JinkoSolar Completes the Sale of Jinko Power Downstream Business in China

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JinkoSolar Completes the Sale of Jinko Power Downstream Business in China

November 15, 2016 Anand Gupta

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November 15, 2016 Anand Gupta

JinkoSolar Holding Co., Ltd., a global leader in the photovoltaic industry, recently announced the completion of the sale of all of the 55% equity interest it indirectly held in Jiangxi JinkoSolar Engineering Co., Ltd., a developer and operator of solar power projects in the People’s Republic of China, to Shangrao Kangsheng Technology Co., Ltd. (the “Buyer”), a company formed by a buyer consortium led by Mr. Xiande Li, chairman of the board of directors of the Company, pursuant to the previously announced Share Purchase Agreement entered into by Wide Wealth Group Holding Limited, a 55%-owned indirect subsidiary of the Company, and the Buyer. As a result of the sale, JinkoSolar spun off its downstream business of Jinko Power and received US$250 million in cash.