Chinese companies sign $3 billion in deals for Saudi solar plants

RIYADH, July 16, 2024 – Two Chinese companies have signed deals worth around USD 3 billion to build solar manufacturing plants in Saudi Arabia, Bloomberg reported on Tuesday.

Chinese energy products manufacturer TCL Zhonghuan Renewable Energy Technology Company will build a USD 2.08-billion plant in partnership with the Saudi Public Investment Fund (PIF) and Vision Industries.

Vision Industries is a green energy-focused industrial development holding based in Saudi Arabia.

Meanwhile, a second partnership will bring China’s Jinko Solar, a solar panel manufacturing heavyweight, together with the PIF and Vision Industries to build a plant valued at around USD 985 million.

Although still heavily reliant on oil and gas, Saudi Arabia is planning a rapid deployment of solar installations to generate renewable power. The country targets 100-130 GW of renewable generation capacity by 2030, with around 20 GW of projects tendered each year.

Saudi Arabia had around 2.3 GW of installed solar generation as of the end of 2023, according to the latest EI Statistical Review of World Energy.

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