JinkoSolar enters into agreement for sale of downstream business in China
JinkoSolar announced that Wide Wealth Group Holding Limited, a 55%-owned indirect subsidiary of the company, has entered into a Share Purchase Agreement, or SPA, with Shangrao Kangsheng Technology, a company incorporated with limited liability under the laws of the People's Republic of China, formed by a buyer consortium led by Xiande Li, chairman of the board of the company. Subject to satisfaction or waiver of the SPA's terms and conditions, the Buyer will acquire all of the 55% equity interest indirectly held by JinkoSolar in Jiangxi JinkoSolar Engineering Co., Ltd., a developer and operator of solar power projects in the People's Republic of China, for a total consideration of $250M in cash. Through this transaction, JinkoSolar will spin off all its downstream business of Jinko Power and get $250M in cash. The transaction is currently expected to close during Q4 of 2016. The buyer intends to fund the Purchase Price with personal funds and debt financing.