JinkoSolar has secured US$225 million in fresh investment for its solar projects business and has revised its project forecast up from 400 to 600MW.
The company also indicated that it could spin out its projects arm into a separately listed yield co-type vehicle.
China Development Bank International (CBDI), New Horizon Capital and the Macquarie Greater China Infrastructure Fund (MGCIF) have each entered into separate share agreements with Jinko. The three investors will ultimately hold a 45% stake in Jinko Power, the downstream subsidiary of JinkoSolar.
Xiande Li, chairman of JinkoSolar, said the investment was a “vote of confidence” in the company, adding that its downstream business could expand internationally as a result of the new investment.
“We are very pleased to welcome CDBI, MGCIF and New Horizon as partners in our downstream business. They will not only contribute capital to further expand our project development capabilities, but will also provide a wide range of support to drive future growth,” he said.
“We also expect MGCIF to help us further tap into the global solar power market through the Macquarie Group’s global resources and network,” said Li, who also indicated that the Jinko Power subsidiary could be moving closer to an IPO.
“This round of investment marks an important milestone in our effort to spin off and list our downstream business,” he said.