Jingke Technology acquires 20% stake in Abu Dhabi 1.2GW Photovoltaic Power Station

Published: Nov 30, 2020 15:34

Source: Polaris solar photovoltaic network

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[Jingke Technology acquires 20% stake in Abu Dhabi 1.2GW Photovoltaic Power Station]

SMM: on November 28th, Jingke Technology announced that in order to further promote the strategic layout of globalization and speed up the development of overseas business, Jinko Power (HK) CompanyLimited (, the wholly owned grandson of Jingke Technology, signed the "Sale and purchase Agreement on shares and creditor's Rights" with Jinko Solar Sweihan (HK) Limited ((hereinafter referred to as "Sweihan Hong Kong") on November 27th, 2020. Jingke Hong Kong intends to acquire 50 per cent of Sweihan Solar Holding CompanyLimited ((hereinafter referred to as "Sweihan Holdings") held by Sweihan Hong Kong at a transaction consideration of US $22.28 million.

Sweihan Holdings holds a 40% stake in Sweihan PV Power CompanyPJSC (, the operating platform company of Abu Dhabi 1.2GW Photovoltaic Power Station (hereinafter referred to as "Abu Dhabi Photovoltaic Power Station"). After the acquisition, Jingke Technology will eventually take a 20% stake in the Abu Dhabi photovoltaic power plant project company.

Sweihan Holdings is a joint venture between Jingke Energy and Marubeni Co., Ltd. to invest in the development of photovoltaic power plants in Abu Dhabi. Jingke Energy and Marubeni Co., Ltd. each indirectly hold a 50% stake in Sweihan. The target of this acquisition is the 50% stake in Sweihan indirectly held by Jingke Energy. Sweihan Holdings holds a 40 per cent stake in the Abu Dhabi photovoltaic project company.

Abu Dhabi photovoltaic power station is currently the largest single photovoltaic project built in the world. In addition to the Abu Dhabi photovoltaic power station, Jingke Technology also holds a 20 per cent stake in the United Arab Emirates photovoltaic project under construction of 2.1GW. After the completion of this acquisition, Jingke Technology will have a 20% stake in each of the two largest photovoltaic projects in the world, which is of great strategic significance for the company to enhance its brand influence in overseas photovoltaic markets and develop overseas business.

In addition, Jingke Technology said that Sweihan Hong Kong is a wholly owned subsidiary of Jingke Energy, Jingke Energy and Jingke Technology are controlled by the same actual controller, and Sweihan Hong Kong is an affiliated legal person of the company. This transaction constitutes a related party transaction, but does not constitute a major asset reorganization as stipulated in the measures for the Administration of Major Asset reorganization of listed companies.

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