JinkoSolar gains after forming JV with Saudi's PIF and Vision Industries

JinkoSolar Holding

16/07/2024 15:50

** U.S.-listed shares of China-based JinkoSolar  JKS.N  up
3.8% at $22.45
    ** Company to form a joint venture with Saudi Arabia's
sovereign wealth fund and a privately owned Saudi renewable firm
to build a solar cell and module manufacturing facility
    ** JKS says the facility will produce 10 gigawatt of solar
cells and modules and the companies expect to invest about $1
bln in it
    ** Renewable Energy Localization Company, a unit of the
Public Investment Fund (PIF) of Saudi Arabia, and Vision
Industries will hold 40% and 20% equity interests in the JV,
with JKS holding the rest
    ** Including session's gains, stock down 39.2% YTD 

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))