Vertically integrated Chinese solar company JinkoSolar has secured a RMB3 billion ($485 million) line of credit from Ping An Bank (PAB) for the development of a series of solar PV power plants in the country.
A first tranche of the loan amounting to RMB630 million will be used to finance the development of solar projects in Guangdong Provice, Zhejiang Province and Inner Mongolia, JinkoSolar announced in a press statement today.
"As the PV power market in china continues to mature, we have seen an increasing number of commercial banks, following policy banks, entering solar downstream," said JinkoSolar chairman Xiande Li. "As a leading player in the domestic market, JinkoSolars leading position and strength has been recognized by a growing number of financial institutions."
The agreement with PAB follows a prior financing deal with the China Development Bank and China Minsheng Bank to assist JinkoSolars downstream activities. Li added: We believe this agreement once again reflects the vote of confidence from leading financial institutions in our brand, as well as our project development potential.
"Strong financial support will effectively enhance our sustained development capability, and reinforce our leading position in the domestic PV downstream market."
In November last year, China Development Bank International bought a 45% stake in JinkoSolars downstream department, JinkoSolar Power Engineering Group Limited, for a sum believed to be in th region of $225 million.