Jinko finalizes sale of downstream business in China

JinkoSolar will stick to its solar manufacturing activities in China now, after completing the sale of its downstream business Jinko Power that is active in the Chinese market. The deal has been concluded in efficient fashion, after the company only made the agreement announcement last month.

The deal is for its 55% equity stake in its subsidiary, Wide Wealth Group Holding, which had been held by Jiangxi JinkoSolar Engineering. The sale was made to Shangrao Kangsheng Technology, which was formed by a buyer consortium led by Xiande Li, who is believed to be financing the deal through personal funds and debt financing.

The Jinko Power business was a move away from Jinko’s more established role as a solar cell and module manufacturer. The downstream business had been mainly concerned with the development and operation of utility-scale solar power plants in China.

The company agreed to sell the downstream business last month, which suggested to industry onlookers that Jinko sees its future in the manufacturing side of the solar industry, rather than the project development side.