July 16 (Reuters) - China-based JinkoSolar ( JKS ) said

on Tuesday it would form a joint venture with Saudi Arabia's

sovereign wealth fund and a privately owned Saudi renewable firm

to build a solar cell and module manufacturing facility.

The company said the facility in Saudi Arabia is expected to

have a total investment of about $1 billion and would be funded

through a combination of internal and external financing.

Renewable Energy Localization Company, a unit of the Public

Investment Fund (PIF) of Saudi Arabia and Vision Industries

would hold 40% and 20% equity interests in the JV, respectively.

JinkoSolar's ( JKS ) middle east unit would hold the rest of the

equity interest, the company said.

The facility is expected to hit an annual production

capacity of 10 gigawatt for each of high-efficiency solar cells

and solar modules, JinkoSolar ( JKS ) said.

Saudi Arabia aims to reach net zero emissions by 2060 and

its energy ministry had said in June the country would start

annual tenders this year for new renewable energy projects with

total capacity of 20 GW, with the aim of reaching between 100 GW

and 130 GW by 2030.