Leading solar manufacturer JinkoSolar has unveiled plans to establish a solar production base through a joint venture in Saudi Arabia, with backing from the kingdom’s sovereign fund and a local renewable energy firm. This collaboration marks a significant boost to the region’s solar energy capabilities.
With an anticipated investment of roughly $1 billion, the proposed facility is slated for a mix of internal funding and external financial support. The advanced manufacturing hub is poised to significantly enhance solar cell and module production.
The joint venture will see ownership divided among the Saudi Public Investment Fund’s subsidiary Renewable Energy Localization Company, which will claim a 40% stake, and Vision Industries with a 20% stake. JinkoSolar’s Middle Eastern division will secure the remaining equity.
The ambitious project aims to achieve an impressive annual output, targeting 10 gigawatts each of high-efficiency solar cells and modules. This capacity expansion is aligned with Saudi Arabia’s commitment to achieving net-zero emissions by the year 2060.
In support of this goal, the Saudi energy ministry has announced plans to launch annual tenders for new renewable projects, seeking to boost its renewable capacity to as much as 130 gigawatts by 2030. This joint venture is a strategic step towards realizing these renewable energy aspirations.
