Jul 17, 2024 03:26 PM
BUSINESS
China Solar Firms Ink Deals With Saudis for Global Expansion
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Jinko Solar’s booth at the 17th International Solar Photovoltaic Power Generation and Smart Energy Exhibition in Shanghai on June 15. Photo: VCG
(Bloomberg) — Two major Chinese solar manufacturers will build plants worth $3 billion in Saudi Arabia, highlighting efforts to globalize their production bases as they face margin pressures at home.
Shares in Jinko Solar Co. Ltd. and TCL Zhonghuan Renewable Energy Technology Co. Ltd. rose as much as 5% in Shanghai on the announcement, which also gave a boost to others in the beleaguered industry, including Tongwei Co. Ltd. and LONGi Green Energy Technology Co. Ltd.
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