PIF signs renewables joint ventures
17 July 2024
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Saudi Arabia's sovereign wealth vehicle, the Public Investment Fund (PIF), has announced the signing of three new agreements to localise the manufacturing and assembly of equipment and components needed for solar and wind power projects.
Renewable Energy Localisation Company (RELC) – a fully owned PIF company – entered into the three agreements, in line with the Saudi Energy Ministry’s drive to localise the production of renewable energy components, the PIF said in a statement on 16 July.
RELC focuses on "creating partnerships between leading global manufacturers and the Saudi private sector to meet growing local and export demand for renewable energy, and secure and strengthen local supply chains".
The first joint venture (JV) comprises China-headquartered wind power technology company Envision Energy and Saudi firm Vision Industries. The new company plans to manufacture and assemble wind turbine components including blades with an estimated annual generation capacity of 4GW. Under this agreement, RELC will hold 40% of the JV, with Envision holding 50% and Vision Industries holding 10%.
The second JV features China-based solar photovoltaic (PV) supplier Jinko Solar and Vision Industries. The JV entails localising the manufacture of PV cells and modules for high-efficiency solar generation. Under the agreement, which projects annual production of 10GW in generation capacity, RELC will hold 40% of the JV, with Jinko Solar holding 40% and Vision Industries holding 20%.
The final JV was formed by Lumetech, a subsidiary of China's TCL Zhonghuan Renewable Energy, and Vision Industries. This deal will localise the production of solar PV ingots and wafers with annual production sufficient to generate 20GW of power. Under this agreement, RELC will hold 40% of the JV, with Lumetech holding 40% and Vision Industries having 20%.
The PIF said: "These agreements will enable the localisation of advanced power generation and manufacturing technologies for renewable energy production in Saudi Arabia, as well as maximising local content to help meet growing domestic, regional and international demand."
It expects the agreements to "enhance the ability of local manufacturing to benefit from the global energy transition and will support the PIF’s efforts to consolidate Saudi Arabia’s position as a global centre for exporting products and services for the renewables sector".
Yazeed Al-Humied, deputy governor and head of Middle East and North Africa investments at the PIF, said the new agreements will contribute to localising the production of 75% of the components in Saudi Arabia’s renewable projects by 2030, in line with the Energy Ministry’s National Renewable Energy Programme.
He added that these projects will also enable Saudi Arabia to become a global hub for the export of renewable technologies.
Overall, the PIF, through Riyadh-headquartered utility developer Acwa Power and Badeel, is developing a total of eight renewable energy projects with a total capacity of 13.6GW, involving more than $9bn in investments from the PIF and its partners. These joint projects include Sudair, Shuaibah 2, Ar Rass 2, Al-Kahfah, Saad 2, Haden, Muwayh and Al-Khushaybi.
Related read: Developers regroup for Saudi renewables plans
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