Summary by Moomoo AI
JinkoSolar's subsidiary, JinkoSolar Middle East DMCC, has entered into a shareholders agreement with RELC and VI to form a joint venture in Saudi Arabia. The venture aims to build and operate a high-efficiency solar cell and module manufacturing facility with an expected annual production capacity of 10 GW each. The total investment is estimated at approximately $1 billion.The equity distribution in the joint venture will be 40% for JinkoSolar Middle East, 40% for RELC (a PIF subsidiary), and 20% for VI. This strategic partnership aligns with JinkoSolar's globalization strategy and Saudi Arabia's Vision 2030. The project is subject to customary preconditions, including regulatory approvals.The collaboration leverages JinkoSolar's advanced N-type technology and local expertise to drive innovation in the solar industry. It represents a significant step in optimizing JinkoSolar's global manufacturing and marketing infrastructure, while contributing to Saudi Arabia's renewable energy goals.
