JinkoSolar Holding’s wholly-owned subsidiary JinkoSolar Sweihan (HK) (Sweihan HK) has signed a share and debt purchase agreement with Jinko Power (HK) Company (Jinko HK), an indirectly wholly-owned subsidiary of Jinko Power Technology.
Pursuant to the agreement, Sweihan HK will sell its 50% equity interest in Sweihan Solar Holding Company (Sweihan Holding) to Jinko HK.
Sweihan Holding holds a 40% equity interest in Sweihan PV Power Company PJSC (Project Company), the operating entity of a 1,200 MW photovoltaic power plant in Abu Dhabi.
Upon completion of the transaction, which is subject to the closing conditions set forth in the agreement, Jinko HK will indirectly hold a 20% equity interest in the Project Company. The closing of this transaction is subject to approvals by Emirates Water and Electricity Company (EWEC), other shareholders of Sweihan Holding and the Project Company, and the project finance lenders.
The Sweihan Power Station is located in the Eastern Region of the Emirate of Abu Dhabi. In September 2016, JinkoSolar and Marubeni Corporation formed a consortium that won the bid for the project. All the power generated for an initial period of 25 years will be contractually sold to EWEC.
“We are glad to have reached this agreement with JinkoPower. This divestiture will help JinkoSolar focus on its core business, enhance our strength and further sustain our long term growth in the global PV industry.”Kangping Chen, CEO of JinkoSolar.