JinkoSolar Sells $250 Million Interest in Jiangxi JinkoSolar Engineering
March 15, 2017
Cleary Gottlieb represented the Special Committee of the Board of JinkoSolar Holding Co., Ltd. in the sale of its indirectly held 55 percent equity interest in Jiangxi JinkoSolar Engineering Co., Ltd. to Shangrao Kangsheng Technology Co., Ltd. for a total consideration of $250 million in cash.
Wide Wealth Group Holding Limited, a 55 percent-owned indirect subsidiary of JinkoSolar, entered into a Share Purchase Agreement with the buyer in October 2016. Following completion of the sale in November 2016, JinkoSolar spun off all of its downstream business in China.
JinkoSolar, a NYSE-listed company, is a global leader in the solar industry with a vertically integrated solar product value chain. Jiangxi JinkoSolar Engineering is a China-based developer and operator of solar power projects. The buyer is a China-incorporated company formed by a consortium led by Xiande Li, Chairman of the Board of JinkoSolar.