Well-known Chinese news site Sina (NASDAQ: SINA) recently reported that Saudi Arabia’s sovereign fund Public Investment Fund (PIF), Saudi energy equipment company Vision Industrie and China’s second largest wind turbine manufacturer Envision Group have reached an agreement to build a wind turbine manufacturing plant in Saudi Arabia to promote the Kingdom’s renewable energy production goals. The joint venture will carry out localized production and manufacturing of wind turbines and key components. At the same time, Saudi Arabia is also vigorously developing energy storage facilities to improve the reliability of the power grid. Since Saudi Arabia proposed its “Vision 2030” plan, the country has committed to developing renewable energy to accelerate the green transformation.
Chinese photovoltaic company Sungrow announced that the company signed a contract with Saudi Arabia’s Algihaz for the world’s largest energy storage project, with a capacity of 7.8GWh. The three sites of the project are located in the Najran, Al Madaya and Khamis Mushait areas of Saudi Arabia. Delivery is expected to begin in 2024, and the connection to the grid at full capacity will be in 2025.
Previously, Chinese technology company Huawei also announced its cooperation with Saudi Arabia to build an off-grid battery energy storage system for the Saudi Red Sea New City project. Under the leadership of Huawei, this energy storage project has recently reached 1.3GWh capacity. Saudi Investment Minister Khalid Al-Falih said last December during his visit to China that, Saudi Arabia invites Chinese companies to participate in the green transformation supply chain. Both in the capital city and throughout the Kingdom, there is a large workload that requires China’s participation.
Source: Sina, July 16, 2024
https://k.sina.com.cn/article_1887344341_707e96d501901hx78.html