JinkoSolar Holding has announced plans to establish a joint venture in Saudi Arabia aimed at constructing a factory with a production capacity of 10 GW for solar cells and modules. The initiative, led by JinkoSolar Middle East DMCC, will involve partnerships with Renewable Energy Localization Company (RELC), a subsidiary of Saudi Arabia's Public Investment Fund (PIF), and Vision Industries Company (VI), a local green energy investor and developer.
Under the agreement, Jinko Middle East, RELC, and VI will hold 40%, 40%, and 20% stakes in the joint venture, respectively. The project, estimated to require USD 1 billion (EUR 917 million) in investment, will be financed through a combination of internal funds and external financing.
“This partnership is another major milestone in the execution of our globalization strategy, and will further help us optimize our global manufacturing and marketing infrastructure, as well as enhance our global competitiveness,” said JinkoSolar chairman and CEO Xiande Li.
Mohammed AlBalaihed, head of MENA Energy and Utilities Sector at PIF and chairman of RELC, emphasized that the collaboration will advance Saudi Arabia's Vision 2030 initiative. He stated, “By leveraging JinkoSolar's advanced N-type technology and our local expertise, we are confident that this facility will drive innovation and set new benchmarks in the solar industry.”
The detailed production plan and timeline for the manufacturing plant will be contingent upon market conditions, JinkoSolar noted. This venture marks a significant step towards expanding solar manufacturing capabilities in Saudi Arabia and enhancing global renewable energy infrastructure.
