PVTIME – On 16 July 2024, JinkoSolar, the global leading PV and ESS supplier, announced the signing of a shareholders agreement with Vision Industries Company (Vision Industries) and Renewable Energy Localization Company (RELC) to establish a large-scale solar cell and module factory in Saudi Arabia.
The new facility is expected to produce 10GW of high-efficiency solar cells and modules per year, with an estimated investment of US$1 billion. A joint venture will be established by the three companies to oversee the investment and construction of the factory and to distribute the products. JinkoSolar Middle East DMCC (Jinko Middle East), an indirectly majority-owned subsidiary of JinkoSolar, holds 40%, RELC, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), holds 40%, and Vision Industries, a leading Saudi Arabian clean energy developer, holds 20%.
This new facility is a significant step in promoting the transition to new energy sources in the Middle East-North Africa region. It will enable Saudi Arabia to localise advanced renewable energy technologies and maximise local content, meeting domestic, regional, and international demand. They support PIF’s efforts to position Saudi Arabia as a global exporter of renewable energy products and services. The involvement of Vision Industries and Chinese companies demonstrates PIF’s strategy to attract international investment and strengthen local supply chains.
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