On the evening of July 16th, JinkoSolar Middle East DMCC (hereinafter referred to as "JinkoSolar Middle East"), a wholly-owned subsidiary of JinkoSolar Energy, signed a shareholder agreement with Renewable Energy Localization Company (hereinafter referred to as "RELC"), a wholly-owned subsidiary of the Public Investment Fund of the Kingdom of Saudi Arabia (hereinafter referred to as "PIF"), and Vision Industries Company (hereinafter referred to as "VI") to establish a joint venture in the Kingdom of Saudi Arabia to construct a 10GW high-efficiency battery and module project. The joint venture will be included in the company's consolidated financial statements. Among them, Jinko Middle East, RELC, and VI hold 40%, 40%, and 20% of the shares respectively, and each shareholder will subscribe according to their shareholding ratio after establishment.
According to the announcement, the total investment of the project is approximately 3.693 billion Saudi riyals (about 985 million US dollars), and the funding source is the joint venture's own or self raised funds.
JinkoSolar stated that the company will make reasonable efforts to assist the joint venture in achieving its goals and provide IP authorization, research and development, sales, and marketing services to the joint venture in accordance with relevant agreements.
[align center] Company Announcement