Private equity firm FH Capital has acquired a 75.1% stake in JinkoSolar’s U.S. manufacturing business, with the aim of building a premier domestic solar and battery storage platform across the country.

Financial terms of the deal have not been disclosed.

The deal marks the transition to new ownership for JinkoSolar’s 2 GW solar module manufacturing facility, as well as the company’s growing battery energy storage system (BESS) business. FH Capital also has plans to deploy additional expansions, at least doubling the solar module manufacturing capacity for JinkoSolar, and beginning domestic BESS production.

The new structure, developed by FH Capital managing partner and renewable energy veteran Sanjeev Chaurasia, will establish a diverse U.S. manufacturing platform. With 23 years of energy sector experience, Chaurasia says the new platform is set to meet surging demand for solar and storage across the country.

“The transaction leverages JinkoSolar’s well established seven-year U.S. manufacturing presence, proven technology, and strong relationships with blue-chip US customers, with FH Capital’s capabilities to create and manage a dynamic platform positioned to meet rising demand for domestic solar and storage solutions,” says Chaurasia.

Chaurasia previously served as managing director for Credit Suisse, where he was heavily involved in developing the company’s renewable energy practices. He has also headed global coverage of solar related investment banking for the firm, and led JinkoSolar’s initial public offering on the New York Stock Exchange in 2010, according to the company.

Nigel Cockroft, U.S. general manager of JinkoSolar, says FH Capital is a smart majority ownership choice for JinkoSolar going forward. JinkoSolar will also retain a minority 24.9% ownership stake following the transaction’s closing.

“FH Capital brings deep sector expertise, financing experience, and a deep understanding of the U.S. market,” Cockroft says. “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.”

This acquisition is not yet closed, and is still subject to regulatory approvals.

Tags: batteries, BESS, JinkoSolar, M&A, manufacturing, modules