Chinese solar module manufacturer Jinko Solar will sell its subsidiary Xinjiang Jinko for RMB4.3 billion (US$606.7 million).
The company said that Jiangxi Jinko, subsidiary of Jinko Solar and parent company of Xinjiang Jinko, will no longer hold any shares in Xinjiang Jinko after the transaction. The company added that the transaction is to reduce Jiangxi Jinko’s operational costs, improve its production efficiency and optimise its facility mix.
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Buyers of Xinjiang Jinko included Ziyang Major Industry Equity Investment Fund Partnership and a Mr. Dong Shihong.
In addition, Jiangxi Jinko announced that it will build a manufacturing base with a capacity of 56GW in Shanxi Province. According to an agreement signed by Jiangxi Jinko and the Shanxi government, the project will be constructed in four phases with an annual production capacity of 14GW for each stage. Each phase consists of capacity for ingots, wafers, cells and modules.
The first two phases are expected to commence production in the first and second quarters of 2024, while the other two phases will be operational by 2025.