PIF partners with Chinese firms for massive renewable energy manufacturing
- PIF partners with Chinese firms to boost renewable energy manufacturing in Saudi Arabia, aiming for local production growth and global export potential by 2030.
Saudi Arabia's Public Investment Fund (PIF) has signed joint venture agreements with Chinese companies to localize the manufacturing of solar and wind power equipment in the country. The partnerships aim to establish manufacturing capacities of 4 GW for wind turbines, 10 GW for solar cells and modules, and 20 GW for solar ingots and wafers annually. These agreements are part of PIF's efforts to advance renewable energy production in Saudi Arabia and meet local content commitments, with a focus on increasing the share of local production in renewable projects by 2030.
The joint ventures involve PIF's Renewable Energy Localization Company (RELC) and Vision Industries, with Chinese companies Envision Energy and TCL Zhonghuan Renewable Energy Technology Co Ltd as key partners. These initiatives are expected to bring advanced technologies to the renewable energy sector in Saudi Arabia, positioning the country as an exporting hub for renewable products and services.
What are the goals of Saudi Arabia's joint ventures with Chinese companies in renewable energy?
- Localize manufacturing of solar and wind power equipment in Saudi Arabia
- Establish manufacturing capacities of 4 GW for wind turbines, 10 GW for solar cells and modules, and 20 GW for solar ingots and wafers annually
- Advance renewable energy production in Saudi Arabia
- Meet local content commitments and increase the share of local production in renewable projects by 2030
- Bring advanced technologies to the renewable energy sector in Saudi Arabia
- Position Saudi Arabia as an exporting hub for renewable products and services