China Development Bank International (CDBI), the Macquarie Greater China Infrastructure Fund (MGCIF), a fund managed by Macquarie Infrastructure and Real Assets, and New Horizon Capital (New Horizon) have agreed to invest a total of US$225 million in JinkoSolar’s downstream solar power project business. JinkoSolar plans to expand its power to 800MW by this year with the investment.

Jinko Power, a wholly-owned subsidiary of JinkoSolar that develops and operates its downstream solar power project business, entered into separate definitive share purchase agreements with each of CDBI, MGCIF and New Horizon. Under the subscription agreements, CDBI, MGCIF and New Horizon will invest a total of US$225 million in Jinko Power. Upon completion of the investment and the JinkoSolar’s additional capital contribution to Jinko Power, the three investors will hold a total of approximately 45% of Jinko Power’s equity interest. The investment by MGCIF has closed as of the date of this press release. The investments by CDBI and New Horizon are expected to close in the near future upon satisfaction of customary closing conditions. The three investors are expected to 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. 

“CDBI, MGCIF and New Horizon will not only contribute capital to further expand our project development capabilities, but will also provide a wide range of support to drive future growth.” said Mr. Xiande Li, Chairman of JinkoSolar, “In addition, China’s solar power market has a well-established regulatory framework and is currently in a phase of rapid growth.”

This round of investment helps JinkoSolar to develop its downstream business. With the added strengths of these new partnerships, JinkoSolar is revising its full-year 2014 project development guidance upwards from 400MW to above 600MW. The downstream capacity will exceed 800MW by end 2014.