The world's largest energy storage project signed and landed in Saudi Arabia

On July 15, Sunpower successfully signed with ALGIHAZ, Saudi Arabia, the world's largest energy storage project to date, with a capacity of up to 7.8GWh. The project, located at three sites in the Najran, Madaya and Khamis Mushait regions of Saudi Arabia, will begin delivery in the second half of 2024, with full capacity expected to be connected to the grid in 2025

The impact of this signing is also complex and diverse, first, through this project, solar Energy further consolidated its leading position in the global energy storage market, and is expected to drive the company's continued business growth. The volume of the project is close to the global shipments of energy storage systems of solar Power in 2023, showing the company's strong strength in the field of energy storage. The conclusion of this agreement may make solar power a leader in the global energy storage industry, enhancing its competitiveness and influence in the industry.

The second is to promote technological innovation and development to improve the stability and reliability of the power grid. With a capacity of up to 7.8GWh, the energy storage project will significantly increase Saudi Arabia's power reserves, improve the stability and reliability of the grid, and reduce the risk of power outages caused by the imbalance between power supply and demand. Energy storage systems can store electricity when demand is low and release it when demand is high, thus effectively coping with the volatility of renewable energy generation (such as solar and wind) and improving the overall efficiency of the grid. At the same time, the construction of energy storage projects will drive the development of related industries, such as battery manufacturing, smart grid, energy management and so on. The development of these industries will further improve Saudi Arabia's energy industry chain and improve the overall competitiveness of the energy industry.

Third, continue to promote the energy transition and the realization of Saudi Arabia's Vision 2030. The project is one of the important projects under Saudi Arabia's "Vision 2030" strategy, which will help Saudi Arabia reduce its dependence on oil and promote the diversification and clean energy structure. By vigorously developing renewable energy and storage technologies, Saudi Arabia can gradually achieve its energy transition and improve the sustainability and security of its energy supply. With the transformation of the energy structure, Saudi Arabia will be able to attract more foreign investment and technology transfer, and promote economic diversification. The construction of energy storage projects will create more jobs and economic growth points for Saudi Arabia and inject new impetus into the country's long-term development.

The signing and implementation of the project will promote international cooperation and exchanges between China and Saudi Arabia. The two sides will conduct in-depth cooperation in technology, capital, market and other aspects to jointly promote the prosperity of the global energy storage market. Such international cooperation will help enhance Saudi Arabia's international status and influence and promote friendly relations between the two countries. With the successful signing and implementation of energy storage projects, Saudi Arabia will attract more international investment and technology transfer. This will bring more development opportunities and cooperation opportunities for Saudi Arabia and promote its comprehensive economic and social progress.

To sum up, the signing of the world's largest energy storage project and landing in Saudi Arabia is an important event in the field of new energy, which not only shows the company's strong strength and technical advantages in the field of new energy, but also provides a strong guarantee for the stability and reliability of the Saudi power grid, and helps to promote the realization of Saudi Arabia's "Vision 2030". It will also have a profound impact on Saudi Arabia's energy transformation and the development of the global energy storage market. Together, these impacts will drive the continued development and prosperity of the Saudi energy industry.