JinkoSolar announced that it has signed a US$62 million plus RMB50 million loan agreement with The Export-Import Bank of China (TEIBC). Both Loans will be used for the company’s production facility in Malaysia.
According to the terms of the agreement, the US$62 million loan will be used to support long-term fixed assets and mid-term working capital for JinkoSolar's production facility in Malaysia, while the RMB$50 million loan will be used to support near-term working capital for the Malaysia facility. The Company has already drawn down the US$62 million loan.
"This agreement reflects the vote of confidence from TEIBC in our brand and our overseas expansion strategy," commented Mr. Kangping Chen, Chief Executive Officer of JinkoSolar. "Our production facility in Malaysia has been performing well since it began operations in May and now it is nearly operating at full capacity after ramping up for the past two months. We have already started delivering previously secured orders. We look forward to taking advantage of our new overseas capacity to further strengthen our brand and enhance our competitiveness in the global PV market, and meanwhile improve our capabilities to deliver world-class products to our customers around the world."