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JinkoSolar gets $1 billion in financing to expand European operations

The China Development Bank is going to be financing the activities of JinkoSolar Holding Co. to the tune of up to $1 billion for a five-year period.

JinkoSolar, a manufacturer and distributor of solar photovoltaic products based in China, announced that its Swiss subsidiary JinkoSolar (Switzerland) AG has entered a strategic cooperation agreement with the Guangdong Branch of China Development Bank.

CDB will be providing financing cooperation to JinkoSolar (Switzerland AG) with the final conditions, terms and amount of financing subject to the parties’ further approval.

"We are pleased to be able to cooperate with JinkoSolar with this financing cooperation as it will provide JinkoSolar with the flexibility it needs to develop and finance overseas PV projects, which we believe will provide steady returns to investors. The signing of this Strategic Cooperation Agreement marks the beginning of what we hope will be a fruitful relationship between JinkoSolar and CDB over the next five years," said Shouguo Chang, Deputy President of CBD Guangdong Branch.

JinkoSolar (Switzerland) AG will act as a platform to further expand JinkoSolar’s presence overseas. The financing will be used to develop the groups overseas expansion, merger, acquisition, and downstream business, including project development for photovoltaic solar power plants.

According to China Daily, with the signing of the agreement, Jinko is looking at a year-on-year increase in sales revenue of 20 to 30 percent. Jinko was one of the only profit-making Chinese P.V. manufacturers in 2011 with sales revenues of $2.34 billion. – EcoSeed Staff

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