Jan. 6, 2014 - JinkoSolar today announced that it has entered into project loan agreements with China Development Bank ("CDB"). Pursuant to the agreements, the Zhejiang Branch of CDB will provide a RMB400 million (approximately US$66 million) loan to the Company to develop JinkoSolar's three PV solar projects located in Xinjiang and Qinghai Provinces. As a prioritized corporate client, JinkoSolar has been provided an authorized domestic credit line up to RMB3 billion (approximately US$494 million) for solar project financing by CDB.
According to the terms of the agreements, the Zhejiang Branch of CDB will provide a 15-year loan totaling RMB400 million which will be used to finance three PV solar power plant projects in Xinjiang and Qinghai Provinces. Consisting of a total of 50MW, the projects were developed by JinkoSolar and connected to the grid in the fourth quarter of 2013, and are qualified for China's national feed-in-tariff of RMB1.00 per kW/h. The company will continue to work closely with CDB for financing more solar PV projects.
"As a global leader in the solar PV industry, we are very pleased to extend our deep relationship with CDB, a well know financial institution with substantial investment experience in the solar sector," said Mr. Xiande Li, Chairman of JinkoSolar. "These loan agreements will secure a long-term, stable source of capital for our projects in Xinjiang and Qinghai. The loan facility also demonstrates CDB's trust and confidence in the Company's strength and project development capabilities. The financing will be used to expand our downstream business as we focus on developing future projects in order to meet the growing demand for green energy and create sustainable returns for our shareholders."