Saudi’s Public Investment Fund signed three separate agreements with major Chinese producers to localize the manufacturing of wind and solar power generation components, it said in a statement yesterday. The agreements were signed by the PIF’s wholly-owned subsidiary Renewable Energy Localization Company (Relc) along with Riyadh-based and privately owned renewable energy firm Vision Industries. Financial details on the agreements were not made public.

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One for wind: Relc will partner with Envision Energy (China’s second-largest wind turbine manufacturer) and local player Vision Industries to make wind turbines. The JV will focus on the manufacturing and assembly of wind turbines and its components, including blades with an estimated annual generation capacity of 4 GW. Its ownership structure will see the Chinese company hold a stake of 50% with a 40% and 10% stake for Relc and Vision.

Two for solar: The second JV agreement was signed with China’s solar module manufacturer JinkoSolar and Vision Industries for the manufacturing of 10 GW of photovoltaic cells and modules. Relc and JinkoSolar will hold a 40% stake each, with Vision owning 20%. A third agreement was signed with Lumetech — a subsidiary of China’s TCL Zhonghuan Renewable Energy — along with Vision for the production of solar PV ingots and wafers with annual capacity to generate 20 GW of power. The JV will see Relc and Lumetech owning a 40% holding each with Vision holding 20%.

We’ve been expecting this: Officials in Beijing discussed last week ramping up trade and investment with Saudi in a sign of a growing interest in the region. They have singled-out priority areas including infrastructure and energy as well as the digital and green economies.

Jinko is already active in Saudi: Jinko Solar is supplying 1 GW of solar modules for the solar energy plants powering Saudi Arabia’s giant Neom Green Hydrogen Project currently under construction. Jinko also signed a 25-year power purchase agreement with the Saudi Power Procurement Company (SPCC) last September to develop the 1.5 GW Tabarjal PV plant, and was among the qualified bidders for SPPC’s 3.7 GW worth of renewable energy projects in February. It also secured a USD 315 mn build-own-operate contract for a 400 MW solar energy plant in KSA’s northern Al Jowf province last year.

And the rest of the region too: The company is also among the prequalified bidders to develop Oman's 500 MW Ibri III Solar IPP. Jinko partnered with Singapore’s Sembcorp Utilities to develop the Manah 2 solar plant in March, and with Masdar, Abu Dhabi National Energy Company (Taqa), France's EDF Renewables, and Emirates Water and Electricity Company to develop the 2 GW Al Dhafra Solar IPP last year.

IN OTHER JINKO NEWS-

Algeria awards Jinko Solar PV module supply contract: Jinko Solar was selected by Algeria to supply 150 MW of its N-type ultra-high efficient module to the 100 MW Ain el Beida and 50 MW Beni Ounif solar projects, according to a statement. The PV module supply will be completed in partnership with Algerian energy firm Amimer Energie.

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