On 16 July 2024,TCL Zhonghuan Renewable Energy Technology Co.Ltd.(TCL Zhonghuan,SZ：002129),a leading manufacturer of solar silicon wafers,announced that it has signed an agreement with Vision Industries Company(Vision Industries)and Renewable Energy Localization Company(RELC)to jointly establish a large-scale solar wafer factory in Saudi Arabia.

The new facility is expected to produce 20GW of silicon wafers per year with an estimated investment of US$2.08 billion.A joint venture will be set up by the three companies to manage the investment and construction of the factory and to distribute the products.LumeTech S.A.PTE.LTD.,a wholly owned Singaporean subsidiary of TCL Zhonghuan,holds 40%,RELC,a subsidiary of Saudi Arabia's Public Investment Fund(PIF),holds 40%,and Vision Industries,a leading Saudi Arabian clean energy developer,holds 20%.

This project is an important one in promoting the new energy transition in the Middle East-North Africa region.It will be the first photovoltaic wafer project in Saudi Arabia and the largest in the world.