PV company JinkoSolar Power Engineering Group, a subsidiary of JinkoSolar Holding, has signed a US$150 million loan agreement with Credit Suisse AG and several other financial bodies.
The financing will be used to expand Jinko Power’s downstream project portfolio across China and to expand capacity to 1.4GW.
Credit Suisse acted as sole arranger and led the consortium of investors in the financing.
Jinko will receive an 18-month senior secured term loan. 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.
Xiande Li, chairman of JinkoSolar, said: "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.
“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."