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Saudi Arabia's sovereign wealth fund, the Public Investment Fund, announced on the 16th that it had signed agreements with three Chinese companies to establish joint ventures to promote the local production of renewable energy equipment and components in Saudi Arabia.

The Saudi Public Investment Fund issued an announcement saying that its wholly-owned subsidiary Renewable Energy Localization Company, together with Saudi Vision Industries Company, has reached agreements with Chinese companies Envision Technology Group, JinkoSolar and TCL Zhonghuan to establish three joint ventures to promote the local production and assembly of wind and solar energy related equipment and components in Saudi Arabia.

It is reported that the joint venture established with Envision Technology Group will carry out localized production of wind turbines and key components; the joint venture established with JinkoSolar's wholly-owned subsidiary Jinko Middle East will build and operate high-efficiency photovoltaic cell and module projects in Saudi Arabia; and the joint venture established with TCL Zhonghuan will be committed to the localized production of photovoltaic crystal chips in Saudi Arabia.

Yazid Humid, vice president of the Saudi Public Investment Fund, said that these new agreements are part of the Saudi Public Investment Fund's efforts to promote the localization of advanced technologies in the field of renewable energy, and will help Saudi Arabia achieve its goal of localizing 75% of parts for renewable energy projects by 2030. (Xinhua)