New York Stock Exchange-listed Chinese solar panel manufacturer JinkoSolar Holding Co., Ltd. says that China Development Bank International (CDBI), the Macquarie Greater China Infrastructure Fund and Chinese private equity firm New Horizon Capital have agreed to invest a total of US$225 million in the company’s downstream solar power project business, according to a company announcement.
No further details of the investment are disclosed.
Upon completion of the investment, the three investors will hold a total of approximately 45% stake of JinkoSolar Power Engineering Group Limited, a subsidiary that develops and operates its downstream solar power project business.
The investment by the Macquarie fund has already closed, and the investments by CDBI and New Horizon are expected to close in the near future.
The three investors are expected to provide support and additional resources to facilitate Jinko Power’s business development in terms of project financing, project development, project operation and global green energy network.
"With the added strengths of these new partnerships, we are revising our full-year 2014 project development guidance upwards from 400 megawatt to above 600 megawatt. Our downstream capacity will exceed 800 megawatt by end 2014," says Li Xiande, chairman of JinkoSolar.
(Update on November 18, 2014: JinkoSolar announces that all rounds of investments by the three investors have closed, and it has also completed additional capital contribution to Jinko Power, without specifying details.
The company disclosed that the three investors will provide support to facilitate a spin off and listing of Jinko Power.)