JinkoSolar Signs US$90 Million Working Capital Loan Agreement with China Development Bank
SHANGHAI, Jan. 6, 2015 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:JKS), a global leader in the solar PV industry, today announced that one of its subsidiaries, Zhejiang JinkoSolar Co., Ltd. (“Zhejiang JinkoSolar”), has entered into a US$90 million working capital loan agreement with China Development Bank ("CDB").
According to the terms of the agreements, CDB will provide one-year working capital loan totaling US$90 million which will be used to support the Company’s daily operations. The first installment of US$50 million has already been transferred to Zhejiang JinkoSolar.
“We are pleased to extend our relationship with CBD from project finance to corporate finance with this working capital loan agreement,” commented Mr. Xiande Li, Chairman of JinkoSolar. “It not only further expands our financing channels, but also serves as a vote of confidence in our future. With the support of CBD’s one-stop corporate financial services, we expect to further extend our operation, especially project business. We see continued growth in demand both domestically and overseas in 2015, and we will take full advantage of each opportunity presented to us as we continue to enhance our leading position in the global solar power sector."
About JinkoSolar Holding Co., Ltd.
JinkoSolar is a global leader in the solar industry with production operations in Jiangxi and Zhejiang Provinces in China and sales and marketing offices in Shanghai and Beijing, China; Munich, Germany; Bologna, Italy; Zug, Switzerland; San Francisco, the United States; Queensland, Australia; Ontario, Canada; Singapore; Tokyo and Osaka; Japan and Cape town, South Africa; Santiago, Chile.
JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 2.3 GW for silicon ingots and wafers, 1.8 GW for solar cells, and 2.8 GW for solar modules, as of September 30, 2014. JinkoSolar sells electricity in China and distributes its solar products to a diversified customer base in the global PV market, including Germany, Italy, Belgium, Spain, the United States, Eastern Europe, China, India, Japan, South Africa, South America and other countries and regions.
To find out more, please see: www.jinkosolar.com
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.