JinkoSolar to shed interest in downstream business for USD 250m
Solar modules in China. Featured Image: zhu difeng/Shutterstock.com
A consortium led by the founder and board chairman of JinkoSolar Holding (NYSE:JKS) has agreed to acquire the Chinese solar firm’s controlling stake in its downstream business for USD 250 million (EUR 225.5m) in cash, it was announced today.
Shangrao Kangsheng Technology Co Ltd, which represents the group led by Xiande Li, has signed a deal with a majority-owned indirect unit of JinkoSolar to buy the company’s entire 55% equity interest in solar plants developer and operator Jiangxi JinkoSolar Engineering Co Ltd.
The buying consortium intends to finance the transaction with personal funds and debt financing. Closing is scheduled for the fourth quarter of 2016.
As of June 30, 2016, JinkoSolar had connected some 1,130 MW of solar power capacity to the Chinese grid.