The Chinese cell maker said its unit Zhejiang Akcome Photovoltaic Technology has received the green light for restructuring. However, if the reorganization is unsuccessful, the company will proceed to bankruptcy liquidation.
July 30, 2024 Vincent Shaw
Image: JinkoSolar
Akcome Technology disclosed on Monday that its subsidiary Zhejiang Akcome Photovoltaic Technology Co., Ltd., has received a court ruling from the Changxing Court to accept its bankruptcy reorganization application. Zhejiang Akcome plans to engage in restructuring procedures, actively communicating with strategic partners, shareholders, and creditors to introduce strategic investors, optimize its debt structure, and resume production. However, if the reorganization is unsuccessful, the company will proceed to bankruptcy liquidation.
JinkoSolar announced over the weekend that it has terminated its 2023 plan to issue A-shares to specific investors. According to the previous proposal, the company aimed to raise up to CNY 9.7 billion ($1.5 billion) to support the development of its integrated production base project in Shanxi. JinkoSolar stated that this decision was made after “comprehensive consideration of industry trends, the company’s actual situation, and future strategic planning.”
Jinko Power announced that its wholly-owned subsidiary, Jinko Power Spain, S.L., intends to sell 100% of its shares in four subsidiaries — Universal Reward, S.L.U., We Are So Good, S.L.U., The Main Speed, S.L.U., and Good 2 Follow, S.L.U. — to China Huadian Hong Kong Co., Ltd. The transaction is valued at up to €175 million. This deal involves the sale of the 175 MW Antequera photovoltaic project in Spain, which is currently under construction and scheduled for commercial operation by September 30, 2025. The share transfer will occur upon the project’s completion, with the final transaction value adjusted based on the project’s actual installed capacity.
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