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.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.