China Minsheng Banking Corp CMBC is supplying finance totalling US$161.1 million over five years for a multiple number of distributed generation PV power plant projects in China.
JinkoSolar noted that CMBC had already provided approximately US$14.3 million for a 20MW distributed solar PV project in Haining Hi-tech Park, Zhejiang Province, which will be rooftop based, on buildings within the business park.
Xiande Li, chairman of JinkoSolar said: “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.”
JinkoSolar also noted that the financing would also support three separate 20MW distributed PV projects, located in Jiaxing City, Zhejiang Province.
CMBC was said to also be providing other financial services such as merger and acquisition finance, supply chain finance, bridge loans, letters of guarantee, trade finance as well as the distributed generation project finance.