A subsidiary of TCL Zhonghuan Renewable Energy has signed an settlement with Saudi Arabia’s Public Investment Fund (PIF) and Vision Industries to begin producing 20 GW of photo voltaic ingots and wafers yearly within the nation.

A consortium has signed an settlement to yearly produce 20 GW of ingots and wafers for solar energy in Saudi Arabia.

The consortium consists of Lumetech, which is a subsidiary of China-based photo voltaic producer TCL Zhonghuan. It additionally consists of Saudi-based consultancy Vision Industries and Renewable Energy Localization Company (RELC), which is a completely owned unit of PIF, Saudi Arabia’s sovereign wealth fund.

Under the phrases of the settlement, RELC will maintain 40% of the three way partnership, with Lumetech holding 40% and Vision Industries taking 20%.

Meanwhile, one other deal involving a subsidiary of Chinese module maker JinkoSolar will see the development of a ten GW photo voltaic cell and module manufacturing unit in Saudi Arabia.

Yazeed Al-Humied, deputy governor and head of MENA investments at PIF, mentioned the agreements are a part of PIF’s efforts to localize superior applied sciences within the renewable sector in Saudi Arabia and in addition allow the nation to grow to be world. hub for the export of renewable applied sciences. .

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