JinkoSolar, solar PV solution providers has entered into a five-year RMB1 billion strategic financing agreement with China Minsheng Banking.
According to the agreement, CMBC will provide financing support to RMB1 billion over a five-year period. Financial services will not limited to merger and acquisition, supply chain, bridge loans, letters of guarantee and like that.
As a first step, CMBC will provide an RMB88.8 million project loan for a 20MW distributed solar PV project in Haining Hi-tech Park, Zhejiang Province, approved by the National Development and Reform Commission. The project covers an area of 234,000 square meters.
Building upon this agreement, the Company will replicate this financing model with three other 20MW distributed PV projects, totaling 60MW.
Xiande Li, chairman, JinkoSolar, commented, “Distributed PV generation systems represent the future for the Chinese market, but lately its development has been hampered by financing difficulties. This agreement will represent a new era in the financing of distributed generation projects for JinkoSolar. With the cooperation of a national policy bank, this agreement will prove to be a capable possibility.”