JinkoSolar has agreed a RMB400 million (US$66.1 million) loan with its long-term financial partner China Development Bank (CDB).
The new 15-year loan agreement will be used to fund three PV projects totalling 50MW that were developed by JinkoSolar. The plants in Xinjiang and Qinghai provinces were connected to the grid in the fourth quarter of 2013. The projects are eligible for China's feed-in tariff of RMB1.00 per kW/h.
“The loan facility also demonstrates CDB's trust and confidence in the company's strength and project development capabilities,” said Xiande Li, chairman, JinkoSolar.
“The financing will be used to expand our downstream business as we focus on developing future projects in order to meet the growing demand for green energy and create sustainable returns for our shareholders,” added Li.
CDB signed a five-year US$1 billion financing deal with JinkoSolar in December 2012.