Jinko Power Signs RMB3 Billion Line of Credit Agreement with Ping An Bank
SHANGHAI, July 28, 2015 — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), a global leader in the solar PV industry, today announced that JinkoSolar Power Co., Ltd. (“Jinko Power”), a subsidiary of the Company, has signed a three-year RMB3 billion line of credit agreement with Ping An Bank Co., Ltd. (“PAB”). PAB’s financing will be used to support Jinko Power’s PV project developments.
According to the terms of the agreement, the line of credit is RMB3 billion for three years. The first loan of RMB630 million has been withdrawn and will be used to support the development of PV solar power plant projects in Inner Mongolia, Guangdong province, and Zhejiang province.
“As the PV power market in China continues to mature, we have seen an increasing number of commercial banks, following policy banks, entered solar downstream. As a leading player in the domestic market, JinkoSolar’s leading position and strength has been recognized by a growing number of financial institutions.” Mr. Xiande Li, Chairman of JinkoSolar, commented, “This agreement, following our banking facility agreements with China Development Bank and China Minsheng Bank, is another credit facility that we have signed with a first-tier bank to finance our downstream projects. We believe this agreement once again reflects the vote of confidence from leading financial institutions in our brand as well as our project development potential. Strong financial support will effectively enhance our sustained development capability, and reinforce our leading position in the domestic PV downstream market.”
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 3 GW for silicon ingots and wafers, 2.0 GW for solar cells, and 3.5 GW for solar modules, as of March 31, 2015. JinkoSolar also sells electricity in China, and has connected approximately 617 MW of solar power projects to the grid, as of March 31, 2015.
JinkoSolar has over 15,000 employees across its 5 productions facilities in Jiangxi and Zhejiang Provinces, China, Malaysia, Portugal and South Africa, 12 global sales offices in China, Spain, the United Kingdom, the United Arab Emirates, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Brazil, Costa Rica and Mexico and 11 oversea subsidiaries in Germany, Italy, Switzerland, the United States, Canada, Australia, Singapore, Japan, India, South Africa and Chile.
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.
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