JinkoSolar, a China-based solar technology company, has announced a joint venture with Saudi Arabia's Public Investment Fund (PIF) and Vision Industries to establish a solar cell and module manufacturing facility in Saudi Arabia. This $1 billion investment, funded through internal and external sources, will see PIF’s subsidiary holding 40% equity, Vision Industries 20%, and JinkoSolar's Middle East unit the remaining 40%. The facility will have an annual production capacity of 10 GW of high-efficiency solar cells and modules. According to the company, this initiative aligns with Saudi Arabia's goals to achieve net-zero emissions by 2060. Saudi Arabia supports this goal with annual tenders for new renewable energy projects totaling 20 GW and a broader target of 100-130 GW of renewable energy capacity by 2030.