Chinese solar company receives $35m

Silicon wafer maker JinkoSolar has received backing from Israeli venture firm Pitgango as well as China Israel Value Capital, which is poised to launch its second fund targeting $200m.

Shenzhen-headquartered China Israel Value Capital and Israel-based Pitango Venture Capital have invested $35 million for a minority stake in JinkoSolar, a Jiangxi-based solar energy company.

JinkoSolar manufactures silicon wafers used in the production of photovoltaic solar cells and panels.

The investment will help the company further its technology and expand overseas, Chen Kang Ping, founder and chief executive of JinkoSolar, said in a statement.

China Israel Value Capital made the investment out of its first fund, China Israel Value Capital I. The firm is a three-year-old partnership between investment holding group Shenzhen Capital Group and Israel-based venture capital firm Platinum Neurone Ventures. The firm is planning to launch its second fund, China Israel Value Capital II, which is targeting $200 million and aiming for an end-2009 close, a spokeswoman told PEO.

Now in its 14th year, Pitango manages funds in excess of $1.3 billion in committed capital. In 2004, it closed the Pitango Venture Capital Fund IV on $300 million.