Recently, Sineng Electric achieved a major breakthrough in the Middle East and Africa market, officially signing a 4GW photovoltaic (PV) inverter supply agreement for Phase 6 of the Saudi PIF Solar Power Plant Project. This marks another strategically significant order of larger scale within the same portfolio of projects in Saudi Arabia, following the company’s successful delivery of 2.6GW PV inverters for the Saudi PIF 4 Project earlier this year.
The newly contracted 4GW project is a key component of the Saudi PIF solar project cluster. Sineng Electric will supply a total of 4GW PV inverters for three of its sub-projects:
Khulis Photovoltaic Power Station: 1GW supply
Bisha Photovoltaic Power Station: 2.37GW supply
Humaij Photovoltaic Power Station: 0.664GW supply
This project will adopt Sineng Electric’s 8.8MW centralized inverter-booster integrated unit, which demonstrates prominent advantages in high-efficiency system integration, environmental adaptability, investment cost reduction, and intelligent, rapid grid connection.
As a matter of fact, Sineng Electric has maintained in-depth development in the Middle East and Africa market for many years. To date, the company’s cumulative cooperation scale in this region has exceeded 10GW, with its participation in a series of landmark projects including the Saudi Al Kahfah Photovoltaic Power Station and the Egyptian Abydos Large-scale Energy Storage Power Station.
While clinching major orders in overseas markets, Sineng Electric is also seeing critical progress in its domestic production capacity expansion.
On November 24, Sineng Electric issued an announcement stating that the company had obtained the approval from the China Securities Regulatory Commission (CSRC) for the registration of its private placement of shares, with the planned fund-raising amount not exceeding RMB 1.649 billion.
The raised funds will be primarily allocated to two key industrialization projects: the "Annual Output of 25GW String-type PV Inverters Project" and the "Annual Output of 15GW Energy Storage Converters Project". These investments will provide solid production capacity support for the company to secure global orders and expand its PV and energy storage market in the future.
Source：EnergyTrend