Riyadh – Mubasher: The Renewable Energy Localization Company (RELC), a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), has signed new agreements to with Chinese and local firms to localise manufacturing and assembly of equipment and components needed for solar and wind power in the kingdom.
The first agreement involves a venture with Envision Energy and Vision Industries to manufacture wind turbine components including blades with an annual capacity of four gigawatts (GW), according to a press release.
RELC will hold 40% of this venture, while Envision will hold 50% and Vision Industries 10%.
The second agreement features Jinko Solar and Vision Industries to produce photovoltaic cells and modules for high-efficiency solar generation with an annual capacity of 10 GW. RELC and Jinko Solar will each own 40% of this venture with Vision Industries at 20%.
The third venture is with LUMETECH and Vision Industries to locally produce solar photovoltaic ingots and wafers with an annual capacity of 20 GW. RELC and LUMETECH will each hold 40% of this venture and Vision Industries 20%.
Yazeed Al Humied, Deputy Governor and Head of MENA Investments at PIF, said: “These projects will also enable Saudi Arabia to become a global hub for export of renewable technologies.”
“PIF aims to achieve these targets through its projects and portfolio companies, including RELC, which support PIF’s progress in renewable energy and investment, and enhance partnership with the private sector,” Al Humied added.
These ventures will enable localisation of advanced power generation technologies to help meet growing domestic, regional, and international renewable energy demand.
Vision Industries' involvement reflects efforts to attract foreign investment and enable the private sector. The deals support PIF's broader investments in utilities and renewables sector totalling 13.60 GW of capacity.
PIF is taking major steps to develop advanced industries in Saudi Arabia. In May 2024, the fund launched a new company for the satellite and space industries.
