JinkoSolar signs US$1 billion agreement with China Development Bank07. December 2012 | Industry & Suppliers, Markets & Trends | By: Shamsiah Ali-Oettinger
JinkoSolar's Swiss subsidiary JinkoSolar AG has entered into a strategic cooperation agreement with the Guangdong Branch of China Development Bank (CDB).
CDB intends to provide financing cooperation to JinkoSolar AG of an aggregate amount up to US$1 billion over a five-year period. JinkoSolar AG will act as the platform to further expand the company's presence overseas. The financing is intended to be used for overseas expansion, merger, acquisition and downstream business, including project development and EPC for photovoltaic power plants.
Pursuant to the strategic cooperation agreement, the two parties will also establish a high-level joint meeting mechanism to evaluate the progress of major development projects.
Xiande Li, Chairman of JinkoSolar said, "The agreement with CDB will provide numerous advantages to us, including a long-term, stable source of capital and a complete set of financial services and it will have a far-reaching impact as it demonstrates the confidence with which a leading PV enterprise and strong and respectable financial institution set upon changing the global renewable energy market."
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