The China Development Bank (CDB) has provided a pair of credit lines to Shanghai solar photovoltaic (PV) company Jinko Solar.
The first loan, worth US$66mn, will fund the construction of three solar PV plants in China’s northwest, adding a total of 50MW to the power grid.
The second, larger line is US$500mn in credit for future solar project financings, the details of which have yet to be established.
Jinko Solar’s chairman Xiande Li says: “These loan agreements will secure a long-term, stable source of capital for our projects in Xinjiang and Qinghai. The loan facility also demonstrates CDB’s trust and confidence in the company’s strength and project development capabilities. The financing will be used to expand our downstream business as we focus on developing future projects in order to meet the growing demand for green energy and create sustainable returns for our shareholders.”