Introduction丨mybattery

July 16, China's new energy companies collectively go to sea, hand in hand into the Middle East.

July 16, China's new energy companies collectively go to sea, hand in hand into the Middle East, investment and construction, including battery materials, photovoltaic, energy storage and a series of projects, has been made public project investment amount of the largest over ten billion.

Four new energy Chinese companies officially announced investment in Saudi Arabia

Photo/TCL Central

On July 16, TCL Azeus (002129) signed a Shareholders' Agreement with RELC and Vision Industries, wholly-owned subsidiaries of Saudi Arabia's Public Investment Fund (PIF), in Shenzhen, China, in which the three parties will jointly invest in the establishment of a joint venture company to promote the localized production of PV crystal wafers in Saudi Arabia. The total investment amount of the project is about USD 2.08 billion, and the three parties will invest and finance the project with 40% shareholding of TCL Central, 40% shareholding of RELC and 20% shareholding of Vision Industries.

The project is an important project based on the consensus between China and Saudi Arabia, serving the “Belt and Road” strategy and promoting new energy transformation in the Middle East and North Africa. With an annual capacity of 20GW, the project will be the first PV crystalline wafer project in Saudi Arabia and the largest crystalline wafer plant overseas.

Photo/JinkoSolar

(“JinkoSolar” or the “Company”) (NYSE: JKS), a wholly-owned subsidiary of JinkoSolar, today announced that it has entered into an agreement with Renewable Energy Localization Company (“RELC”), a wholly-owned subsidiary of Public Investment Fund (“PIF”), and Vision Industries Company (“VIC”), a wholly-owned subsidiary of JinkoSolar. JinkoSolar Middle East DMCC (“JinkoSolar Middle East”), a wholly-owned subsidiary of JinkoSolar, has entered into an agreement with Renewable Energy Localization Company (“RELC”), a wholly-owned subsidiary of the Public Investment Fund (“PIF”) of the Kingdom of Saudi Arabia, and Vision Industries Company (“VI”), a wholly-owned subsidiary of Vision Industries. (“VI”), a wholly owned subsidiary of JinkoSolar Middle East (“JinkoSolar”).

According to the agreement, JinkoSolar Middle East, RELC and VI will jointly establish a joint venture in Saudi Arabia with 40%, 40% and 20% equity interest respectively. The formation of the joint venture is subject to customary conditions of incorporation, including obtaining necessary regulatory approvals.

The joint venture will construct and operate a high-efficiency photovoltaic cell and module project in Saudi Arabia. The project is expected to have a total investment of nearly US$1 billion and will be financed by the joint venture's own or self-financing sources. The specific production plan and schedule of the project will be subject to market conditions. Upon formal commissioning, it is expected that the annual production capacity of high-efficiency PV cells and modules will reach 10GW respectively, which may become the largest overseas manufacturing base for China's PV cell and module industry, and also the largest overseas investment project of JinkoSolar to date.

Meanwhile, the Saudi Arabia plant will also be JinkoSolar's most advanced, digitized and efficient overseas plant. With the realization of local manufacturing and supply chain, JinkoSolar is expected to further increase its market share in Saudi Arabia and the Middle East. It is understood that JinkoSolar's market share in the Middle East in 2023 will exceed 50%, with Saudi Arabia exceeding 70%.

Figure / Vision Technology Group

On July 16, Vision Technology Group, together with Saudi Arabia's Public Investment Fund (PIF) and Vision Industries, a Saudi energy equipment company, announced that it will set up a joint venture for wind power equipment in Saudi Arabia, joining hands to accelerate the development of new energy in the Middle East region, and to promote the move towards a cleaner and more sustainable future.

Under the agreement, the joint venture will carry out localized production and manufacturing of wind turbines and key components. Vision will be the largest shareholder in the joint venture, with the Saudi Public Investment Fund as the second largest shareholder and Vision Industries holding the remaining stake. The joint venture will help the Saudi wind power value chain achieve its goal of 75% localized production by 2030, contributing to the clean energy transition in the Middle East.

July 16, Hainan Mining (601969) and Ajiran Mining signed a memorandum of understanding on the two sides intend to jointly explore the feasibility of cooperation in Saudi Arabia to build a lithium salt plant project, and intends to jointly set up to the upstream lithium resources, local mineral exploration and in the global scope of the search for new energy metal mineral and technology investment opportunities based on the cooperation of the industry fund and other agreed intentions.

Announcement shows that Ajiran Mining is located in Saudi Arabia, engaged in mineral resources development, operation and chemical field wise.

Sunny Power Wins World's Largest Energy Storage Order

It is worth mentioning that on July 16, Sunny Power (300274) also announced that the company signed the world's largest energy storage project with Saudi Arabia ALGIHAZ, with a capacity of up to 7.8GWh. The project belongs to Saudi Electricity Company (SEC), and the three sites are located in Saudi Arabia's Najran, Madaya, and Khamis Mushait areas.

It is reported that the project will start delivery in 2024, and full capacity will be connected to the grid in 2025. After grid connection, it will effectively improve the stability and reliability of Saudi Arabia's power grid.

Sunny Power said that the project has a huge volume, tight delivery schedule, complex scheduling management, high requirements for grid support and operation and maintenance. The company will deploy more than 1,500 sets of PowerTitan 2.0 liquid-cooled energy storage system, which adopts the integrated design of AC storage, has high energy density, and helps customers save 55% of the land area. The equipment can be pre-installed and pre-commissioned before shipment, and can be connected to the grid when it arrives at the station. At the same time, relying on the intelligent manufacturing capability and globalized sales and service system, it can meet the demand for high-speed delivery of the project.

In addition, this project is equipped with nearly 7.8 million electric cores. In order to solve the huge challenge of operation and maintenance, Sunny Power ensures the efficient and safe operation from the core to the PACK to the system and then to the energy storage power station through intelligent EMS and BMS systems.

During the design and construction of the project, Sunny Power will also carry out system simulation work, conduct field-level grid HIL experiments, simulate the actual situation of the local grid, verify the consistency of the field-level strategy, and ensure that the energy storage system is securely and stably connected to the Saudi power grid. The project is expected to realize a long life cycle of over 15 years of operation after grid connection, guaranteeing stable and efficient revenue of the power station.

Source: mybattery.com

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