JinkoSolar Announces Major Joint Venture in Saudi Arabia for 10 GW Solar Production
JinkoSolar partners with RELC and VI to establish a $1 billion, 10 GW solar cell and module facility in Saudi Arabia, advancing Vision 2030 and enhancing global renewable energy capabilities and sustainability.
July 17, 2024. By EI News Network
The joint venture will see JinkoSolar Middle East DMCC, RELC, and VI holding 40 per cent, 40 per cent and 20 per cent equity interests, respectively. The USD 1 billion project, funded by internal and external sources, aims to produce 10 GW annually of high-efficiency solar cells and modules. The venture is pending customary regulatory approvals.
Commneting on this venture, Xiande Li, Chairman and CEO of JinkoSolar,said, “We are proud to partner with RELC and VI. This venture is a key milestone in our global strategy, enhancing our manufacturing and marketing capabilities. Our collaboration will help shape a cleaner, brighter future.”
Mohammed AlBalaihed, Head of MENA Energy and Utilities Sector of PIF and Chairman of RELC, further added, “We're excited about this partnership. Leveraging JinkoSolar’s advanced technology and our local expertise, we aim to set new industry benchmarks and advance Saudi Arabia’s Vision 2030 towards a sustainable future."
With this, this partnership indicates a significant advancement in Saudi Arabia's renewable energy sector, aligning with the nation’s Vision 2030 goals.
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