Singapore-based Keppel Infrastructure Trust (KIT) has signed a non-binding memorandum of understanding (MOU) with Jinko Power (HK) Company Limited to explore solar farm and energy storage investment opportunities.
Under the terms of the MOU, Jinko will identify up to 1,000 megawatts of solar farm and energy storage projects from its high-quality pipeline of assets, which KIT can potentially invest in.
The assets will be in jurisdictions that meet KIT’s investment criteria, in key developed markets of Asia-Pacific, Europe and the Middle East. It is envisaged that KIT and Jinko will enter into separate investment agreements to acquire and hold the assets through special purpose vehicles.
Headquartered in Shanghai, Jinko Power is an independent solar power producer with about 3 gigawatts of installed capacity and 18,000GWh of cumulative power generation in China. Listed on the Shanghai Stock Exchange with a market capitalization of US$3.9 billion as of December 31 2021, Jinko has developed, financed and delivered over 4.5 GWp of photovoltaic solar projects outside China.
“We are pleased to partner Jinko Power in the renewables sector as they are one of the leading solar energy developers with a strong track record globally,” says Jopy Chiang, CEO of Keppel Infrastructure Fund Management, the trustee-manager of KIT. “In line with our target to increase our exposure to renewable energy by up to 25% of KIT’s equity-adjusted assets under management by 2030, we will continue to intensify and accelerate our efforts to find like-minded best-in-class partners such as Jinko Power, so that we can grow our presence and footprint in the renewable energy space.”