TCL Zhonghuan Renewable Energy to Set Up Joint Venture in Saudi Arabia; Shares Up 4%

MT Newswires Live07-17

TCL Zhonghuan Renewable Energy (SHE:002129) will establish a joint venture to will build a photovoltaic crystal wafer factory in Saudi Arabia, according to a Tuesday filing on the Shenzhen Stock Exchange.

The factory will produce 20 gigawatts of the wafers every year, the filing noted.

The Chinese photovoltaic material maker will partner with Renewable Energy Localization, a unit of Saudi Arabia's Public Investment Fund, and Vision Industries for the joint venture.

TCL, through Singaporean unit LumeTech, and RELC will hold 40% each in the venture and the remaining 20% will be held by Vision Industries.

Shares of the company jumped less than 4% in recent trade.

Price (RMB): Â¥8.93, Change: Â¥+0.31, Percent Change: +3.60%

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