JinkoSolar buying manufacturing assets of bankrupt solar firm

|About: JinkoSolar Holding Co., Ltd. (JKS)|By:, SA News Editor

JinkoSolar (JKS +0.5%) has agreed to buy the manufacturing assets of bankrupt rival Zhejiang Topoint. The assets include 500MW of solar cell and wafer capacity apiece, and 100MW of module capacity. Following the deal's closing, Jinko's total cell, wafer, and module production capacity will respectively stand at 2GW, 2GW and 2.1GW.

Jinko will begin operating Topoint's assets on Jan. 13, but won't formally assume ownership until Topoint's restructuring is completed.

The deal highlights the Chinese government's growing willingness to let struggling solar manufacturers go bankrupt, as well as its support for industry consolidation.