Jinko signs billion dollar bank agreement
JinkoSolar Holding has announced that JinkoSolar (Switzerland) AG, its Swiss subsidiary, has entered into a strategic cooperation agreement with the Guangdong Branch of China Development Bank ("CDB"), pursuant to which CDB intends to provide financing cooperation to JinkoSolar (Switzerland) AG of an aggregate amount up to US$ 1 billion over a five-year period. The final conditions, terms and amount of the financing under the Strategic Cooperation Agreement is subject to the parties' further approval and will be set out in separate agreements.
JinkoSolar (Switzerland) AG will act as the platform to further expand the Company's presence overseas as the Company intends to use the financing to develop its overseas expansion, merger, acquisition, and downstream business, including project development and EPC for Photovoltaic ("PV") solar power plants. Pursuant to the Strategic Cooperation Agreement, the two parties will establish a high-level joint meeting mechanism to evaluate the progress of major development projects.
The Strategic Cooperation Agreement was signed in the presence of Mr. Shouguo Chang, Deputy President of CDB Guangdong Branch, and Mr. Xiande Li, Chairman of JinkoSolar, in Zug, Switzerland on December 7th, local time.
"As China's largest foreign investment and financing bank, China Development Bank has been implementing national development strategy and providing strong support to strategic plans and social development of the nation," stated Mr. Shouguo Chang, Deputy President of CBD Guangdong Branch. "We are pleased to be able to cooperate with JinkoSolar with this financing cooperation as it will provide JinkoSolar with the flexibility it needs to develop and finance overseas PV projects, which we believe will provide steady returns to investors. The signing of this Strategic Cooperation Agreement marks the beginning of what we hope will be a fruitful relationship between JinkoSolar and CDB over the next five years."
"As a leading solar power product manufacturer, we are delighted at the opportunity to cooperate on a strategic level with CDB," commented Mr. Xiande Li, Chairman of JinkoSolar. "The agreement with CDB will provide numerous advantages to us, including a long-term, stable source of capital and a complete set of financial servicesand 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. We have the confidence to become a premium client of CDB and we will surely make good use of this platform to create a steady stream of high-quality PV projects and excellent return on investment not only in Europe, but in global markets."
