SHANGHAI | JinkoSolar Holding —
JinkoSolar announced that JinkoSolar Power Engineering Group Limited (“Jinko Power”), a subsidiary of the Company, has signed a $150 million loan agreement with Credit Suisse AG (“Credit Suisse”) and a number of financial institutions. Proceeds from the financing will be used to expand Jinko Power’s project portfolio in China and provides funds to expand capacity to 1.4 GW. Credit Suisse acted as sole arranger and led the consortium of investors in the financing.
According to the terms of agreement, Jinko Power will receive an 18-month senior secured term loan totaling $150 million.
The lenders will also be granted warrants, which represent no more than approximately 2% of Jinko Power’s equity on a fully distributed basis, subject to their terms and conditions.
“We are delighted to receive this strong vote of confidence from global financial institutions in the future of our fast-growing power generation business and our ability to sustainably develop, finance, construct and operate solar power generation projects,” commented Mr. Xiande Li, Chairman of JinkoSolar. “This financing further strengthens our position in the Chinese solar power market, supplements Jinko Power’s working capital, and significantly expands Jinko Power’s project development capabilities. With the additional funds, we are well positioned to benefit from the strong Chinese government support, as it continues to develop the green energy industry and tackle environmental concerns.”
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 3 GW for silicon ingots and wafers, 2.0 GW for solar cells, and 3.5 GW for solar modules, as of March 31, 2015. JinkoSolar also sells electricity in China, and has connected approximately 617 MW of solar power projects to the grid, as of March 31, 2015.
JinkoSolar has over 15,000 employees across its 5 productions facilities in Jiangxi and Zhejiang Provinces, China, Malaysia, Portugal and South Africa, 12 global sales offices in China, Spain, the United Kingdom, the United Arab Emirates, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Brazil, Costa Rica and Mexico and 11 oversea subsidiaries in Germany, Italy, Switzerland, the United States, Canada, Australia, Singapore, Japan, India, South Africa and Chile.