The Public Investment Fund (PIF) of Saudi Arabia has signed three new agreements to localize the manufacturing and assembly of wind turbines, solar panels, and their components within the Kingdom. These agreements are part of Saudi Arabia’s efforts to enhance the renewable energy sector and achieve the objectives of “Vision 2030”.

The first project involves wind turbines and is being carried out by Localized Renewable Energy, Envision Energy (a global leader in wind energy production), and Vision Industries (a Saudi company). The aim is to establish a joint venture to manufacture and assemble wind turbine components, including blades, with a production capacity of up to 4 gigawatts annually. Ownership shares in the project are divided among Localized Renewable Energy (40%), Envision Energy (50%), and Vision Industries (10%).

The second project focuses on solar panels and involves Jinko Solar (a global leader in solar technology manufacturing) and Vision Industries. The goal is to establish a joint venture to localize the production of high-efficiency photovoltaic solar cells and panels with a capacity of up to 10 gigawatts annually.

The third project is dedicated to wafers and ingots and is undertaken by LOMATEC S.E.B.T.E. Limited (a subsidiary of TCL Zhonghuan Renewable Energy Technology) and Vision Industries. The objective is to localize the production of wafers and ingots as part of the solar panel supply chain, with an annual production capacity of up to 20 gigawatts. Ownership shares are distributed among Localized Renewable Energy (40%), LOMATEC S.E.B.T.E. Limited (40%), and Vision Industries (20%).

The benefits of these three projects include increasing local content, with the agreements contributing to the Kingdom’s goal of achieving 75% local content in renewable energy projects by 2030, and creating job opportunities, with the new projects expected to create thousands of jobs in Saudi Arabia. Additional benefits include attracting foreign investment, demonstrating the Kingdom’s commitment to attracting foreign investment into the renewable energy sector, enhancing energy security by reducing reliance on fossil fuels, and promoting sustainability, with the agreements expected to contribute to the Kingdom’s goals of reducing carbon emissions and enhancing sustainability.