JinkoSolar strategies financial investment of almost USD 8bn in new Chinese factories

May 25, 2023 11:01 AM ET
  • Chinese solar module manufacturer JinkoSolar Holding Co Ltd (NYSE: JKS) made a couple of news on Wednesday in relation to its majority-owned principal operating subsidiary, including an enormous financial investment plan of CNY 56 billion (USD 7.94 bn/EUR 7.38 bn).
JinkoSolar strategies financial investment of almost USD 8bn in new Chinese factories

The business said in a statement that Jinko Solar Co Ltd (SHA:688223), additionally called Jiangxi Jinko, has actually entered into a financial investment structure arrangement with the Management Committee of the Transformation Comprehensive Reform Demonstration Zone in Shanxi Province where it means to develop a 56-GW complex for the manufacturing of monocrystalline silicon pull rod, silicon wafer, high-efficiency solar cells and modules.

This integrated project will be carried out in 4 phases, each including 14 GW of making capacity. The first 2 must commence manufacturing in the very first and also 2nd quarter of 2024, specifically. The completion of the 3rd and also fourth phases is prepared for 2025, according to the statement.

Since end-March 2023, JinkoSolar had 14 manufacturing facilities internationally as well as 24 abroad subsidiaries around the globe.

Also on Wednesday, the Chinese firm stated that Jiangxi Jinko, in which it holds an equity interest of 58.62%, has authorized a deal to sell a wholly-owned subsidiary called Xinjiang Jinko Solar Co Ltd to Ziyang Major Industry Equity Investment Fund Partnership and Shihong Dong. The agreed purchase cost is CNY 4.3 billion.

Jinko noted that via this divestment, its principal running system will certainly cut functional expenses, boost its production efficiency and also optimize its center mix.

The purchase is pending regulatory clearance.

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