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Photovoltaic big news! Two leading A-share companies plan to establish joint ventures in Saudi Arabia

白云追月素
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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

On the same evening, TCL Zhonghuan released an announcement on the signing of investment contracts for Middle East projects and the progress of cooperation with Vision Industries Company, stating that the company plans to sign a shareholder agreement with VI and RELC to establish a joint venture to jointly build a 20GW photovoltaic crystal chip project in Saudi Arabia (hereinafter referred to as the "Middle East Project"). The total investment of this project is expected to be approximately 2.08 billion US dollars. TCL Zhonghuan holds a 40% stake through its wholly-owned subsidiary LumeTech S.A.PTE.LTD in Singapore, RELC holds a 40% stake, and Vision Industries holds a 20% stake. The joint venture's business includes the manufacturing, assembly, and sales of solar photovoltaic crystals and chips.
TCL Zhonghuan stated that the Middle East project will fully leverage the company's long-term accumulated advantages in technology, intelligent manufacturing, and operational management in the field of new energy photovoltaics. Relying on PIF's national strategic functions and government resources, as well as VI and its shareholders' regional resources, industrial investment experience, and localization experience, it will establish a technologically leading photovoltaic industry chain in Saudi Arabia, create a globally competitive green energy industry benchmark in the Middle East, and jointly promote energy transformation in the region.
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