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Tier 1 module manufacturer, JinkoSolar has successfully placed a RMB800 million (US$128 million) in bonds after approval from the by the Chinese National Development and Reform Commission's (NDRC) Financial Division.
JinkoSolar said that the proceeds from the bonds would be used for capital expenditure and working capital purposes.
Kangping Chen, Chief Executive Officer of JinkoSolar said, "This round of fund raising reflects strong market confidence in our long-term growth potential and sustainable business development."
The company noted that the bonds bear a fixed annual interest rate of 8.99% and would mature on January 29, 2019. The interest rate was said to be based on current one year Shibor (Shanghai Interbank Offered Rate) of 4.40% plus 459 basis points (4.59%).