On the evening of July 16, the three giants of China’s new energy industry – JinkoSolar, TCL Central and Vision Technology Group – announced in unison that they would cooperate with Saudi Arabia’s Public Investment Fund (PIF) to build a plant in Saudi Arabia, opening up the new energy industry’s in-depth cooperation and investment, with the total investment scale expected to be more than RMB 10 billion.
JinkoSolar announced the establishment of a joint venture in the Kingdom of Saudi Arabia to build a 10GW high-efficiency battery and module project, with a total investment of approximately US$985 million.
TCL Azeus expects to build a 20GW annual capacity PV crystalline wafer project in Saudi Arabia, which TCL Azeus said is currently the largest crystalline wafer plant overseas, with a total investment expected to be approximately US$2.08 billion.
Vision Technology Group has also joined hands with Saudi Arabia’s Public Investment Fund to set up a wind power equipment joint venture in Saudi Arabia for the localized production and manufacturing of wind turbines and key components.
Although Vision Technology Group has not yet publicized the specific amount of investment, but JinkoSolar and TCL Central’s combined investment in the project has reached 3.065 billion U.S. dollars, calculated at the current exchange rate, equivalent to about 22.229 billion yuan.
Saudi Arabia’s “2030 vision” and China’s the Belt and Road Initiative (BRI) docking, for the global zero-carbon transition to bring new momentum, and actively promote the formation and development of Saudi Arabia’s new industrial system. As one of the most important institutional investors in Saudi Arabia, PIF’s President Rumayan recently visited China, and his meetings with senior Chinese politicians and businessmen demonstrated a strong willingness to deepen cooperation between the two sides.
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