Chinese vertically integrated solar company JinkoSolar has signed two large loan agreements with the Export-Import Bank (Ex-Im Bank) China for the further development of its long-term solar assets and Malaysian production facility.
The terms of the agreement stipulate that $62 million will be used to support JinkoSolars fixed and long-term assets, with some of the monies from this loan also going towards mid-term working capital at the Malaysia plant.
A more immediate loan of RMB50 million ($8 million) will be used to support near-term working capital at the facility.
According to JinkoSolar CEO Kangping Chen, the agreement with Ex-Im Bank is indicative of industry confidence in the JinkoSolar brand, and will help to support the companys globalization strategy.
"Our production facility in Malaysia has been performing well since it began operations in May, and now it is nearly operating at full capacity after ramping up for the past two months," said Chen. "We have already started delivering previously secured orders."
The CEO stipulated further that JinkoSolar will seek to build its competitiveness in the global PV market via the utilization of its overseas capacity. The Malaysian fab has a solar cell capacity of 500 MW and a PV module capacity of 450 MW.
Just last week, the company secured an additional $485 million in financing with Chinas Ping An Bank. This funding was secured to support JinkoSolars domestic expansions, financing projects in the Chinese provinces of Guangdong, Zhejiang and Inner Mongolia.