Adding to its US$1 billion, five-year financing deal with JinkoSolar, China Development Bank (CDB) has signed a US$58 million loan agreement with the module manufacturer to fund PV power plant projects in China.
Xiande Li, Chairman of JinkoSolar, said: “Securing long-term and stable source of capital, within this agreement, will reinforce our competitive status and already [leading] position in the Chinese market.”
The previously placed US$1 billion financing deal with CDB was said at the time to support JinkoSolar in expanding busines overseas including PV project development and EPC activities as well as support potential merger and acquisition strategies.
More recently, JinkoSolar secured US$128 million bond in China, said to be used for used for capital expenditure and working capital purposes.
The collapse into bankruptcy of Suntech Wuxi, the main operating arm of Suntech Power Holdings has sent shockwaves through Chinese banking and led to tighter credit risk assessments across the PV supply chain in China.