Chinese solar module manufacturer JinkoSolar Holding Co Ltd (NYSE:JKS) said today it is forming a joint venture in Saudi Arabia to establish a factory that will produce 10 GW of solar cells and modules.
The company’s indirectly majority-owned subsidiary JinkoSolar Middle East DMCC has agreed to create the joint venture with Renewable Energy Localization Company (RELC), a wholly-owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF), and Vision Industries Company (VI), a Saudi Arabian green energy investor and developer. Jinko Middle East, RELC and VI will own 40%, 40% and 20% of the joint venture, respectively.
The partners plan to build and operate a manufacturing facility in Saudi Arabia that is expected to reach an annual production capacity of 10 GW for each of high-efficiency solar cells and solar modules. The investment is estimated at USD 1 billion (EUR 917m), which will be funded through a mix of the joint venture’s internal funds and external financing.
The detailed production plan and schedule for the plant will be subject to market conditions, JinkoSolar specified.
“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,” stated JinkoSolar chairman and CEO Xiande Li.
Mohammed AlBalaihed, head of MENA Energy and Utilities Sector of PIF and chairman of RELC, said the collaboration will advance 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,” commented Mohammed AlBalaihed.
(USD 1.0 = EUR 0.917)
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