JinkoSolar’s Principal Operating Subsidiary Raises USD 458 Million

JinkoSolar Holding has announced the completion of USD 458 million equity financing by its principal operating subsidiary Jiangxi Jinko.

JinkoSolar Holding, one of the largest solar module manufacturers in the world, has announced the completion of an RMB 3.1 billion (approximately USD 458 million) equity financing by its principal operating subsidiary Jinko Solar Co., Ltd. (Jiangxi Jinko).

As previously announced by the firm, the equity financing was conducted to qualify Jiangxi Jinko for a listing on the Shanghai Stock Exchange’s Sci-Tech innovation board (the “STAR Market”) and to raise additional capital to support its continuous expansion. \

Immediately after the closing, reputable Chinese third-party investors including China Industrial Bank Group, CIIT Asset Management, YunShang Fund, Huaho Capital, and China Capital Management, China Securities Investment, together with JinkoSolar’s founders and senior management personnel, directly or through their investment arms, will collectively own approximately a 26.7 percent equity interest in Jiangxi Jinko.

Kangping Chen, Chief Executive Officer of JinkoSolar, said “the successful completion of this fundraising marks an important milestone for us and takes us one step closer to the planned listing of Jiangxi Jinko in China. It also provides us with the capital to expand our capacity and further strengthen our leading position in R&D. We are thankful for the strong support from our new investors and are committed to creating sustainable value for all our shareholders.”

Following the closing of this transaction, the module manufacturer will actively prepare for the planned STAR Market listing of Jiangxi Jinko pursuant to relevant laws and regulations in China. It stated that it remains fully committed to its shareholders and its NYSE listing and will remain the majority and controlling shareholder of Jiangxi Jinko after its STAR Market listing.

In July, we had reported that the bidder consortium, formed by French EDF Group subsidiary, EDF Renewables and Chinese Jinko Power, both global leaders in renewable energy, has been awarded the Al Dhafra solar project in Abu Dhabi, United Arab Emirates. With a capacity of 2 GW, it will be the world’s largest single-project solar plant and will generate the equivalent electricity to power over 160,000 local households each year.