JinkoSolar to sell 45% in downstream solar ops for USD 225m

Jul 30, 2014 - China-based JinkoSolar Holding Co Ltd (NYSE:JKS) said today that three entities will invest a total of USD 225 million (EUR 167.9m) in its downstream solar power project business in return for a minority stake.

In particular, China Development Bank International (HKG:1062) or CDBI, a fund managed by Macquarie Infrastructure and Real Assets (MIRA) called Macquarie Greater China Infrastructure Fund (MGCIF) and New Horizon Capital have agreed to buy a 45% stake in JinkoSolar Power Engineering Group Ltd.

"This round of investment marks an important milestone in our effort to spin off and list our downstream business,” JinkoSolar’s chairman Xiande Li stated. He also noted the company is, as a result of the investments, raising its full-year project development forecast to over 600 MW from 400 MW. Now, the firm expects its downstream capacity to surpass 800 MW by the year end.

MGCIF’s investment has already been completed, while the transactions involving CDBI and New Horizon are seen to be finalised in the near future, the photovoltaic (PV) module maker and solar park operator said.

(USD 1.0 = EUR 0.746)

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