JinkoSolar, a solar panel manufacturer based in China, has announced its plans to establish a joint venture with Saudi Arabia’s sovereign wealth fund and a local renewable energy company. This partnership aims to construct a solar cell and module production facility in the Kingdom.
The venture is slated to attract an investment of approximately $1 billion, which will be sourced from both internal funds and external financing options.
The Renewable Energy Localization Company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), along with Vision Industries, will own 40% and 20% of the joint venture’s equity, respectively. JinkoSolar’s Middle East division will retain the remaining stake.
With ambitious production targets, the facility is expected to reach an annual output capacity of 10 gigawatts each for high-efficiency solar cells and modules, according to JinkoSolar.
As part of Saudi Arabia’s broader environmental goals, the nation has set a target to achieve net zero emissions by 2060. The Saudi energy ministry has also declared its intention to launch annual tenders for new renewable projects, aiming to reach a capacity of between 100 GW and 130 GW by 2030.
