In a significant move in the renewable energy sector, JinkoSolar Technology Co., Ltd. (SH: 601778) made a major announcement on 8 April. The Company’s wholly-owned subsidiary, Photon Energy Holding Limited, will acquire 50% of the equity of Sweihan Solar Holding Company Limited. The vendor is its related party, JinkoSolar Sweihan (HK) Limited, and the deal is valued at approximately US$11.8554 million.

The target company, Sweihan Solar Holding Company Limited, holds a substantial 40% interest in a 1,209 megawatt photovoltaic power plant project in Abu Dhabi. Upon completion of the acquisition, JinkoSolar Technology will indirectly hold a 20% interest in the Sweihan power plant.

JinkoSolar Technology’s overseas team has been actively and successfully operating in the Middle East region in recent years. They’ve been able to build a strong brand presence and win several tenders for large-scale ground-based solar power projects in the United Arab Emirates, Saudi Arabia and other countries. This latest acquisition is seen as a strategic move. It will not only increase the company’s scale in power plant management and improve per capita efficiency in the Middle East, but also strengthen its brand influence in the region. It also paves the way for JinkoSolar Technology to delve deeper into identifying high-quality renewable energy projects overseas.

As the company continues to expand its presence in the Middle East, the market will be watching closely to see how this acquisition shapes JinkoSolar Technology’s future in the global renewable energy landscape.