08:27 AM EDT, 07/16/2024 (MT Newswires) -- JinkoSolar Holding ( JKS ) said Tuesday that its unit, JinkoSolar Middle East DMCC, has agreed to establish a joint venture with Renewable Energy Localization, and Vision Industries, in Saudi Arabia.

The company said JinkoSolar Middle East DMCC, Renewable Energy Localization, and Vision Industries will hold 40%, 40% and 20% equity interest, respectively, in the joint venture.

It said the joint venture plans to construct and manage a high-efficiency solar cell and module manufacturing plant in Saudi Arabia, with an estimated investment of $1 billion.

The company said the project will be funded through internal resources and external financing, and that the facility targets an annual production capacity of 10 GW each for high-efficiency solar cells and modules once it is operational.

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