3GW! This Chinese Listed Company will Build a Factory in Saudi Arabia

There is another new move in local photovoltaic manufacturing in the Middle East. This time it is a cooperation between a leading international solar tracking bracket system supplier and Zhenjiang Co., Ltd. (603507.SH), a listed company in China.

Recently, GameChange Solar (GCS), an international tracking bracket solution provider, announced the establishment of a strategic partnership with Jiangsu Zhenjiang New Energy Equipment Co., Ltd. (JZNEE, hereinafter referred to as Zhenjiang), a Chinese listed company.

This collaboration marks an important step towards local manufacturing capabilities for solar tracking bracket equipment in the Middle East. According to the cooperation agreement, Zhenjiang will establish a state-of-the-art local manufacturing plant in Dammam, Saudi Arabia, to produce 3GW (expandable to 5GW) of solar tracking brackets for GCS’s Genius Tracker.

The goal is to have the plant operational by June 2024. This move is in line with growing local content requirements in the Middle East and underlines both companies’ commitment to supporting the growth of renewable energy in the region.

As the exclusive local partner, GCS will ensure timely delivery of high-quality Genius Tracker components for upcoming projects in the Middle East. It will provide non-steel components such as actuators, node controllers and drive systems, ensuring the highest quality of its solar tracker systems. Quality and reliability. In addition, GCS will provide comprehensive after-sales support, commissioning, software and services.

GCS’s Genius Tracker product has gained recognition in the region and has been deployed in key solar projects such as the Abydos Kom Ombo 560 MW project in Egypt. The project, owned by AMEA Power, will supply electricity generated by the solar facilities to Egypt Electricity Transmission Company under a 25-year power purchase agreement (PPA).

The U.S. stent factory has achieved batch shipments

Let’s take a look at the partner of this cooperation - Zhenjiang Co., Ltd. According to data, Jiangsu Zhenjiang New Energy Equipment Co., Ltd. was established in March 2004. It is a company integrating port machinery, wind power generation accessories, electrolytic aluminum machinery and equipment, and engineering machinery and steel. A limited liability company integrating the design, R&D, production and sales of structural parts.

Previously on the investor interaction platform, Zhenjiang Co., Ltd. also mentioned Saudi Arabia’s plan to build a bracket factory. In addition to the Saudi stent factory in this cooperation, the company has also established a stent factory in the United States.

Zhenjiang Co., Ltd.’s U.S. photovoltaic bracket factory has begun bulk shipments and may benefit from the IRA bill and obtain excess profits. Among them, the US factory has realized small batch supply to customer GCS in the third quarter of 2023.

In the field of photovoltaic brackets, Zhenjiang has established good cooperative relationships with global head tracking bracket suppliers such as Nextraker, GCS, and ATI. The company said it expects U.S. factory capacity utilization to be high in 2024, which will become a highlight of the company's performance growth.