(Yicai Global) May 25 -- Shares in TCL Zhonghuan Renewable Energy Technology advanced today after the world’s second-biggest solar wafer maker said it is teaming up with Saudi Arabian clean energy developer Vision Industries to construct the Middle Eastern country’s first solar wafer factory.

TCL Zhonghuan’s share price [SHE:002129] was trading up 2.8 percent at CNY42.48 (USD6) as of 12.45 China time today.

TCL Zhonghuan will provide the production tech and Vision Industries will leverage its local resources and experience of investing in renewable energies, such as solar, wind and hydrogen, to ensure the construction and operation of the solar wafer plant, the Tianjin-based firm said yesterday, citing the deal penned between the two parties on May 24.

The collaboration will help Saudi Arabia establish a photovoltaic industrial chain and pave the way for green energy transformation in the Middle East, Central Asia and Europe, it said.

The two parties will form a project team to select the plant site and to set up a joint venture that will manage investment in and construction of the factory as well as distribute the products, it added. No details on the investment amount and production capacity were given. The solar wafers are expected to be sold to the Middle East and Africa.

Editor: Kim Taylor