JA Solar And Jinglong Group Secure $89.7 Million Credit Line From Chinese Bank

Posted by SI Staff on August 07, 2013 No Comments
Categories : New & Noteworthy

JA Solar Holdings Co. Ltd. and its Jinglong Group subsidiary have secured an $89.7 million credit facility from the Bank of Communications of China. Of the credit facility, $40.8 million will be available to JA Solar, and $48.9 million will be available to Jinglong Group. JA Solar says it intends to use the credit facility for working capital and general corporate purposes.

The commitment from the Bank of Communications follows a series of incentive policies for the solar industry announced by China's State Council in July, including a pledge to provide credit support to leading solar companies that have advanced technology and long-term growth potential.

In January, the government agency raised its target for solar power capacity in China from 21 GW to 35 GW by 2015 in the face of record-breaking smog.

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