JinkoSolar signs $1bn worth strategic cooperation agreement with Chinese Bank
Solar power products manufacturer JinkoSolar has signed a strategic cooperation agreement with the Guangdong Branch of China Development Bank (CDB) to secure $1bn in financing.
The CDB financing will be spread over a five-year term and will be routed into JinkoSolar's Swiss subsidiary to drive the company's overseas expansion strategy.
Mergers, acquisitions, and downstream businesses such as project development and EPC for Photovoltaic solar power plants will also be expanded using the above mentioned funds.
Commenting on the developments CBD Guangdong Branch Deputy President Shouguo Chang remarked that the funding will provide JinkoSolar with the flexibility it needs to fuel overseas expansion.
"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," added Chang.
JinkoSolar chairman Xiande Li enumerated the various advantages of the funding saying, "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."