RTTNews | Nov 27, 2020 05:50AM EST

05:50 Friday, November 27, 2020 (RTTNews.com) - Chinese solar module manufacturer JinkoSolar Holding Co., Ltd. (JKS) announced Friday its agreement to sell its stake in Sweihan Power Station in the Emirate of Abu Dhabi. The financial terms of the deal were not disclosed.

Under the share and debt purchase deal, JinkoSolar's subsidiary JinkoSolar Sweihan (HK) Limited will sell its 50% equity interest in Sweihan Solar Holding Company Limited to Jinko Power (HK) Co. Ltd., an indirect unit of Jinko Power Technology Co., Ltd.

Sweihan Holding holds a 40% equity interest in Sweihan PV Power Company PJSC, the operating entity of a 1,200 MW photovoltaic power plant in Abu Dhabi.

The completion of the transaction is subject to approvals by Emirates Water and Electricity Co. or EWEC, other shareholders of Sweihan Holding and the Project Company, and the project finance lenders.

Following the deal closure, Jinko HK will indirectly hold a 20% equity interest in the Project Company.

In September 2016, JinkoSolar and Marubeni Corp. formed a consortium that won the bid for the project. All the power generated for an initial period of 25 years will be contractually sold to EWEC.

Kangping Chen, Chief Executive Officer of JinkoSolar, said, "This divestiture will help JinkoSolar focus on its core business, enhance our strength and further sustain our long term growth in the global PV industry."

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