deputy governor and head of MENA investments at PIF, said the agreements are part of PIF’s efforts to localize advanced technologies in the renewable sector in Saudi Arabia and will also enable the country to become a global hub for export of renewable technologies.
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