FH Capital Acquires Majority Stake in JinkoSolar’s U.S. Manufacturing Business to Expand Domestic Solar and BESS Production
FH Capital, a private equity firm specializing in clean-energy investments, has signed a definitive agreement to acquire a 75.1% majority stake in Jinko Solar (U.S.) Industries Inc., the U.S. manufacturing subsidiary of JinkoSolar. The transaction, which will be completed through an affiliate designated by FH Capital, marks a significant development in the expansion of domestic solar and energy storage manufacturing capacity in the United States.
Under the agreement, JinkoSolar will retain a 24.9% minority ownership interest in the business, maintaining a strategic presence in the U.S. market while allowing FH Capital to assume controlling ownership and leadership of the company’s operations. The acquisition includes JinkoSolar’s advanced 2-gigawatt solar module manufacturing facility in the United States, along with its growing Battery Energy Storage Systems (BESS) business.
The deal comes at a time when demand for domestically manufactured clean-energy products continues to rise across the United States. Federal incentives, energy security concerns, and increasing utility-scale renewable energy deployments have accelerated investment in local solar and battery manufacturing infrastructure. FH Capital said the new ownership structure is intended to position the business as a leading domestic platform capable of serving utilities, commercial customers, and developers seeking U.S.-sourced renewable energy products.
As part of its growth strategy, FH Capital plans to invest additional capital following the close of the transaction. The company intends to at least double the existing solar module production capacity while also launching domestic manufacturing operations for battery energy storage systems. The expansion is expected to strengthen the company’s position in both the solar and storage sectors, which are increasingly interconnected as grid operators and renewable energy developers seek integrated clean-energy solutions.
The acquisition reflects a broader trend in the renewable energy industry toward vertically integrated domestic manufacturing. With solar and energy storage deployment growing rapidly in the United States, manufacturers are racing to establish local production facilities that can meet domestic content requirements and qualify customers for federal incentives under evolving clean-energy legislation.
FH Capital is led by Managing Partner Sanjeev Chaurasia, a renewable energy finance veteran with more than two decades of experience in the sector. Chaurasia is widely known for his work in renewable energy investment banking and for helping shape financing strategies for some of the solar industry’s largest companies.
Before founding FH Capital, Chaurasia served as a Managing Director at Credit Suisse, where he co-founded the bank’s renewable energy practice and led global solar investment banking coverage. He also played a key role in JinkoSolar’s 2010 initial public offering on the New York Stock Exchange, an event that helped establish the company as one of the leading global solar manufacturers.
Commenting on the transaction, Chaurasia emphasized the strategic combination of JinkoSolar’s manufacturing foundation and FH Capital’s operational and financial capabilities.
“The transaction leverages JinkoSolar’s well-established seven-year U.S. manufacturing presence, proven technology, and strong relationships with blue-chip U.S. customers, with FH Capital’s capabilities to create and manage a dynamic platform positioned to meet rising demand for domestic solar and storage solutions,” Chaurasia said.
Industry observers note that the U.S. solar manufacturing market has undergone significant transformation over the past several years. Government initiatives designed to encourage domestic manufacturing and reduce reliance on overseas supply chains have attracted billions of dollars in investment across the solar value chain. Companies with existing manufacturing footprints in the United States are increasingly viewed as strategically valuable assets, particularly as developers seek reliable domestic suppliers capable of delivering high-performance equipment.
JinkoSolar’s U.S. operations have become an important part of its global manufacturing network. The company has maintained a manufacturing presence in the United States for seven years, building relationships with utility-scale project developers, commercial energy customers, and distribution partners. The company’s products are widely used in renewable energy projects across North America, and its U.S. manufacturing operations have helped support local sourcing requirements for customers.
Nigel Cockroft, U.S. General Manager of JinkoSolar, said FH Capital’s expertise and understanding of the American renewable energy market made the firm an ideal strategic partner for the next phase of growth.
“FH Capital brings deep sector expertise, financing experience, and a deep understanding of the U.S. market,” Cockroft said. “We believe this transaction provides the right ownership, management and strategic direction for this new venture to grow capacity and serve the growing demand for high-performance U.S.-sourced renewable energy products.”
The expansion into battery energy storage manufacturing is expected to play a central role in the company’s long-term strategy. Energy storage systems have become increasingly important as renewable energy penetration rises across power grids. Batteries allow solar and wind energy to be stored and dispatched when needed, helping improve grid reliability and enabling greater use of intermittent renewable generation sources.
Demand for BESS technology has surged in recent years due to the growth of utility-scale renewable energy projects, rising electricity demand, and efforts to modernize electric grids. Analysts expect the U.S. battery storage market to continue expanding rapidly throughout the decade, creating new opportunities for domestic manufacturing and integrated clean-energy platforms.
By combining solar module production with future battery storage manufacturing, the new platform aims to offer a broader range of renewable energy solutions tailored to the needs of utilities, commercial customers, and energy developers. FH Capital believes the integrated approach will strengthen the company’s competitiveness in a market increasingly focused on complete clean-energy ecosystems rather than standalone technologies.
The transaction also highlights ongoing consolidation and investment activity within the renewable energy sector. Financial investors, infrastructure funds, and private equity firms continue to pursue opportunities in clean-energy manufacturing as governments worldwide push for decarbonization and energy transition initiatives. U.S.-based manufacturing assets have become especially attractive due to supportive policy frameworks and growing long-term demand projections.
While financial terms of the transaction were not disclosed, the companies confirmed that the deal remains subject to customary closing conditions and regulatory approvals. Once completed, the acquisition is expected to provide the foundation for a significantly expanded domestic renewable energy manufacturing platform.
Several major advisory firms are supporting the transaction. Latham & Watkins LLP is serving as legal counsel to FH Capital. Morgan Stanley Asia Limited is acting as financial advisor to JinkoSolar, while Cleary Gottlieb Steen & Hamilton is serving as legal counsel to JinkoSolar.
The deal underscores the accelerating momentum behind U.S. clean-energy manufacturing investment and signals growing confidence in the long-term outlook for domestic solar and energy storage production. With plans to significantly expand manufacturing capacity and establish local battery production capabilities, FH Capital and JinkoSolar are positioning the business to play an increasingly important role in the evolving American renewable energy market.
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