JinkoSolar to sell passion in Sweihan Solar to Jinko Power HK

Nov 30, 2020 03:44 PM ET
  • A subsidiary of Chinese solar manufacturer JinkoSolar Holding has authorized a contract to offer its 50% risk in Sweihan Solar to Jinko Power HK.

A subsidiary of Chinese solar maker JinkoSolar Holding has authorized an agreement to market its 50% risk in Sweihan Solar to Jinko Power HK.

The selling business, JinkoSolar Sweihan, possessed fifty percent of Sweihan Solar Holding. Consequently, this business possesses a project business that runs the 1.2 GW Sweihan photovoltaic solar ranch in Abu Dhabi, UAE. The shares and also financial debt transaction will see Jinko Power HK, a subsidiary of Jinko Power Technology, acquire a 50% risk in the holding firm.

Upon completion of the offer, Jinko Power will indirectly possess a 20% stake in the Sweihan PV Power Company.

JinkoSolar and also Marubeni Corporation developed a consortium in September 2016 to win the project quote. At first, power created by the solar power facility perseverance Emirates Water as well as Electricity Company (EWEC) for 25 years.

JinkoSolar CEO Kangping Chen stated: "We are glad to have actually reached this agreement with JinkoPower. This divestiture will certainly help JinkoSolar concentrate on its core business, enhance our stamina and also further maintain our long term growth in the global solar industry."

Conclusion of the deal goes through approvals by EWEC, along with various other shareholders of Sweihan Holding, Sweihan PV Power Company and also the project money lending institutions.

Financial information of the bargain have not been divulged by any of the involved companies.

In August this year, JinkoSolar Holding protected a contract for the supply of virtually 1GW of solar components. Shanghai Electric appointed them to power Phase V of the Dubai Electricity and also Water Authority's solar park.