JinkoSolar Gets $161 Million in China Minsheng Financing

JinkoSolar Holding Co. (JKS), the best-performing Chinese solar manufacturer in the past year, will receive as much as 1 billion yuan ($161.1 million) in financing from China Minsheng Banking Corp. to fund acquisitions, power plants and other activities.

The five-year agreement will include project finance, bridge loans, letters of guarantee, supply chain funding and other support, Shangrao, China-based JinkoSolar said today in a statement.

The deal will help the company develop distributed solar projects in China, where “development over the past few years has been hampered by financing difficulties,” JinkoSolar Chairman Li Xiande said in the statement.

An 88.8 million-yuan loan for a 20-megawatt rooftop solar project in Zhejiang province will be the first under the agreement. JinkoSolar is planning three more projects of comparable size in Jiaxing, also in Zhejiang province.

JinkoSolar’s American depositary receipts, each worth four ordinary shares, have more than doubled in the past year, the most of any Chinese company on the Bloomberg Industries Global Large Solar Energy index.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Will Wade, Jim Efstathiou Jr.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.