Chinese PV Industry Brief: JinkoSolar to sell 49% of storage subsidiary


JinkoSolar has revealed that it plans to sell a 49% stake in its wholly owned Jinko Energy Storage subsidiary to Haining Xinchao. The investment firm has reportedly agreed to pay CNY 1.5 billion ($209 million) to acquire the stake in Jinko Energy Storage.

Sungrow said it plans to spin off Sungrow New Energy so it can list its shares on a stock exchange in China. Sungrow New Energy generated CNY 11.6 billion of revenue and a profit of CNY 1.37 billion in 2022. In the first half of this year, it recorded CNY 7.56 billion of revenue and a profit of CNY 870 million.

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Inner Mongolia‘s authorities have announced a new 3.57 GW/14.36 GW storage project, featuring various technologies such as compressed air, gravity, and flywheel storage across two municipalities. The region is targeting the launch of electrochemical energy storage by December 2024 and other forms of storage by December 2025.

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