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China Energy Engineering has signed a USD 972 million (EUR 889.2m) deal to construct a 2 GW solar photovoltaic (PV) plant in Saudi Arabia.
The EPC contract was signed between a China Energy Engineering consortium and a joint venture between Saudi Arabia’s sovereign fund PIF, ACWA Power, and Saudi Aramco, with the project located 70 km (43.5 miles) northeast of Taif City, Mecca Province.
According to a stock market filing, construction will last 31 months.
This announcement follows last month’s news that China and Saudi Arabia held talks on development strategies, trade, and investment.
Saudi sovereign fund PIF also recently signed joint venture agreements with three Chinese companies, Envision Energy, Jinko Solar, and Lumetech.