China Energy JV seals $972m Saudi solar project contract

A consortium led by China Energy Engineering has joined hands with leading Saudi entities for a 6.98 billion yuan ($972 million) solar power plant project in Saudi Arabia, thus marking the latest in a string of China-Saudi renewable energy deals, reported Reuters.

The 2GW photovoltaic plant will be built by a JV between a China Energy Engineering consortium and Saudi sovereign wealth fund PIF and utility majors Acwa Power and Saudi Aramco Power Company.

Construction is expected to take 31 months, stated the report citing a company filing in Shanghai Stock Exchange.

Last month, China’s TCL Zhonghuan Renewable Energy Technology tied up with Saudi partners including PIF in a $2.08 billion silicon crystal and wafer manufacturing project.

Separately, JinkoSolar signed an agreement to invest in a $985-million, 10 GW solar cell and module manufacturing plant in the kingdom.