JinkoSolar Holding Co., Ltd. subsidiary, JinkoSolar Middle East DMCC (Jinko Middle East), entered into a shareholders agreement with Renewable Energy Localization Company (RELC), a wholly-owned subsidiary of Public Investment Fund (PIF). The national champion in the manufacturing of renewable and green energy technologies, Vision Industries Company (VI), a limited liability company incorporated in Saudi Arabia is a leading investor and developer of green energy industrial projects and local supply chains.
Under the Agreement, Jinko Middle East, RELC, and VI agree to form a joint venture in Saudi Arabia with Jinko Middle East, RELC, and VI holding 40%, 40%, and 20% equity interest, respectively. The formation of the joint venture is subject to customary preconditions, including obtaining the requisite regulatory approvals.
The joint venture will build and operate a high-efficiency solar cell and solar module manufacturing facility in Saudi Arabia. The manufacturing facility is expected to have a total investment amount of approximately US$1 billion and will be funded through a combination of its internal funds and external financing. The detailed production plan and schedule for the manufacturing facility will be subject to market conditions. Upon production, the manufacturing facility is expected to achieve an annual production capacity of 10 GW for each of the high-efficiency solar cells and solar modules.
Xiande Li, Chairman and CEO of JinkoSolar, commented, “We are extremely proud to enter into this strategic partnership with RELC and VI, two leaders in their respective fields. This partnership is another major milestone in the execution of our globalization strategy, and will further help us optimize our global manufacturing and marketing infrastructure, as well as enhance our global competitiveness. We thank our partners for their trust in JinkoSolar’s outstanding N-type technology and dedication to environmental sustainability. Together with our new partners, we will work towards shaping a cleaner and brighter future.”
Mohammed AlBalaihed, Head of the MENA Energy and Utilities Sector of PIF and Chairman of RELC, commented, “We are excited to partner with JinkoSolar on this groundbreaking joint venture. 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. This collaboration is a significant milestone in advancing Saudi Arabia’s Vision 2030, and we look forward to working together to achieve our shared vision of a sustainable future.”
