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Jan 13th, 2014
 
JinkoSolar announces agreement to take over assets of Zhejiang Topoint
 
JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:JKS), a global leader in the solar PV industry, announced that it has reached an agreement to operate the restructured manufacturing assets of Zhejiang Topoint Photovoltaic Co., Ltd., Zhejiang Yutai Photovoltaic Material Co., Ltd., Zhejiang Weishida Photovoltaic Material Co., Ltd., and Zhejiang Jiutai New Energy Co., Ltd., collectively known as Topoint, beginning January 13, 2014.
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  • Agreement Increases Fully Integrated Capacity from 1.5 GW to 2.0 GW

The manufacturing assets of Topoint include 500 MW capacity for silicon wafers, 500 MW for PV cells, and 100 MW for PV modules.

Topoint is a high-tech PV manufacturer with production and R&D facilities located in the Huangwan Industry Park in Haining, Zhejiang Province. It is currently undergoing restructuring under the supervision of the Haining City government and the Haining City People's Court.

JinkoSolar was invited by the bankruptcy administrator and the Haining City government to participate in Topoint's reorganization, in light of JinkoSolar's extensive operating experience, solid balance sheet and reputation for advanced technology. Pursuant to a leasing agreement entered into between the Company and the bankruptcy administrator, the Company will operate the manufacturing assets of Topoint starting from January 13, 2014 until the completion of the reorganization. After the reorganization, JinkoSolar plans to take ownership of Topoint and continue to operate the manufacturing assets.

If JinkoSolar is ultimately approved to become the owner of Topoint upon completion of the reorganization, Topoint's assets will allow the Company to continue to address the increasing demand for its solar products from its growing customer base. With the addition of Topoint's production facilities, JinkoSolar's annual silicon wafer and ingot, solar cell, and solar module production capacity will be approximately 2.0 GW, 2.0 GW and 2.1 GW, respectively.


 
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