JinkoSolar’s founder to purchase majority stake in Jinko Power for US$250 million

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
JinkoSolar said its founder and chairmen, Xiande Li would purchase a major share it the downstream PV power plant business, Jinko Power for US$250 million.

Leading ‘Silicon Module Super League’ (SMSL) member JinkoSolar said its founder and chairmen, Xiande Li would purchase a major share it the downstream PV power plant business, Jinko Power for US$250 million. 

In a convoluted deal, JinkoSolar said that Wide Wealth Group Holding Limited, a 55%-owned indirect subsidiary of JinkoSolar had entered into a Share Purchase Agreement (SPA) with Shangrao Kangsheng Technology Co., Ltd, formed by a consortium led by chairman Li. 

As the buyer, Li would acquire all of the 55% equity interest indirectly held by JinkoSolar in Jiangxi JinkoSolar Engineering Co., Ltd., the developer and operator arm of JinkoSolar’s power projects in China, for a total of US$250 million in cash.

The transaction was expected to close during the fourth quarter of 2016. JinkoSolar had 1.13GW of completed PV power plant projects at the end of the second quarter of 2016. 

The company had previously highlighted intentions to spin off the downstream business to provide extra liquidity and deleverage its balance sheet, due to the asset-heavy aspect of PV power plants held on its balance sheet. The debt related to solar power projects was around US$1 billion at the end of the second quarter of 2016.

Solar Media is hosting the third Solar Finance & Investment USA conference in New York on 25-26 October 2016.

Read Next

January 13, 2022
Reliance Industries has signed a Memorandum of Understanding (MoU) with the government of Gujarat for a total investment of INR5.955 lakh crore (US$80 billion) over 10-15 years to establish 100GW of renewables and set up green technology manufacturing facilities in the state.
January 13, 2022
Finlay Colville, head of market research at Solar Media, reveals the top ten PV module suppliers last year in the first of a two-part blog, exploring not just shipment volumes but also the overall supplier bankability.
January 10, 2022
N-type solar modules produced up to 5.26% more power than p-type counterparts, delivering advantages to project LCOE and IRR, in new analysis conducted by TÜV Nord.
January 6, 2022
JinkoSolar has revealed new details regarding its prospective initial public offering (IPO), confirming an offering schedule, placement size and that n-type cell and modules will be the focus of capacity expansions.
January 6, 2022
JinkoSolar has won a tender issued by the China Petroleum Engineering and Construction Corporation (CPECC), an affiliate company of the China National Petroleum Corporation (CNPC), for up to 1.85GW of high efficiency TOPCon modules
January 4, 2022
A round-up of the latest solar news from the end of 2021, including Jinko Solar getting one step closer to listing its main subsidiary on the STAR Market, Massachusetts greenlighting more than 175MW of delayed projects and a couple of sizeable project acquisitions.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal