FH Capital Buys JinkoSolar US Stake for $192M

FH Capital has secured a significant majority stake, 75.1%, in JinkoSolar's U.S. manufacturing arm, Jinko Solar (U.S.) Industries. This strategic move, valued at $192 million, positions the private equity firm to drive substantial expansion and navigate the evolving U.S. renewable energy regulatory environment. JinkoSolar will retain a 24.9% interest in its American production facilities.

The acquisition targets a robust 2-gigawatt (GW) solar module production facility and an emerging battery energy storage systems (BESS) division. FH Capital intends to inject further capital to at least double the solar module output to 4 GW and establish domestic manufacturing capabilities for battery storage solutions. This expansion is crucial for meeting the growing demand for integrated renewable energy systems.

This transaction is directly influenced by U.S. Foreign Entity of Concern (FEOC) regulations. These rules necessitate a reduction in international ownership and technological reliance for manufacturers seeking the full benefit of the 45X manufacturing tax credits. By bringing in American private equity ownership through FH Capital, the facility is better equipped to qualify for these incentives and capitalize on domestic content bonuses, which require increasing percentages of U.S.-sourced components through 2027.

Leading FH Capital is Managing Partner Sanjeev Chaurasia, a veteran in renewable energy finance. Chaurasia's prior experience includes leading global solar investment banking at Credit Suisse and orchestrating JinkoSolar's initial public offering in 2010, providing him with intimate knowledge of the company's strategic trajectory and the broader solar market.

The U.S. solar manufacturing sector is experiencing a significant shift. As of early 2026, domestic capacity reached 72 GW, with a pronounced industry trend towards vertical integration and the development of solar-plus-storage solutions. These integrated systems are vital for addressing grid interconnection complexities and enhancing energy reliability. FH Capital's investment aligns perfectly with these market dynamics and regulatory imperatives.

This deal underscores a broader trend of international solar manufacturers seeking strategic partnerships to ensure continued access to the lucrative U.S. market and its associated incentives. The infusion of capital and domestic ownership by FH Capital is expected to bolster the competitiveness of the acquired U.S. operations, enabling them to scale production and innovate in the rapidly advancing clean energy sector.