Major PV manufacturer JinkoSolar has secured over US$483 million in PV project finance from Ping An Bank to support its downstream project business arm, Jinko Power.
Jinko Power was said to have already drawn RMB630 million (US$101 million) of the RMB3 billion line of credit for power plant projects in Inner Mongolia, Guangdong province and Zhejiang province.
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“As the PV power market in China continues to mature, we have seen an increasing number of commercial banks, following policy banks, entered solar downstream [sic]. As a leading player in the domestic market, JinkoSolar's leading position and strength has been recognized by a growing number of financial institutions,” said Xiande Li, chairman of JinkoSolar. “This agreement, following our banking facility agreements with China Development Bank and China Minsheng Bank, is another credit facility that we have signed with a first-tier bank to finance our downstream projects.”
According to the terms of the agreement, the line of credit is for three years.
JinkoSolar had cumulatively connected a total of approximately 617MW of PV power projects to the grid by the end of the first quarter of 2015 and had previously guided PV project pipeline completions in 2015 of 600MW to 800MW.