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A consortium led by JinkoSolar has announced plans to build a 10 GW solar cell and module factory in Saudi Arabia with PIF and Vision Industries Company.
Chinese module maker JinkoSolar is leading a consortium planning to build a 10GW solar cell and module factory at an unspecified location in Saudi Arabia.
The company is operating through its local subsidiary, JinkoSolar Middle East DMCC, and partnering with Saudi Arabia-based consultancy Vision Industries (VI) and Renewable Energy Localization Company (RELC), a wholly owned unit of Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund.
“Pursuant to the agreement, Jinko Middle East, RELC and VI agree to form a joint venture in Saudi Arabia in which Jinko Middle East, RELC and VI will hold 40%, 40% and 20% equity interests, respectively,” JinkoSolar said in a statement. “The formation of the joint venture is subject to customary preconditions, including obtaining required regulatory approvals.”
The $1 billion project will be financed with internal funds and external financing. The company did not reveal further details about the plan.
Bin Omairah Holding currently operates a 1.2 GW solar module assembly plant in Saudi Arabia. The facility is located in the Tabuk industrial district in northwestern Saudi Arabia. Spanish PV equipment supplier Mondragon Assembly supplied the factory’s production equipment. |
