Jinko Power Technology will sell a 175 MW solar portfolio in southern Spain after it turns operational in the second quarter of 2025, a spokesperson told Infralogic.

The planned sale is in line with a new strategy wherein the company will aim to mainly sell operational assets instead of development-stage ones, she said, adding that falling solar module prices mean the company is able to generate better value from disposing off completed projects.

The Solar Energy Industries Association estimates that global average selling prices for modules decreased by 1-3 US cents/watt in a six-month period through September, amounting to a 10%-12% price reduction.

Construction on the Spanish portfolio in the Anteqera municipality started recently, the spokesperson said, with a target commissioning date in the first half of 2025. Jinko previously planned to sell this to a European investor after it became shovel-ready earlier this year.

“We are likely to make similar strategic adjustments for our other overseas projects,” said the spokesperson.

In Spain alone, Jinko has a solar pipeline exceeding 600 MW. In Saudi Arabia, it recently won the right to develop the 1.4 GW Tabarka solar power and signed an offtake for it last month. It will also develop another 300 MW in the Middle East kingdom. Its other projects include a 216 MW solar farm in Colombia, a 500 MW solar project as well as a 35 MW distributed solar facility in Vietnam and a partnership with Sembcorp Utilities to develop the 500 MW Manah II solar farm in Oman.

Jinko is not planning on becoming a long-term asset owner and will retain its asset-light strategy of build-to-sell, said the spokesperson.

While the Middle East and Europe continue to be two major areas for its greenfield solar investments, Jinko is seeking opportunities in Latin America, Southeast Asia and other emerging markets, the spokesperson said. These include Argentina, Chile, Australia, Italy and Poland where the company is evaluating opportunities, she added, without elaborating.

It aims to develop 3 GW-4 GW of ground mounted-solar and more than 1 GW of distributed solar in China by the end of 2024.

Jinko will mostly look for bridge loans for construction and then refinance this with non-recourse debt backed by cash flows from the operating assets, the spokesperson said.