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China : JinkoSolar enters $161 MILLION Financing Agreement with CMBC

July 18, 2014



JinkoSolar Holding Co. Ltd. declared that it has inked a 5-year strategic financing agreement worth $161 million with China Minsheng Banking Corp. Ltd. (CMBC).

CMBC's financial services will comprise, but are not limited to, merger and acquisition finance, supply chain finance, bridge loans, letters of guarantee, trade finance, and project finance, especially for distributed PV projects, said JinkoSolar.

Under the partnership, CMBC has agreed to render an RMB 88.8 million (about $14 million) project loan for a 20 MW distributed solar PV project in Haining Hi-tech Park, Zhejiang Province.

JinkoSolar stated taht it is planning to replicate this financing model with three separate distributed PV projects totaling 60 MW in Jiaxing City, Zhejiang Province, based upon this agreement.

Xiande Li, chairman of JinkoSolar said, As a global leader in the solar PV industry, we are extremely excited to have the opportunity to build a new strategic partnership with China Minsheng Bank. Distributed PV generation systems represent the future for the Chinese market, but its development over the past few years has been hampered by financing difficulties. We believe that this agreement represents a new era in the financing of distributed generation projects for JinkoSolar.


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Source: TendersInfo (India)


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