Jinko Power Technology (601778.SH) will indirectly hold a 20% stake in the Sweihan power plant.

Jinko Power Technology (601778.SH) announced that its wholly-owned subsidiary Photon Energy intends to acquire 50% equity stake in Sweihan Holding held by its Hong Kong subsidiary for approximately $11.8554 million. The target company holds a 40% stake in the Sweihan solar power plant project company with a capacity of 1209 megawatts in Abu Dhabi. After the completion of this acquisition, the company will indirectly hold a 20% stake in the Sweihan power plant. The announcement stated that this transaction is a specific implementation of the commitments made by the company's actual controller and related parties, which will help to completely resolve the legacy issues of inter-industry competition between related parties and the company.