RIYADH, July 16 (Xinhua) -- The Saudi Public Investment Fund (PIF) announced on Tuesday that it would promote cooperation with Chinese companies in renewable energy localization.
The PIF announced the signing of new agreements with three Chinese companies to localize in Saudi Arabia the manufacturing and assembly of equipment and components needed for solar and wind power, the fund said in a statement.
The Renewable Energy Localization Company (RELC), a wholly-owned PIF company, has entered into the agreements, which are in line with the Saudi Ministry of Energy's drive to localize the production of renewable energy components, the statement said.
The first agreement involves a joint venture between the Chinese wind power technology company Envision Energy and the Saudi firm Vision Industries.
It will involve manufacturing and assembling wind turbine components, including blades, with an estimated annual generation capacity of four gigawatts (GW), the statement said.
The second joint venture features the Chinese manufacturer Jinko Solar, which supplies photovoltaic energy technologies, and Vision Industries.
The cooperation entails localizing the manufacture of photovoltaic cells and modules for high-efficiency solar generation, the statement said.
Under the agreement, the capacity for the annual production of 10 GW generation is envisaged.
The third joint venture is with LumeTech, a Chinese TCL Zhonghuan Renewable Energy subsidiary, along with Vision Industries.
The deal will localize solar photovoltaic ingots and wafers production with annual production sufficient to generate 20 GW of power.
According to the PIF, the agreements will enhance local manufacturing's ability to benefit from the global energy transition and support PIF's efforts to consolidate Saudi Arabia's position as a global center for exporting products and services for the renewables sector.
