FH Capital has entered into a definitive agreement to acquire the majority stake in Jinko Solar (US) Industries Inc. while JinkoSolar will retain a minority stake of 24.9%. The agreement includes a 2 GW solar panel manufacturing facility and a growing battery energy storage systems business.
The move to a U.S. majority ownership structure follows a period of increasing regulatory pressure on foreign-affiliated entities. Under Foreign Enty of Concern (FEOC) rules, manufacturers must reduce reliance on certain international technology and ownership to qualify for the full 45x production tax credits. The transaction could help the facility meet these requirements while positioning the brand to capture the domestic content incentive, which will require an increasing percentage of U.S.-sourced components through 2027.
Post-closing, FH Capital plans to deploy expansion capital to double solar panel capacity to at least 4 GW and launch domestic BESS production.
While US module capacity previously reached 72 GW in 2026, the focus is now shifting to vertical integration. The shift toward manufacturing battery energy storage systems aligns with broader market trends as developers look for integrated solar and storage solutions to reduce grid interconnection delays and meet clean energy requirements.
The company is led by Managing Partner Sanjeev Chaurasia, who previously led the global solar investment bank at Credit Suisse and led JinkoSolar’s initial public offering in 2010. Chaurasia noted that the transaction leverages JinkoSolar’s seven-year manufacturing presence in the U.S. to meet rising demand for domestic clean energy solutions.
Nigel Cockroft, general manager of JinkoSolar in the US, said the transaction provides the strategic direction needed to increase capacity for US products. The expansion into BESS manufacturing comes as the U.S. ‘Solar Belt’ in the Southeast and Midwest continues to attract investment in advanced manufacturing centers.
The transaction is subject to customary closing conditions and regulatory approvals. Financial terms were not disclosed. Latham & Watkins LLP serves as legal advisor to FH Capital, while Morgan Stanley Asia Limited serves as financial advisor to JinkoSolar.
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