Jinko nails $225m for downstream
China’s JinkoSolar said it has secured $225m of investment from a group of lenders that will see them acquire a large minority stake in its downstream project unit.
Jinko raised its full-year 2014 guidance for project development from 400MW to more than 600MW as a result of the deal.
The trio pf private equity investors are China Development Bank International (CDBI), a fund managed by Macquarie of Australia and New Horizon Capital.
After the investments the three will be left holding 45% of JinkoSolar Power Engineering Group, Jinko’s downstream division.
Xiande Li, chairman of JinkoSolar, said: “They will not only contribute capital to further expand our project development capabilities, but will also provide a wide range of support to drive future growth.”
Xiande said Macquarie’s backing will allow it expanded to access global markets.
"Our downstream capacity will exceed 800MW by end 2014,” he added.
Earlier this month JinkoSolar secured a $161m finance deal with China Minsheng Banking Corp (CMBC), with a focus on growth in the Chinese distributed sector.