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JinkoSolar Office Raids: Solar Panel Investigation, Timeline and Status Updates

May 29, 2023 by Joe Panettieri

JinkoSolar's offices in Florida and California were raided by U.S. federal authorities on May 8, 2023. Here's a timeline tracking the JinkoSolar office raid and the U.S. Department of Homeland Security investigation.

May 24, 2023: Jiangxi Jinko, a subsidiary of JinkoSolar, has sold its interest in Xinjiang Jinko. The move is "expected to reduce Jiangxi Jinko's operational costs, improve its production efficiency and optimize its facility mix," JinkoSolar said. We don't know if the asset sale is related to the U.S. Department of Homeland Security's investigation into JinkoSolar.

May 10, 2023: Initial reports said JinkoSolar's Jacksonville, Florida, solar panel factory was raided. Follow-up reports said a sales and operations office in San Francisco, California, also was raided. JinkoSolar said it was cooperating with the investigation, and that the business continued to operate normally. Source: Reuters.

May 9, 2023: Multiple updates...

  • Amid the raid, the city of Jacksonville may delay a city council vote scheduled for today involving possible tax JinkoSolar. SourceFlorida Times-Union.
  • Homeland Security Investigations (HSI) is the principal investigative arm of the U.S. Department of Homeland Security, responsible for "investigating transnational crime and threats, specifically those criminal organizations that exploit the global infrastructure through which international trade, travel and finance move," according to HSI's website.

JinkoSolar Business Background

Xiande Li, CEO JinkoSolar

Here's a look at JinkoSolar's business operations and financial performance...

  • JinkoSolar is a solar panel manufacturer headquartered in Shanghai, China. The company launched as a wafer manufacturer in 2006 and went public on the New York Stock Exchange in 2010. JinkoSolar distributes its solar products and sells to utility, commercial and residential customers in multiple countries. Source: Wikipedia.
  • The Jacksonville solar plant employs 274 workers. A potential $52 million expansion could create another 250 full-time jobs. SourceFlorida Times-Union.
  • JinkoSolar's total revenues in Q1 of 2023 were US$3.40 billion, down 22.2% sequentially and up 58.0% year-over-year, the company announced on April 28, 2023. At the time, CEO Xiande Li said the company was "pleased to deliver year-over-year improvements in module shipments, total revenues and gross margin."

Note: Blog originally posted May 9, 2023. Updated regularly thereafter.

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