Under the terms of the agreement, JA Solar will acquire the company for a cash consideration of RMB 198.96 million (USD$29.3 million).
Located in the Minhang Export Processing Zone within the Fengxian district of Shanghai, Shanghai Jinglong Solar Technology Co., Ltd. owns the land, building and facility currently being leased by JA Solar for its module production operation in Fengxian, Shanghai. Through the acquisition, JA Solar will acquire approximately 206,590 square meters of land, 58,706 square meters of buildings and related facilities.
The acquisition, says JA Solar, will also enhance its ability to further expand its manufacturing operation to better support customers growing requirements.
The Shanghai Jinglong Solar Technology Co., Ltd. shares were acquired from Ningjin Jinglong PV Investment Co., Ltd., which is controlled by JA Solars chairman, Baofang Jin.