Sky Solar Holdings, Ltd. Announces Receipt of Preliminary Non-Binding Proposal

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Sky Solar Holdings, Ltd., a global developer, owner and operator of solar parks, today announced that its Board of Directors has received a preliminary non-binding proposal letter dated May 25, 2020 from Japan NK Investment K.K., IDG Accel China Capital L.P., IDG-Accel China Capital Investors L.P., Jolmo Solar Capital Ltd., CES Holding Ltd., Jing Kang, Bin Shi, Sino-Century HX Investments Limited and Kai Ding to acquire all outstanding ordinary shares of the Company not beneficially owned by the Buyer Group, including Shares represented by American Depositary Shares of the Company, in a going-private transaction for US$0.30 in cash per Share, or US$6.00 in cash per ADS. A copy of the proposal letter is attached hereto as Exhibit A. The Board previously formed a committee of three independent directors, consisting of Mr. Qiang Zhan, Mr. Naiwei Chen and Mr. Xuelong Pei, to, among other mandates given to the Special Committee, evaluate strategic alternatives available to the Company. Houlihan Lokey Limited and Kirkland & Ellis have been retained by the Special Committee as its financial advisor and legal counsel respectively. Consistent with the powers granted by the Board, the Special Committee will evaluate the Proposed Transaction and any other strategic alternatives available to the Company.

The Board and the Special Committee caution the Company’s shareholders and others considering trading the Company’s securities that no decisions have been made with respect to the Proposed Transaction or any alternative transaction that the Company may pursue. There can be no assurance that any definitive offer will be received, that any definitive agreement will be executed relating to the Proposed Transaction or that any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to any transaction, except as required under applicable law.

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