JinkoSolar Gets $161 Million in China Minsheng FinancingEhren Goossens
JinkoSolar Holding Co., 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.