To establish a new solar cell manufacturing unit in the Middle East, JinkoSolar has joined hands with the PIF and Vision Industries of Saudi Arabia, expecting $1 billion investment.
On Tuesday, China-based JinkoSolar announced that its subsidiary, JinkoSolar Middle East DMCC, has signed a shareholders agreement with Renewable Energy Localization Company (RELC), a subsidiary of the Saudi Public Investment Fund (PIF), and Vision Industries Company (VI), a Saudi Arabian firm.
The joint venture will establish a high-efficiency solar cell and module manufacturing plant in Saudi Arabia, with an anticipated investment of about $1 billion. Jinko Middle East and RELC will each hold 40% equity, and VI will have 20%.
According to the company, the funding will come from internal resources and external financing. The production plan and schedule will depend on market conditions.
Once operational, the facility aims to achieve an annual capacity of 10 GW for both solar cells and modules. However, the exact location of the new production unit was not disclosed.
“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,” said JinkoSolar CEO Xiande Li. He further noted this partnership as a key step in their globalisation strategy to boost manufacturing and competitiveness.
Mohammed AlBalaihed, Head of the MENA Energy and Utilities Sector of PIF and Chairman of RELC, sees this joint venture as a step towards Saudi Arabia’s renewable energy goals of reaching a capacity above 100 GW by 2030.
The Public Investment Fund (PIF), chaired by Crown Prince Mohammad bin Salman, drives Saudi Arabia’s economic transformation and Vision 2030 goals. Since 2017, PIF has launched 95 companies and invested in 13 strategic sectors, aiming to boost local content and build global partnerships.
