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 is operating through its local subsidiary, JinkoSolar Middle East DMCC, and partnering with Saudi-based consultancy Vision Industries (VI) and Renewable Energy Localization Company (RELC), a wholly-owned unit of Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia.
“Pursuant to the Agreement, Jinko Middle East, RELC and VI agree to form a joint venture in Saudi Arabia with Jinko Middle East, RELC and VI holding 40%, 40% and 20% equity interest, respectively,” JinkoSolar said in a statement. “The formation of the joint venture is subject to customary preconditions, including obtaining the requisite regulatory approvals.”
The $1 billion project should be financed through internal funds and external financing. The company did not reveal more details about the plan.
Bin Omairah Holding currently operates a 1.2 GW solar module assembly factory in Saudi Arabia. The facility is located in the industrial district of Tabuk, northwestern Saudi Arabia. Spanish PV equipment supplier Mondragon Assembly provided the factory's production equipment.
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