JinkoSolar to form Saudi Arabia JV to produce solar cells and modules
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JinkoSolar (NYSE:JKS) +2.1% pre-market Tuesday after saying it is forming a joint venture with Renewable Energy Localization Company – part of Saudi sovereign wealth fund Public Investment Fund – and Vision Industries to build and operate a high-efficiency solar cell and solar module manufacturing facility in Saudi Arabia.
JinkoSolar (JKS), RELC and Vision will hold respective 40%, 40% and 20% equity stakes in the JV.
The manufacturing facility is expected to have a total investment amount of ~$1B, to be funded through a combination of its internal funds and external financing, and is expected to achieve production capacity of 10 GW/year for each of high-efficiency solar cells and solar modules.
“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,” said Mohammed Al Balaihed, Head of MENA Energy and Utilities Sector of Public Investment Fund and Chairman of RELC.