FH Capital Acquires 75.1% Stake in JinkoSolar’s U.S. Manufacturing Unit

FH Capital, a private equity firm specializing in clean energy investments, has entered into a definitive agreement to acquire a 75.1% controlling interest in Jinko Solar (U.S.) Industries Inc., the U.S. manufacturing subsidiary of JinkoSolar (NYSE: JKS). JinkoSolar will retain a 24.9% minority stake in the business.

The acquisition includes a state-of-the-art 2 gigawatt (GW) solar module manufacturing facility and an emerging Battery Energy Storage Systems (BESS) business based in the United States. Following the closing, FH Capital plans to invest additional capital to at least double the current solar module production capacity and initiate domestic manufacturing of BESS products.

FH Capital is led by Managing Partner Sanjeev Chaurasia, a renewable energy investment veteran with over 23 years of experience. Chaurasia previously served as Managing Director at Credit Suisse, where he co-founded the firm’s renewable energy practice and led JinkoSolar’s initial public offering on the NYSE in 2010.

“This transaction leverages JinkoSolar’s established seven-year U.S. manufacturing presence, proven technology, and strong relationships with blue-chip U.S. customers,” Chaurasia said. “FH Capital brings deep sector expertise and financing experience to create a dynamic platform positioned to meet rising demand for domestic solar and storage solutions.” Nigel Cockroft, U.S. General Manager of JinkoSolar, added, “We believe this transaction provides the right ownership, management, and strategic direction to grow capacity and serve the increasing demand for high-performance U.S.-sourced renewable energy products.”

The deal is subject to customary closing conditions and regulatory approvals. Financial terms were not disclosed. Latham & Watkins LLP serves as legal counsel to FH Capital, while Morgan Stanley Asia Limited advises JinkoSolar, supported by legal counsel Cleary Gottlieb Steen & Hamilton (Hong Kong).

Jinko Solar (U.S.) Industries Inc. operates a 2 GW solar module manufacturing facility and a growing BESS business in the U.S. The company is a subsidiary of JinkoSolar, a global leader in clean energy technology with a diversified international customer base and multiple production facilities worldwide.

The acquisition aligns with broader industry trends emphasizing domestic clean energy manufacturing and integrated solar-plus-storage solutions. FH Capital’s planned capacity expansion and vertical integration aim to capitalize on increasing U.S. demand driven by evolving clean energy policies and incentives.

Strategically, the deal offers several synergies, including leveraging FH Capital’s investment to expand production volumes, cross-selling opportunities between solar modules and BESS products, and access to JinkoSolar’s established blue-chip customer relationships. Economies of scale and supply chain optimization are expected to reduce costs, while streamlined operations and enhanced R&D will support innovation.

Market analysts note that this transaction strengthens the U.S. domestic solar manufacturing sector by expanding capacity and integrating energy storage capabilities, increasing competitive pressure on other manufacturers. Competitors may respond by boosting investments in domestic production or pursuing strategic partnerships.

Challenges include efficiently scaling manufacturing capacity without disrupting existing operations, integrating BESS manufacturing, managing minority shareholder interests, and navigating evolving regulatory landscapes.

Looking ahead, FH Capital intends to establish a premier U.S. solar and energy storage platform that meets surging demand for high-performance, domestically sourced renewable energy products. The transaction underscores the growing importance of vertical integration and capacity expansion in the clean energy manufacturing sector.