SHANGRAO, China, July 16,
2024 /PRNewswire/ -- JinkoSolar Holding Co., Ltd.
("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and
most innovative solar module manufacturers in the world, today
announced that its indirectly majority-owned subsidiary, JinkoSolar
Middle East DMCC ("Jinko Middle
East"), has entered into a shareholders agreement (the
"Agreement") with Renewable Energy Localization Company ("RELC"), a
wholly-owned subsidiary of Public Investment Fund ("PIF") and
the national champion in the manufacturing of renewable and green
energy technologies, and Vision Industries Company ("VI"), a
limited liability company incorporated in Saudi Arabia which is a leading investor and
developer of green energy industrial projects and local supply
chains. Pursuant to the Agreement, Jinko
Middle East, RELC and VI agree to form a joint venture in
Saudi Arabia with Jinko Middle East, RELC and VI holding 40%, 40%
and 20% equity interest, respectively. The formation of the joint
venture is subject to customary preconditions, including obtaining
the requisite regulatory approvals.
The joint venture will build and operate a high-efficiency solar
cell and solar module manufacturing facility in Saudi Arabia. The manufacturing facility is
expected to have a total investment amount of approximately
US$1 billion, and will be funded
through a combination of its internal funds and external financing.
The detailed production plan and schedule for the manufacturing
facility will be subject to market conditions. Upon production, the
manufacturing facility is expected to achieve an annual production
capacity of 10 GW for each of high-efficiency solar cells and solar
modules.
Mr. Xiande Li, Chairman and CEO
of JinkoSolar, commented, "We are extremely proud to enter into
this strategic partnership with RELC and VI, two leaders in their
respective fields. This partnership is another major milestone in
the execution of our globalization strategy, and will further help
us optimize our global manufacturing and marketing infrastructure,
as well as enhance our global competitiveness. We thank our
partners for their trust in JinkoSolar's outstanding N-type
technology and dedication to environmental sustainability. Together
with our new partners, we will work towards shaping a cleaner and
brighter future."
Mohammed AlBalaihed, Head of MENA Energy and Utilities Sector of
PIF and Chairman of RELC, commented, "We are excited to partner
with JinkoSolar on this groundbreaking joint venture. By leveraging
JinkoSolar's advanced N-type technology and our local expertise, we
are confident that this facility will drive innovation and set new
benchmarks in the solar industry. This collaboration is a
significant milestone in advancing Saudi
Arabia's Vision 2030, and we look forward to working
together to achieve our shared vision of a sustainable
future."
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is one of the largest and most innovative
solar module manufacturers in the world. JinkoSolar distributes its
solar products and sells its solutions and services to
utility-scale, commercial and residential customers in China, the United
States, Japan, Germany, the United
Kingdom, Chile,
South Africa, India, Mexico, Brazil, the United
Arab Emirates, Italy,
Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.
JinkoSolar had 14 productions facilities globally, 26 overseas
subsidiaries in Japan,
South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the
United States, Mexico,
Brazil, Chile, Australia, Canada, Malaysia, the United
Arab Emirates, Denmark,
Indonesia, Nigeria and Saudi
Arabia, and a global sales network with sales teams in
China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan,
the United Arab Emirates,
Netherlands, Vietnam and India, as of March 31,
2024.
To find out more, please see: www.jinkosolar.com
ABOUT PIF
The Public Investment Fund (PIF) is one of the largest and most
impactful sovereign wealth funds in the world. Since 2015, when the
board was reconstituted and oversight transferred to the Council of
Economic and Development Affairs, PIF's board of directors has been
chaired by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime
Minister, Chairman of the Council of Economic and Development
Affairs, and Chairman of the Public Investment Fund. PIF plays a
leading role in advancing Saudi
Arabia's economic transformation and diversification, as
well as contributing to shaping the future of the global economy.
Since 2017, PIF has established 95 companies. PIF is building a
diversified portfolio by entering into attractive and long-term
investment opportunities in 13 strategic sectors in Saudi Arabia and globally. PIF's strategy, as
set out in the PIF Program 2021-2025 – one of the Vision 2030
realization programs – aims to enable many promising sectors and
contribute to increasing local content by creating partnerships
with the private sector, in addition to injecting at least
SAR150 billion annually into the
local economy. PIF works to transfer technologies and localize
knowledge to build a prosperous and sustainable economy
domestically. As the investment arm of Saudi Arabia, PIF looks to make unique
investments, and is building strategic alliances and partnerships
with significant international institutions and organizations,
which contribute to achieving real long-term value for Saudi Arabia, in line with the objectives of
Vision 2030. PIF has also created an operational governance model
that reflects its main tasks and objectives, in line with best
international practices. Applying this model of governance enhances
the level of transparency and effectiveness in decision-making and
future progress.
More information about PIF can be found
at: www.pif.gov.sa
Media Contact: media@pif.gov.sa
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and
as defined in the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Among other things, the quotations from management in this press
release and the Company's operations and business outlook, contain
forward-looking statements. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks is included in the
Company's filings with the U.S. Securities and Exchange Commission,
including its annual report on Form 20-F. Except as required by
law, the Company does not undertake any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
For investor and media inquiries, please contact:
In China:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com
Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com
In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale,
Arizona
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
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SOURCE JinkoSolar Holding Co., Ltd.