China inks USD972M contract to build major solar power plant in Saudi Arabia

(MENAFN) China Power Engineering Corporation has announced the signing of a substantial contract worth 6.98 billion yuan (approximately USD972 million) to construct a major solar power plant in Saudi Arabia, according to a recent filing with the Shanghai Stock Exchange. This project signifies a continuation of the expanding collaboration between China and Saudi Arabia in the field of renewable energy.

The contract involves a joint venture between China Power Engineering and several Saudi partners, including the Public Investment Fund, ACWA Power, and Saudi Aramco Energy. Together, they will develop a photovoltaic power plant with a capacity of 2 gigawatts. The construction of this facility is anticipated to be completed within 31 months.

This agreement follows a series of recent collaborations between Chinese and Saudi entities in the renewable energy sector. Last month, TCL Zhonghuan, a Chinese renewable energy technology company, finalized a USD2.08 billion agreement with Saudi partners, including the Public Investment Fund, to establish a project for manufacturing silicon crystals and chips. Additionally, JinkoSolar has entered into a separate deal to invest USD985 million in a solar cell and panel manufacturing plant in Saudi Arabia, with a planned capacity of 10 gigawatts. 

MENAFN14082024000045015682ID1108553970