Saudi Arabia Seals USD 972 Mn Solar Deal with China Energy
A China Energy Engineering-led consortium has secured a USD 972 million contract to build a 2GW solar power plant in Saudi Arabia, marking a significant addition to China-Saudi renewable energy collaborations.
August 14, 2024. By EI News Network
As per reports, the 2 GW solar power plant will be developed through a joint venture between China Energy Engineering, Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF), and leading utility companies ACWA Power and Saudi Aramco Power Company. This project highlights China's increasing influence in the global solar energy market and its strategic partnerships with key players in the Middle East.
Construction of the solar facility is projected to take 31 months, according to a filing on the Shanghai Stock Exchange. The development is expected to significantly boost Saudi Arabia’s renewable energy capacity, aligning with the country's Vision 2030 initiative, which aims to diversify its energy sources and reduce reliance on fossil fuels.
This latest deal follows a series of high-profile collaborations between Chinese firms and Saudi partners in the renewable energy sector.It may be noted that last month, TCL Zhonghuan Renewable Energy Technology, another Chinese company, announced a USD 2.08 billion investment in a silicon crystal and wafer manufacturing project in Saudi Arabia, in partnership with PIF and other local entities. Similarly, JinkoSolar, a major player in the solar industry, signed an agreement to invest USD 985 million in a 10 GW solar cell and module manufacturing facility in the kingdom.
These developments highlights the robust and expanding relationship between China and Saudi Arabia in the renewable energy sector, reflecting a broader trend of international collaboration aimed at advancing global sustainability goals.
please contact: contact@energetica-india.net.
Gaurav Dolwani
CEO
From Scrap to Sustainability: LICO Materials’ Circular Economy Approach
Gaurav Kumar
Head of Supply Chain and Manufacturing
Euler Motors Bridges Cost Gap Between EVs and ICE Vehicles with Localization
Shveta Arya
India Region Leader
Powering India’s Mobility Future: Cummins Showcases Advanced Power Solutions at Bharat Mobility
Samkit Shah
Co-Founder
Jitendra EV Leading Hybrid EV Revolution with Hydrix
Muthu Subramanian
MD & General Manager
From Charging to Swapping: How Yuma Energy is Changing EV Refueling