JinkoSolar Holding Co., the best-performing Chinese solar manufacturer in the past year, is getting $225 million to expand its project development business.
China Development Bank International led the funding round, and was joined by the Macquarie Greater China Infrastructure Fund and New Horizon Capital, Shangrao, China-based JinkoSolar said yesterday in a statement. Terms weren’t disclosed.
Macquarie’s investment has closed, according to the statement. Commitments from the China Development Bank and New Horizon are expected to close “in the near future.” The three investors will hold about 45 percent of the company’s JinkoSolar Power Engineering Group Ltd. unit, which also will receive additional capital from the parent company.
JinkoSolar said that it will develop more than 600 megawatts of projects this year, compared with an earlier forecast of 400 megawatts. Downstream capacity may exceed 800 megawatts by the end of 2014.
The company’s American depositary receipts, each worth four ordinary shares, have almost doubled in the past 12 months, trailing only St. Peters, Missouri-based SunEdison Inc. on the Bloomberg Intelligence Global Large Solar Energy Index.