Jinko Solar Co. by JinkoSolar Ltd. (Jiangxi Jinko) subsidiary has agreed to sell its 100% stake in Xinjiang Jinko Solar Co., Ltd. (Xinjiang Jinko) for 4.3 billion yuan ($609 million). Separately, the group said it has agreed to build a 56 billion yuan vertical integration base in China’s Shanxi province.
JinkoSolar has announced the sale of its wholly-owned subsidiary Jinko Solar Co., Ltd. (Jiangxi Jinko) to Xinjiang Jinko Solar Co., Ltd. (Xinjiang Jinko).
The agreement was negotiated under normal commercial terms and is expected to reduce operating costs, increase production efficiency and optimize utilization of Jiangxi Jinko’s facilities.
The sale is subject to customary closing conditions, including regulatory approval and payment. Currently, JinkoSolar owns approximately 58.62% of the shares of Jiangxi Jinko.
Separately, JinkoSolar said it has signed investment agreements with the local government of Shanxi Province to build a foundation for vertical integration. The total planned investment is estimated at 56 billion yuan.
The project consists of four parts, which will be completed in 24 months. Each phase includes capacity for ingots, wafers, cells and modules, totaling up to 14 GW. The first phase is scheduled to be commissioned in the first quarter of 2024, and the entire project will be commissioned in 2025.
In April, JinkoSolar said it had delivered 10 GW of Tiger Neo modules to large customers in 2022.