Saudi Arabia’s RELC Forms Key Joint Ventures with Chinese Firms to Boost Clean Energy Sector
Dubai – Saudi Arabia’s Renewable Energy Localisation Company (RELC) has entered into three significant joint venture agreements with leading Chinese firms, a strategic move designed to enhance the nation’s clean energy infrastructure and meet its ambitious 2030 targets.
As part of the Public Investment Fund’s (PIF) efforts to localise renewable energy components, RELC is focused on establishing partnerships between global manufacturers and the Saudi private sector to strengthen local supply chains.
The first joint venture pairs Vision Industries, a Saudi private sector company, with Envision Energy, a prominent wind power technology firm. This collaboration aims to produce and assemble wind turbine components, including blades capable of generating an estimated 4 gigawatts (GW) annually. Under this agreement, RELC will hold 40% ownership, Envision Energy 50%, and Vision Industries the remaining 10%.
A second joint venture involves Jinko Solar, a supplier of photovoltaic energy technologies, partnering with Vision Industries to localise the manufacturing of photovoltaic cells and modules. This venture is projected to achieve an annual production capacity of 10 GW of high-efficiency solar power generation. Ownership stakes in this agreement will see RELC and Jinko Solar each holding 40%, while Vision Industries retains 20%.
The third joint venture brings together Lumetech, a subsidiary of TCL Zhonghuan Renewable Energy, and Vision Industries to produce solar photovoltaic ingots and wafers. This collaboration is expected to yield an annual production capacity sufficient to generate 20 GW of power. Both RELC and Lumetech will hold 40% ownership, with Vision Industries retaining 20%.
These strategic agreements are set to position Saudi Arabia as a global hub for exporting renewable technologies. They are expected to localise up to 75% of the components used in the country’s renewable projects by the year 2030.
Source: Gulf News.
