Dubai: Saudi Arabia’s Renewable Energy Localisation Company (RELC) enters three joint venture agreements with Chinese firms to bolster the country’s clean energy infrastructure.
Public Investment Fund (PIF) is putting in effort to localise renewable energy components to meet its 2030 targets.
RELC is a division of the sovereign fund and focuses on forging partnerships between global manufacturers and the Saudi private sector to enhance local supply chains.
The initial joint venture pairs Vision Industries, a Saudi private entity, with Envision Energy, a leading wind power technology firm, to produce and assemble wind turbine components, including blades capable of generating an estimated 4 gigawatts (GW) annually.
RELC will hold 40 per cent, Envision 50 per cent, and Vision Industries the remaining 10 per cent.
The second venture involves Jinko Solar, a supplier of photovoltaic energy technologies, teaming up with Vision Industries to localise the manufacturing of photovoltaic cells and modules for high-efficiency solar power generation, with an annual production capacity of 10 GW.
RELC and Jinko Solar will each own 40 per cent of the new venture, while Vision Industries retains 20 per cent.
The third joint venture, between Lumetech (a subsidiary of TCL Zhonghuan Renewable Energy) and Vision Industries, aims to produce solar photovoltaic ingots and wafers, with an annual production capacity sufficient to generate 20 GW of power.
RELC and Lumetech will each hold 40 per cent, with Vision Industries retaining 20 per cent ownership.
These deals will position Saudi Arabia as a global hub for exporting renewable technologies and are expected to localise 75 per cent of the components used in Saudi Arabia’s renewable projects by 2030.
