Chinese PV Giants Forge Major Solar and Storage Deals with Saudi Arabia

Chinese photovoltaic (PV) companies, JinkoSolar, TCL Zhonghuan Renewable Energy Technology, and Sungrow, announced major projects in Saudi Arabia, enhancing trade and financial relations between China and the Middle East.

JinkoSolar Co., through its wholly-owned subsidiary JinkoSolar Middle East DMCC, has entered a landmark agreement with the Renewable Energy Localization Company (RELC), a subsidiary of the Saudi Public Investment Fund, and Vision Industries Company (VI). The partnership will establish a joint venture in Saudi Arabia to develop a high-efficiency photovoltaic module project with a total capacity of 10 gigawatts (GW).

The project, valued at approximately USD 985 million, sees JinkoSolar Middle East and RELC each holding a 40 percent stake, while VI holds 20 percent.  JinkoSolar will contribute intellectual property (IP) licensing, research and development, and sales and marketing services. In a parallel move, TCL Zhonghuan has unveiled plans to build a factory in Saudi Arabia, forming another joint venture with RELC and VI. This project will focus on producing 20 GW of PV crystal wafers, with an investment of about USD 2.08 billion.

TCL Zhonghuan, through its subsidiary in Singapore, will hold a 40 percent share in this venture and will provide the necessary IP and technology. Additionally, Sungrow has secured the world’s largest energy storage project, a 7.8-GWh facility, in collaboration with Saudi Arabia’s ALGIHAZ. This project will commence product delivery within the year, with full-capacity operation expected by 2025, supporting Saudi Arabia’s Vision 2030 goals. On the financial front, two Saudi exchange-traded funds (ETFs), including those tracking Saudi Aramco, debuted on China’s A-share market, achieving significant gains with values rising by up to 10 percent on their first day.