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JinkoSolar Announces Strategic Financing Agreement with Bank of China

published: 2011-02-23 14:19

JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a vertically integrated solar product manufacturer with low-cost operations based in China, announced that Jinko Solar Co., Ltd. ("Jiangxi Jinko"), one of the Company's wholly owned subsidiaries, has entered into a strategic cooperation agreement with the Bank of China ("BOC"), one of China's big four state-owned commercial banks, which contemplates potential credit facilities in the aggregate maximum amount of RMB50 billion to be granted to Jiangxi Jinko over a five-year period to support the Company's long-term growth and corporate development plans.

Detailed terms of the credit facilities and related credit agreements are subject to BOC's internal risk management requirements and operational regulations and will need to be negotiated before the relevant credit facilities may be granted.

"We are pleased to have the support of BOC as we look to capitalize on opportunities that will further strengthen our position as a leading solar product manufacturer," said Mr. Longgen Zhang, chief financial officer of JinkoSolar. "Following the successful registration of RMB600 million financing bonds with Industrial Bank, our strategic agreement with BOC reiterates JinkoSolar's successes and strong financial performance and highlights the confidence of Chinese financial institutions in our ability to continue delivering positive results. With the long-term financial support of BOC, we are confident we will deliver excellent results in 2011 as well as meet our long-term growth targets."

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