PVTIME – On 16 July 2024, TCL Zhonghuan Renewable Energy Technology Co. Ltd. (TCL Zhonghuan, 002129.SZ), a leading manufacturer of solar silicon wafers, announced that it has signed an agreement with Vision Industries Company (Vision Industries) and Renewable Energy Localization Company (RELC) to jointly establish a large-scale solar wafer factory in Saudi Arabia.
The new facility is expected to produce 20GW of silicon wafers per year with an estimated investment of US$2.08 billion. A joint venture will be set up by the three companies to manage the investment and construction of the factory and to distribute the products. LumeTech S.A.PTE.LTD., a wholly owned Singaporean subsidiary of TCL Zhonghuan, holds 40%, RELC, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), holds 40%, and Vision Industries, a leading Saudi Arabian clean energy developer, holds 20%.
This project is an important one in promoting the new energy transition in the Middle East-North Africa region. It will be the first photovoltaic wafer project in Saudi Arabia and the largest in the world.
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