JinkoSolar Signs RMB400 Million 15-YearProject Loan Agreements with China Development Bank
SHANGHAI, Jan. 6, 2014 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:JKS), a global leader in the solar PV industry, today announced that it has entered into project loan agreements with China Development Bank ("CDB"). Pursuant to the agreements, the Zhejiang Branch of CDB will provide a RMB400 million (approximately US$66 million) loan to the Company to develop JinkoSolar’s three PV solar projects located in Xinjiang and Qinghai Provinces. As a prioritized corporate client, JinkoSolar has been provided an authorized domestic credit line up to RMB3 billion (approximately US$494 million) for solar project financing by CDB.
According to the terms of the agreements, the Zhejiang Branch of CDB will provide a 15-year loan totaling RMB400 million which will be used to finance three PV solar power plant projects in Xinjiang and Qinghai Provinces.
Consisting of a total of 50MW, the projects were developed by JinkoSolar and connected to the grid in the fourth quarter of 2013, and are qualified for China’s national feed-in-tariff of RMB1.00 per kW/h. The company will continue to work closely with CDB for financing more solar PV projects.
"As a global leader in the solar PV industry, we are very pleased to extend our deep relationship with CDB, a well know financial institution with substantial investment experience in the solar sector," said Mr. Xiande Li, Chairman of JinkoSolar. "These loan agreements will secure a long-term, stable source of capital for our projects in Xinjiang and Qinghai. The loan facility also demonstrates CDB's trust and confidence in the Company's strength and project development capabilities. 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."
JinkoSolar is a global leader in the solar PV industry with production operations in Jiangxi and Zhejiang Provinces in China and sales and marketing offices in Shanghai and Beijing, China; Munich, Germany; Bologna, Italy; Zug, Switzerland; San Francisco, the United States; Queensland, Australia; Ontario, Canada; Singapore; Tokyo, Japan; and Cape Town, South Africa.
JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of approximately 1.5 GW each for silicon ingots, wafers, and solar PV cells, and approximately 1.8 GW for solar PV modules, as of September 30, 2013. JinkoSolar sells electricity in China and distributes its solar products to a diversified customer base in the global PV market, including Germany, Italy, Belgium, Spain, the United States, Eastern Europe, China, India, Japan, South Africa, and other countries and regions.
To find out more, please see: www.jinkosolar.com
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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