Chinese module maker JinkoSolar is leading a consortium that plans to build a 10 GW solar cell and module factory at an unspecified location in Saudi Arabia.
The company operates through its local subsidiary, JinkoSolar Middle East DMCC, and partners with Saudi consultancy Vision Industries (VI) and Renewable Energy Localization Company (RELC), a wholly owned unit of the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia.
“Under the agreement, Jinko Middle East, RELC and VI agree to form a joint venture in Saudi Arabia, with Jinko Middle East, RELC and VI having 40%, 40% and 20% equity interests respectively,” JinkoSolar said in a statement. . “The establishment of the joint venture is subject to customary conditions, including obtaining required regulatory approvals.”
The $1 billion project is to be financed through internal funds and external financing. The company has not disclosed more details about the plan.
Bin Omairah Holding currently operates a 1.2 GW solar panel assembly plant in Saudi Arabia. The facility is located in the industrial district of Tabuk, northwestern Saudi Arabia. Spanish PV equipment supplier Mondragon Assembly supplied the factory’s production equipment.
This content is copyrighted and may not be reused. If you would like to collaborate with us and reuse some of our content, please contact: editors@pv-magazine.com.
Popular content
