JinkoSolar Receives $70 Million in China Ex-Im Loans for Factory

JinkoSolar Holding Co., a Chinese solar panel maker, is borrowing $70 million from the Export-Import Bank of China for a panel manufacturing plant in Malaysia.

The agreement includes $62 million that it has already drawn down and a 50 million yuan ($8 million) loan for short-term working capital, Shangrao, China-based JinkoSolar said Monday in a statement.

The plant in Penang, Malaysia, opened in May and can produce 500 megawatts a year of solar cells and 450 megawatts of solar panels. Manufacturing components outside China helps the company avoid import duties into Europe and the U.S.

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