JinkoSolar has entered into a five-year RMB3 billion strategic financing agreement with China Minsheng Banking Corp., Ltd. (CMBC). The agreement covers project financing and capital management programs for JinkoSolar to optimize its debt structure.
According to the terms of the agreement, CMBC has agreed to provide financing support of an aggregate amount up to RMB3 billion over a five-year period. CMBC's financing will help expand JinkoSolar's financing channels, and further strengthen the Company's leading position in the development of downstream solar projects and manufacturing capabilities. CMBC'S financial services will include but are not limited to project finance, merger and acquisition finance, supply chain finance, bridge loans, letters of guarantee and related trade finance.
In addition to downstream project financing, the agreement will also cover working capital finance and foreign currency cash pool management for JinkoSolar's domestic and overseas subsidiaries, allowing the Company to optimize its debt structure, and reduce financial costs.
"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. "This strategic financing agreement with one of China's premier commercial banks demonstrates the confidence we both have in the future development of the global PV industry. We look forward to working closely with CMBC on the development of our downstream business and in particular DG projects, as well as our manufacturing business. We truly value this relationship and will leverage this platform to create new opportunities and green energy projects that will yield sustainable and long-term value for our shareholders."