JinkoSolar Middle East DMCC (referred to as "JinkoSolar Middle East"), a wholly-owned subsidiary of JinkoSolar Energy, signed a shareholder agreement with Renewable Energy Localization Company (referred to as "RELC"), a wholly-owned subsidiary of The Public Investment Fund of the Kingdom of Saudi Arabia (PIF), and Vision Industries Company 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.
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 company's own or self raised funds.