(Yicai) July 29 -- Jinko Power Technology, a Chinese clean energy power developer under photovoltaic giant JinkoSolar Holding, intends to sell its Antequera solar farm project in Spain to gain up to EUR175 million (USD190 million) to pursue a strategy of lighter assets.

After multiple rounds of negotiations, a Spanish unit of Jinko Power will sell four project companies behind the PV station in Andalucia to a Hong Kong-based subsidiary of Chinese hydropower titan China Huadian, the Jiangxi province-based firm announced recently.

The total installed capacity of the Antequera project is 175 megawatt peaks as it consists of four PV power stations with an equal capacity. Construction kicked off in April with an expected investment of EUR130 million. Commercial operations should start in late September.

This is not the first time Jinko Power has tried to sell the project as in March 2023 the firm said it planned to transfer the undertaking to Octopus Renewables Infrastructure Trust, an impact fund, but the deal fell through in December.

Unloading the asset should help Jinko Power lock down a buyer ahead of schedule and reduce risks regarding its exit, it explained, adding that the deal is not likely to be closed yet this year.

By selling the project, Jinko Power expects to make a return that equals more than 50 percent of the company’s net profit last year, imposing a positive influence on its business performance if the construction proceeds as planned, it said. Jinko Power earned CNY383 million (USD52.8 million) in net profit last year, according to its annual report.

The path to trimmed fixed assets did not spark a stock price surge as shares of Jinko Power [SHA: 601778] closed down 0.5 percent at CNY2.18 (30 US cents).

Editor: Emmi Laine