JinkoSolar Holding Co. Ltd. has entered into a five-year, $161 million strategic financing agreement with China Minsheng Banking Corp. Ltd. (CMBC).
JinkoSolar says CMBC's financial services will include, but are not limited to, merger and acquisition finance, supply chain finance, bridge loans, letters of guarantee, trade finance, and project finance, especially for distributed PV projects.
As a first step in the relationship, CMBC has agreed to provide an RMB 88.8 million (about $14 million) project loan for a 20 MW distributed solar PV project in Haining Hi-tech Park, Zhejiang Province. Building upon this agreement, JinkoSolar says it plans to replicate this financing model with three separate distributed PV projects totaling 60 MW in Jiaxing City, Zhejiang Province.
‘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,’ comments Xiande Li, chairman of JinkoSolar. ‘Distributed PV generation systems represent the future for the Chinese market, but its development over the past few years has been hampered by financing difficulties. We believe that this agreement represents a new era in the financing of distributed generation projects for JinkoSolar."