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China's JinkoSolar raises $225m from PE investors

  • Andrew Woodman
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China Development Bank International (CDBI), New Horizon Capital and Macquarie Infrastructure and Real Assets - via the Macquarie Greater China Infrastructure Fund (MGCIF) - have invested $225 million in the downstream solar power project subsidiary of US-listed JinkoSolar.

The investment will give the consortium an approximate 45% stake in JinkoSolar Power Engineering (Jinko Power). According to a release, the three investors will provide support and additional resources to facilitate Jinko Power's business development in terms of project financing, project development, project operation and global green energy network.

"China's solar power market has a well-established regulatory framework and is currently in a phase of rapid growth," said Xiande Li, chairman of JinkoSolar, in a statement. "CDBI's investment demonstrates the growing interest from domestic Chinese capital in the solar power project sector. We also expect MGCIF to help us further tap into the global solar power market through the Macquarie Group's global resources and network."

He added that the investment was an important milestone in the company's efforts to spin off and list its downstream business. The company is also revising its full-year 2014 project development guidance up from 400 megawatts to above 600MW. The company's downstream capacity is expects exceed 800MW by end 2014.

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