Private equity firm FH Capital reached an agreement to acquire a 75.1% majority stake in JinkoSolar’s U.S. manufacturing subsidiary to expand domestic module and battery production.
Image: JinkoSolar
From pv magazine USA
FH Capital entered a definitive agreement to acquire the majority interest in Jinko Solar (U.S.) Industries Inc., while JinkoSolar will retain a 24.9% minority stake. The deal includes a 2 GW solar module manufacturing facility and a growing battery energy storage system business.  
The move to a majority-U.S. ownership structure follows a period of increasing regulatory pressure on foreign-linked entities. Under Foreign Entity of Concern (FEOC) rules, manufacturers must reduce reliance on certain international technology and ownership to qualify for the full 45X manufacturing tax credits. The transaction may help the facility navigate these requirements while positioning the brand to capture the domestic content bonus, which requires a rising percentage of U.S.-sourced components through 2027.
Post-closing, FH Capital plans to deploy expansion capital to double solar module capacity to at least 4 GW and launch domestic BESS manufacturing.
While U.S. module capacity reached 72 GW earlier in 2026, the industry is now shifting focus to vertical integration. The shift toward battery energy storage system manufacturing aligns with broader market trends as developers seek integrated solar-plus-storage solutions to mitigate grid interconnection delays and meet clean energy mandates.
The firm is led by Managing Partner Sanjeev Chaurasia, who previously headed global solar investment banking at Credit Suisse and led JinkoSolar’s initial public offering in 2010. Chaurasia noted that the transaction leverages JinkoSolar’s seven-year U.S. manufacturing presence to meet rising demand for domestic clean energy solutions.  
Nigel Cockroft, U.S. General Manager of JinkoSolar, stated the transaction provides the strategic direction required to grow capacity for U.S.-sourced products. The expansion into BESS manufacturing comes as the U.S. “Solar Belt” in the Southeast and Midwest continues to attract investment for advanced manufacturing hubs.  
The transaction is subject to customary closing conditions and regulatory approvals. Financial terms were not disclosed. Latham & Watkins LLP is serving as legal counsel to FH Capital, while Morgan Stanley Asia Limited is serving as financial advisor to JinkoSolar.
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