SHANGHAI — JinkoSolar has signed a line of credit of up to RMB10 billion strategic agreement with the Industrial and Commercial Bank of China (“ICBC”) Jiangxi Provincial branch.
According to the terms of the agreement, ICBC Jiangxi Provincial branch will provide Jinko Power line of credit of up to RMB10 billion within three years.
The financial instruments will include but are not limited to working capital loans, supply chain financing loans, and project loans. The final amount drawn will depend on Jinko Power’s projects financing needs.
“Working with ICBC, the largest commercial bank in China, once again demonstrates the confidence that leading financial institutions have in our brand as well as our project development potential,” commented Mr. Xiande Li, Chairman of JinkoSolar. “This financial support will further enhance Jinko Power’s project development capabilities. With the support of government policy and the booming of project development in China, we’re glad to see more commercial banks entering the downstream solar market. We think highly of cooperating with ICBC and hope to develop more high-quality power plants and eventually repay our investors and society by producing more clean energy.”
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, 2.5 GW for solar cells, and 4 GW for solar modules, as of June 30, 2015. JinkoSolar also sells electricity in China, and has connected approximately 725 MW of solar power projects to the grid, as of June 30, 2015.