JinkoSolar announced that Wide Wealth Group Holding, a 55 percent-owned indirect subsidiary of the Company, has entered into a Share Purchase Agreement (SPA) with Shangrao Kangsheng Technology (the buyer).
Subject to satisfaction or waiver of the SPA’s terms and conditions, the buyer will acquire all of the 55 percent 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 a total consideration of US$250 million in cash.
Through this transaction, JinkoSolar will spin off all its downstream business of Jinko Power and get US$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 has unanimously approved the SPA and the transactions contemplated thereby, JinkoSolar said in a statement.
Rajani Baburajan