Solar manufacturer JinkoSolar Holding has completed the sale of all of its indirectly held 55% equity interest in China-based solar power developer Jiangxi JinkoSolar Engineering to Shangrao Kangsheng Technology.
Shangrao Kangsheng Technology was formed by a consortium of buyers led by JinkoSolar Holding chairman of the board of directors Xiande Li. The $250m sale was to be funded with personal funds and debt financing.
The share purchase agreement with Shangrao was originally signed on 11 October this year.
The agreement was entered into by Wide Wealth Group Holding, a 55%-owned indirect subsidiary of JinkoSolar and Shangrao. Following completion of the sale, JinkoSolar spun off its downstream business of Jinko Power and received $250m in cash.
Duff & Phelps served as financial advisor and Cleary Gottlieb Steen & Hamilton acted as US legal advisor to JinkoSolar board.
Jun He Law Offices served as PRC legal advisor, while Credit Suisse (Hong Kong) served as financial advisor, and Troutman Sanders as US legal advisor to Shangrao.
In a separate development, JinkoSolar said that its entire portfolio of photovoltaic (PV) modules passed the 96-hour potential induced degradation (PID) resistance test as required by IEC62804 standards.
JinkoSolar's chief executive officer Kangping Chen said: “JinkoSolar’s PV solar modules are 100% in compliance with double 85 anti-PID standards and offer the related warranty, which marks a milestone in anti-PID technology development of the solar industry and demonstrates our leading position in the field.
"We will continue to improve our anti-PID system to generate a better performance under higher voltage and other tougher conditions.”