JinkoSolar mulling separating solar PV business
JinkoSolar Holding Co., Ltd.a global leader in the solar PV industry, recently announced that its BoD has authorized the exploration of strategic alternatives with respect to JinkoSolar’s downstream solar PV project business. The Board reportedly intends to consider a broad range of alternatives including, but not limited to, an IPO, pre-IPO financing or merger and acquisition of the business. “We believe that the separation will support the sustainable growth of our downstream PV project business and the Board of Directors and management team are always committed to further enhancing value for all JinkoSolar shareholders. Given that our downstream PV project business is expected to exceed 500MW of installed capacity by the end of 2014 and with the clear commitment of the Chinese government to renewable energy, solar energy in particular, and a growing market, we believe now is an appropriate time to prudently explore strategic alternatives for this business,” Mr Xiande Li, Chairman of JinkoSolar was quoted as saying. JinkoSolar management, together with its financial and legal advisers, will explore strategic alternatives, including the exploration of the separation of its solar PV projects business into a separate company through a spin-off or other transactions that will benefit the company’s shareholders, it is told.