Saudi Arabia’s Ministry of Energy, in collaboration with the Public Investment Fund, participated on Tuesday in the signing of three new agreements to boost the localization of renewable energy industries in the Kingdom.
The agreements are the result of the ongoing cooperation between the Ministry and PIF to localize renewable energy components and achieve the goals of Saudi Vision 2030.
The agreements cover the fields of wind turbines, solar cells and panels, and solar wafers and ingots.
An agreement was signed with Envision Energy and Vision Industries Company to localize the production of wind turbines and their components in the Kingdom, aiming to establish a joint project with a production capacity of up to 4 gigawatts annually.
An agreement was also signed with Jinko Solar and Vision Industries Company to localize the production of high-efficiency solar cells and panels with a production capacity of up to 10 gigawatts annually.
Additionally, an agreement was signed with a subsidiary of TCL Zhonghuan Renewable Energy Technology and Vision Industries Company to localize the production of wafers and ingots used in solar panels with a production capacity of up to 20 gigawatts annually.
The projects aim to bolster local supply chains, meet the increasing demand for renewable energy both locally and internationally, and contribute to achieving national renewable energy goals.
The agreements will contribute to localizing the latest technologies within the renewable energy sector and achieving the goal of localizing 75% of renewable energy projects in the Kingdom by 2030 in line with the National Renewable Energy Program.
The projects will enable Saudi Arabia to transform into a global hub for exporting renewable energy technologies.
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