On July 15th, Sungrow Power Supply signed a successful contract with Saudi ALGIHAZ for the world's largest energy storage project with a capacity of up to 7.8 GWh. On July 16th, Hainan Mining, JinkoSolar, and TCL Zhonghuan Renewable Energy Technology successively announced plans to invest in new projects in Saudi Arabia after market close. In addition, on July 16th, the first two Saudi Arabian ETFs (exchange-traded funds) were officially listed and traded on the Shanghai and Shenzhen stock exchanges in China. On their first day of trading, the two Saudi Arabian ETFs performed well, both hitting the limit-up.
On July 15th, Sungrow Power Supply signed a successful contract with Saudi ALGIHAZ for the world's largest energy storage project with a capacity of up to 7.8 GWh. On July 16th, Hainan Mining, JinkoSolar, and TCL Zhonghuan Renewable Energy Technology successively announced plans to invest in new projects in Saudi Arabia after market close. In addition, on July 16th, the first two Saudi Arabian ETFs (exchange-traded funds) were officially listed and traded on the Shanghai and Shenzhen stock exchanges in China. On their first day of trading, the two Saudi Arabian ETFs performed well, both hitting the limit-up.
Huabao Securities analyst Cheng Bingzhe said that as one of the fastest-growing economies in the world, Saudi Arabia's economic structure is constantly improving, the demographic dividend is constantly releasing, and the attractiveness of Saudi Arabia's capital market to global investors has gradually increased in recent years. Influenced by the dual driving forces of internal focus on diversified entity industry investment and maintaining energy hubs, Middle Eastern countries are gradually increasing their investment in the field of renewable energy. The Middle East is becoming the "next stop" for China's solar + energy storage industry to go global. Taking Saudi Arabia as an example, it has become China's sixth largest exporter of PV modules. In 2022, China's export volume of PV modules to Saudi Arabia was $0.31 billion, and it increased to $1.34 billion in 2023. In 2022 and 2023, China's export of PV modules to the Middle East and North Africa exceeded 10 GW continuously.
According to the Financial Data Center, among related listed companies:
Jiangsu Linyang Energy mainly engages in three business sectors: smart grids, new energy, and energy storage. In May 2024, the company signed a supply contract for the smart meter project with Saudi ECC, with a total contract value of 0.21 billion yuan.
In late June 2024, Sineng Electric successfully supplied 1.016 GW of high-efficiency centralized inverter-boosters for the Al Kahfah solar power station project in Saudi Arabia.