This aerial photo shows the construction site of a photovoltaic (PV) power project in north China's Tianjin, Feb. 7, 2023. (Xinhua/Sun Fanyue)

Chinese photovoltaic (PV) firm TCL Zhonghuan Renewable Energy Technology Co., Ltd (TZE, 002129.SZ) on Wednesday signed a cooperation agreement with Vision Industries Company, a Saudi Arabian new energy company, reported China Securities Journal.

The two sides have shaken hands on establishing a joint venture to carry out new projects of PV products and materials in Saudi Arabia, as a bid to promote energy transformation of the country, as well as the greater Middle East region.

This partnership marks an important progress of TZE's efforts in promoting the globalization of new energy PV industry based on the ESG (Environmental, Social, and Governance) concept for sustainable development, according to the company.

Relying on its advanced manufacturing model, TZE is committed to building a PV industry base with global competitiveness in the Middle East region, providing a solid foundation for the company's industrial globalization and manufacturing localization, according to TZE.