Saudi Arabia to Operate the World’s Largest Solar Energy Plant by 2026

In a landmark announcement, JinkoSolar Co., the world’s leading solar panel manufacturer by shipments, revealed its plans to establish the largest solar energy plant globally in Saudi Arabia. The new factory, slated to commence operations in early 2026, will specialize in producing high-stability N-type solar cells and modules, significantly boosting solar cell efficiency.

This ambitious venture represents JinkoSolar’s largest foreign investment, valued at approximately $1 billion. The facility will have an annual production capacity of at least 10 GW, making it the largest overseas manufacturing base for Chinese photovoltaic products. This development marks JinkoSolar’s fourth overseas unit, complementing its facilities in Malaysia, Vietnam, and the United States. The new plant will meet local demand and serve as a hub for exporting technology, patents, expertise, and services worldwide.

Qian Jing, Vice President of JinkoSolar, highlighted the strategic advantages of the Saudi market, citing its robust industrial base, ample financing resources, and rapid growth in the renewable energy sector. “Saudi markets offer better credit, sufficient financing resources, and have become one of the fastest-growing regions for new energy development in the Middle East,” Qian stated. “Its strong industrial base makes it an excellent choice for Chinese solar companies looking to expand abroad.”

Strategic Partnership with Public Investment Fund (PIF)

On July 16, 2024, JinkoSolar announced a strategic partnership with Saudi Arabia’s Public Investment Fund (PIF) and Vision Industries to establish the 10 GW solar cell and module manufacturing plant. The partnership structure allocates 40% of the project’s shares to JinkoSolar, 40% to RELC (a unit of PIF), and 20% to Vision Industries. The collaboration aims to position Saudi Arabia as a key player in the global renewable energy sector, leveraging local demand and technological exports.

This project, alongside Saudi Arabia’s broader Vision 2030 initiative, underscores its commitment to diversifying its energy sources and expanding its renewable energy footprint. The new facility not only represents a significant technological advancement but also a major step towards achieving a sustainable future.