JinkoSolar plans investment of almost USD 8bn in new Chinese factories
SeeNews Renewables
May 24 (Renewables Now) - Chinese solar module maker JinkoSolar Holding Co Ltd (NYSE:JKS) made a couple of announcements on Wednesday in relation to its majority-owned principal operating subsidiary, including a massive investment plan of CNY 56 billion (USD 7.94bn/EUR 7.38bn). The company said in a statement that Jinko Solar Co Ltd (SHA:688223), also known as Jiangxi Jinko, has entered into an investment framework agreement with the Management Committee of the Transformation Comprehensive Reform Demonstration Zone in Shanxi Province where it intends to build a 56-GW complex for the production of monocrystalline silicon pull rod, silicon wafer, high-efficiency solar cells and modules. This integrated project will be executed in four phases, each adding 14 GW of manufacturing capacity. The first two should commence production in the first and second quarter of 2024, respectively. The completion of the third and fourth phases is planned for 2025, according to the announcement. As of end-March 2023, JinkoSolar had 14 factories globally and 24 overseas subsidiaries all around the world. Also on Wednesday, the Chinese company said that Jiangxi Jinko, in which it holds an equity interest of 58.62%, has signed 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 price is CNY 4.3 billion. Jinko noted that through this divestment, its principal operating unit will cut operational costs, improve its production efficiency and optimise its facility mix. The transaction is pending regulatory clearance. (CNY 10 = USD 1.418/EUR 1.317)