Jinko secures $1.5 billion credit facility for project business

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The downstream businesses of the leading Chinese module manufacturers continues to grow, with the latest continuation of this trend coming in the form of a vast credit facility that is to be made available to Jinko. The company has secured a vast RMB10 billion line of credit that can drawn on for “working capital loans, supply chain financing loans, and project loans.”

Jinko has indicated the extent it draws down on the credit facility will depend on the requirements of its project business.

“This financial support will further enhance Jinko Power’s project development capabilities,” said JinkoSolar Chairman Xiande Li. “With the support of government policy and the booming of project development in China, we’re glad to see more commercial banks entering the downstream solar market.”

The credit facility will be made available to Jinko’s project development subsidiary JinkoSolar Power Company. pv magazine understands that Jinko is moving towards establishing a yieldco to which it could spin off projects.

Bloomberg New Energy Finance forecasts that in excess of 17 GW of PV will be installed in China in 2015.