Saudi Arabia opens up the largest solar panels production factory worth SR700 million ($186.6 million) in Tabuk Industrial City. The project will serve NEOM and The Red Sea Development Company (TRSDC).
The total area of the factory is approximately 27,000 square meters with a 1.2 GW production capacity. Automated machines are used here with the latest technologies.
This region has few qualified locals who can help in this production facility. As the kingdom is shifting towards renewable energy sources, it is important to have plenty of resources for the same.
Recently, TRSDC also finalized a deal for a renewable energy project with ACWA Power for 25 years period. The consortium has secured the financing for designing, building, and operating the project with local and international investors including Standard Chartered Bank of UK and China’s Silk Road Fund.