JinkoSolar unit to sell entire stake in Xinjiang JinkoSolar subsidiary

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JinkoSolar has announced the sale of its complete 100% equity interest in Xinjiang Jinko Solar Co., Ltd. (Xinjiang Jinko) by its subsidiary, Jinko Solar Co., Ltd. (Jiangxi Jinko).

The deal, valued at CNY 4.3 billion, will see Ziyang Major Industry Equity Investment Fund Partnership and Shihong Dong acquire the stake. Following the transaction's completion, Jiangxi Jinko will no longer have any equity interest in Xinjiang Jinko.

The agreement was negotiated under normal commercial terms and is expected to reduce operational costs, enhance production efficiency, and optimize facility utilization for Jiangxi Jinko.

The sale is contingent upon customary closing conditions, including regulatory approval and payment. Currently, JinkoSolar holds a majority equity interest of around 58.62% in Jiangxi Jinko.

Separately, JinkoSolar said that it has signed investment agreements with the local government of Shanxi province to build a vertical integration base. The total planned investment has been estimated at CNY 56 billion.

The project consists of four sections that will be completed over a span of 24 months. Each phase will encompass capacity for ingots, wafers, cells, and modules, up to a total of 14 GW. The first phase is scheduled for commissioning in the first quarter of 2024, with the full project to be fully commissioned in 2025.

In April, JinkoSolar said that it delivered 10 GW of Tiger Neo modules to major customers in 2022.

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