JinkoSolar has raised $225 million in funding in a round led by China Development Bank International and the Macquarie Greater China Infrastructure Fund. The capital will be used for JinkoSolar’s downstream solar power project business.
SHANGHAI, Nov. 18, 2014 /PRNewswire-FirstCall/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), a global leader in the solar industry, today announced that it closed the private equity investment led by China Development Bank International (“CDBI”) and the Macquarie Greater China Infrastructure Fund (“MGCIF”), a fund managed by Macquarie Infrastructure and Real Assets, of an aggregate amount of US$225 million in the Company’s downstream solar power project business.
JinkoSolar Power Engineering Group Limited (“Jinko Power”), a subsidiary of JinkoSolar that develops and operates its downstream solar power project business, entered into definitive share purchase agreements with each of CDBI, MGCIF and New Horizon Capital (“New Horizon”). Under the share purchase agreements, CDBI, MGCIF and New Horizon have agreed to invest an aggregate amount of US$225 million in Jinko Power. As of the date of this press release, all rounds of investments by the three investors have closed, and the Company has also completed additional capital contribution to Jinko Power. The three investors hold a total of approximately 45% of Jinko Power’s equity interest. They will provide support and additional resources to facilitate the spin off and listing of Jinko Power and the downstream business development in terms of project financing, project development, project operation and global green energy network.
About JinkoSolar Holding Co., Ltd.
JinkoSolar is a global leader in the solar industry with production operations in Jiangxi and Zhejiang Provinces in China and sales and marketing offices in Shanghai and Beijing, China; Munich, Germany; Bologna, Italy; Zug, Switzerland; San Francisco, the United States; Queensland, Australia; Ontario, Canada; Singapore; Tokyo, Japan and Cape town, South Africa.
JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 2.3 GW for silicon ingots and wafers, 1.8 GW for solar cells, and 2.8 GW for solar modules, as of September 30, 2014. JinkoSolar sells electricity in China and distributes its solar products to a diversified customer base in the global PV market, including Germany, Italy, Belgium, Spain, the United States, Eastern Europe, China, India, Japan, South Africa, and other countries and regions.
To find out more, please see: www.jinkosolar.com