JinkoSolar closes the sale of Jinko Power Downstream Business in China
JinkoSolar Holding Co., Ltd. (JinkoSolar), has announced the completion of the sale of all of the 55% equity interest it indirectly held in Jiangxi JinkoSolar Engineering Co., Ltd. to Shangrao Kangsheng Technology Co., Ltd.
Jiangxi JinkoSolar Engineering Co. is a developer and operator of solar power projects in the People’s Republic of China.
Shangrao Kangsheng Technology is a company formed by a buyer consortium led by Mr. Xiande Li, chairman of the board of directors of JinkoSolar, pursuant to the previously announced Share Purchase Agreement entered into by Wide Wealth Group Holding Limited, a 55%-owned indirect subsidiary of JinkoSolar, and Shangrao.
As a result of the sale, JinkoSolar spun off its downstream business of Jinko Power and received US$250 million in cash.
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