Marking a significant leap in solar production capacity, JinkoSolar Holding Co Ltd is setting the stage for a substantial new manufacturing hub. The renowned Chinese solar module producer has unveiled plans to establish a 10-GW solar cell and module factory in Saudi Arabia through a joint venture.
As part of this strategic move, JinkoSolar Middle East DMCC—an indirectly majority-owned subsidiary of JinkoSolar—has partnered with two Saudi entities. The Renewable Energy Localization Company (RELC), a fully-fledged subsidiary of the Saudi Public Investment Fund (PIF), and the Vision Industries Company (VI), a Saudi Arabian firm focusing on green energy investment and development, will share ownership of this joint venture. The distribution of ownership is set at 40% for both Jinko Middle East and RELC, and 20% for VI.
The collaboration aims to erect and operate a state-of-the-art facility in Saudi Arabia, designed to achieve an impressive annual production capacity of 10 GW for both premium solar cells and modules. The venture comes with an estimated investment tag of USD 1 billion, which will be financed via the joint venture’s internal cash flow and external financial resources.
While the comprehensive production strategy and timetable are still being fine-tuned, the venture’s finalization will be contingent on prevailing market dynamics, as noted by JinkoSolar.
This partnership is another major milestone in the execution of our globalisation strategy, and will further help us optimise our global manufacturing and marketing infrastructure, as well as enhance our global competitiveness,
commented Xiande Li, Chairman and CEO of JinkoSolar.
Mohammed AlBalaihed, PIF’s MENA Energy and Utilities Sector head and chairman of RELC, echoed these sentiments, emphasizing that the collaboration is a stepping stone towards achieving Saudi Arabia’s Vision 2030.
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,
AlBalaihed asserted.
