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JinkoSolar to sell Jinko Power downstream business in China

Staff Writer |
JinkoSolar Holding saidd that Wide Wealth Group Holding, a 55%-owned indirect subsidiary of the company, has entered into deal with Shangrao Kangsheng Technology, a company formed by a buyer consortium led by Xiande Li, chairman of the board of the company.

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Subject to satisfaction or waiver of the SPA's terms and conditions, the buyer will acquire all of the 55% equity interest indirectly held by JinkoSolar in Jiangxi JinkoSolar Engineering, a developer and operator of solar power projects in the People's Republic of China, for $250 million in cash.

Through this transaction, JinkoSolar will spin off all its downstream business of Jinko Power and get $250 million in cash. The transaction is currently expected to close during the fourth quarter of 2016.

The Buyer intends to fund the Purchase Price with personal funds and debt financing.

The board, acting upon unanimous recommendation of a committee of independent directors established by the board, unanimously approved the SPA and the transactions.

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