JinkoSolar has announced a strategic collaboration to establish a state-of-the-art facility dedicated to the production of solar cells and modules in Saudi Arabia. The joint venture is poised to invest a substantial sum of $1 billion into this ambitious project.
Ownership of the venture will be distributed among JinkoSolar Middle East, holding a 40 percent stake, Renewable Energy Localization, a subsidiary of the Public Investment Fund (PIF) also with 40 percent, and Vision Industries Company, contributing 20 percent.
The new facility is projected to reach an impressive annual production capacity of 10 GW for both high-efficiency solar cells and modules. This move is expected to significantly enhance the solar manufacturing capabilities within the region.
Xiande Li, Chairman and CEO of JinkoSolar, expressed that this new partnership represents a significant step in the company’s global expansion strategy. It aims to optimize their manufacturing and marketing framework on a global scale while simultaneously boosting their competitive edge in the industry.
