On 16 July 2024,JinkoSolar,the global leading PV and ESS supplier,announced the signing of a shareholders agreement with Vision Industries Company(Vision Industries)and Renewable Energy Localization Company(RELC)to establish a large-scale solar cell and module factory in Saudi Arabia.

The new facility is expected to produce 10GW of high-efficiency solar cells and modules per year,with an estimated investment of US$1 billion.A joint venture will be established by the three companies to oversee the investment and construction of the factory and to distribute the products.JinkoSolar Middle East DMCC(Jinko Middle East),an indirectly majority-owned subsidiary of JinkoSolar,holds 40%,RELC,a subsidiary of Saudi Arabia's Public Investment Fund(PIF),holds 40%,and Vision Industries,a leading Saudi Arabian clean energy developer,holds 20%.

This new facility is a significant step in promoting the transition to new energy sources in the Middle East-North Africa region.It will enable Saudi Arabia to localise advanced renewable energy technologies and maximise local content,meeting domestic,regional,and international demand.They support PIF’s efforts to position Saudi Arabia as a global exporter of renewable energy products and services.The involvement of Vision Industries and Chinese companies demonstrates PIF’s strategy to attract international investment and strengthen local supply chains.

（Picture: Veer）