JinkoSolar Power Engineering Group Ltd. (Jinko Power), a subsidiary of JinkoSolar Holding Co. Ltd., has signed a $150 million loan agreement with Credit Suisse AG and a number of financial institutions.
Proceeds from the financing will be used to expand Jinko Power's project portfolio in China and provides funds to expand capacity to 1.4 GW. Credit Suisse acted as sole arranger and led the consortium of investors in the financing.
According to the terms of agreement, Jinko Power will receive an 18-month senior secured term loan totaling $150 million. The lenders will also be granted warrants, which represent no more than approximately 2% of Jinko Power's equity on a fully distributed basis, subject to their terms and conditions.
‘This financing further strengthens our position in the Chinese solar power market, supplements Jinko Power's working capital and significantly expands Jinko Power's project development capabilities. With the additional funds, we are well positioned to benefit from the strong Chinese government support, as it continues to develop the green energy industry and tackle environmental concerns.’