JinkoSolar Holding Co., Ltd., a global leader in solar module manufacturing, has recently announced the formation of a joint venture with its majority-owned subsidiary, JinkoSolar Middle East DMCC, and two Saudi entities, Renewable Energy Localization Company and Vision Industries Company. Holding equity stakes of 40%, 40%, and 20% respectively, the parties have agreed to establish a solar cell and module production facility in Saudi Arabia, contingent on customary conditions and regulatory approvals.
This new venture aims to invest around US$1 billion in a manufacturing facility that will focus on high-efficiency solar cells and modules. With an anticipated annual output capacity of 10 GW each for solar cells and modules, the project’s timeline and production plans will be aligned with market demands.
Xiande Li, Chairman and CEO of JinkoSolar, expressed pride in the new partnership, highlighting it as a significant step in the company’s global strategy. Li praised the commitment to N-type technology and environmental sustainability of both partners, expressing optimism for a greener future.
Mohammed AlBalaihed, Head of MENA Energy and Utilities Sector at PIF and Chairman of RELC, also shared enthusiasm for the joint venture, emphasizing the synergy between JinkoSolar’s advanced technology and local expertise. AlBalaihed underlined the initiative’s alignment with Saudi Arabia’s Vision 2030 for a sustainable future.
JinkoSolar, listed on the New York Stock Exchange as JKS, is renowned for its innovative solar solutions, serving a multitude of international markets. As of March 31, 2024, the company boasts 14 production facilities and 26 subsidiaries around the world, along with a comprehensive global sales network.
The Public Investment Fund of Saudi Arabia is recognized as one of the world’s leading sovereign wealth funds, playing a crucial role in the nation’s economic diversification and global economic shaping. Since 2015, PIF has been chaired by Crown Prince Mohammad bin Salman and has been pivotal in establishing 95 companies, targeting investments in 13 strategic sectors both locally and internationally.
The press release concludes with a reminder that it contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ from those projected.
Note: The original press release can be found at JinkoSolar’s and PIF’s official websites.
