JinkoSolar Signs RMB1 Billion Strategic Financing Agreement with China Minsheng Bank First RMB88.8 million Loan for 20MW distributed PV Project in Zhejiang
JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, announced that it has entered into a five-year RMB1 billion strategic financing agreement with China Minsheng Banking Corp., Ltd. ("CMBC").
According to the terms of the agreement, CMBC has agreed to provide financing support of an aggregate amount up to RMB1 billion over a five-year period. Financial services will include but are not limited to merger and acquisition finance, supply chain finance, bridge loans, letters of guarantee, trade finance, and project finance especially for distributed PV projects. CMBC's financial services will further enhance JInkoSolar's leading position in the development of solar PV infrastructure in China.
As a first step in the relationship, CMBC has agreed to provide an RMB88.8 million project loan for a 20MW distributed solar PV project in Haining Hi-tech Park, Zhejiang Province. The project has already been submitted and approved by the National Development and Reform Commission. Constructed on the roof-tops of adjacent offices and production facilities, the project will cover an area of 234,000 square meters. The power generated will be used by the surrounding businesses with residual power fed back into the grid. Building upon this agreement, the Company plans to replicate this financing model with three separate 20MW distributed PV projects, totaling 60MW, located in Jiaxing City, Zhejiang Province.
"As a global leader in the solar PV industry, we are extremely excited to have the opportunity to build a new strategic partnership with China Minsheng Bank," commented Mr. Xiande Li, Chairman of JinkoSolar. "Distributed PV generation systems represent the future for the Chinese market, but its development over the past few years has been hampered by financing difficulties. We believe that this agreement represents a new era in the financing of distributed generation projects for JinkoSolar. Building upon the reputation JinkoSolar carries following the cooperation with national policy bank, this agreement also demonstrates the confidence that one of China's premier commercial banks has in our project development capabilities and overall strength. We look forward to deepening our relationship with CMBC which we believe will serve as an example for future DG project financing agreements in China and are eager to begin working together on our strong pipeline of projects."
About JinkoSolar Holdings Co., Ltd.
JinkoSolar is a global leader in the solar PV 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, Japan and Cape town, South Africa.
JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of approximately 2.0 GW each for silicon ingots, wafers and solar cells and approximately 2.1 GW for solar modules, as of March 31, 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, and other countries and regions.
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.
For more information:
JinkoSolar Holding Co., Ltd.
343 Sansome Street, Suite 975
San Francisco, California
United States, 94104
In China: Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
In the U.S.: Jeff Bloker