Major tier-one PV manufacturer JinkoSolar said it had secured more than US$62 million in a loan agreement with The Export-Import Bank of China (TEIBC) to support long-term fixed assets and mid-term working capital for its recently started Malaysia facility. The company said it had already drawn down the US$62 million loan.
“This agreement reflects the vote of confidence from TEIBC in our brand and our overseas expansion strategy,” said Kangping Chen, Chief Executive Officer of JinkoSolar. “Our production facility in Malaysia has been performing well since it began operations in May and now it is nearly operating at full capacity after ramping up for the past two months. We have already started delivering previously secured orders.”
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JinkoSolar also said it had secured a further RMB50 million (US$8.05 million) loan from TEIBC that would be used to support near-term working capital for the Malaysia facility.
Securing funding from TEIBC should have required JinkoSolar to source manufacturing equipment and potentially production materials from Chinese firms for the Malaysian fab.
JinkoSolar confirmed back in March, 2015 that its new Malasian fab would have an initial solar cell capacity of 500MW and 450MW of PV module capacity.
The company expected to spend around US$100 million on the facility, which would use high-efficiency multicrystalline technology, which was expected to be Passivated Emitter Rear Cell (PERC) based.
