China's JinkoSolar secures $1-bn loan from CDB for overseas expansion
08 December 2012
China Development Bank (CDB), the country's biggest foreign-currency lender, has agreed to loan $1 billion to the Swiss subsidiary of Chinese solar firm JinkoSolar Holding Co. Ltd, in order to help it expand overseas.
The final conditions, terms and amount of the financing of the five-year period loan to JinkoSolar Holding's Swiss subsidiary JinkoSolar (Switzerland) AG, is subject to both parties' further approval and will be set out in separate agreements.
The funds will be the used by the Shanghai and New York-listed company to further expand its presence overseas, mergers and acquisitions, and constructing new photovoltaic solar power plants in Germany, Italy and Spain.
JinkoSolar Holding is a leading solar power product manufacturer with production operations in Jiangxi and Zhejiang Provinces in China and sales and marketing offices in Shanghai, Beijing Munich, Bologna, Montpellier, Zug, San Francisco, Queensland, Ontario, and Singapore.
The Jiangxi and Zhejiang provinces-based company has built a vertically integrated solar product value chain with an annual capacity of approximately 1.2 GW each for silicon ingots and wafers, solar cells and solar modules.
JinkoSolar, the world's eighth-largest panel maker by volume, distributes its photovoltaic products to a diversified customer base in the global PV market, including in Germany, Italy, Belgium, Spain, the US, France, Eastern Europe, South Africa, Japan, India, China and other countries.