Chinese solar panel maker JinkoSolar Holding Co. has signed a five-year RMB3 billion (US$479 million) strategic financing agreement with China Minsheng Banking Corp.
According to the terms of the agreement, CMBC’S financial services will include project finance, merger and acquisition finance, supply chain finance, bridge loans, letters of guarantee and related trade finance. The financing support is for a five-year period. JinkoSolar said the agreement will help expand its financing channels, and strengthen its development of downstream solar projects and manufacturing capabilities.
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.
Last July, JinkoSolar signed a five-year $163.3 million financing agreement with CMBC to support its operations there, including acquisitions and power project development. In November, the company agreed a US$20 million financing agreement with from Wells Fargo & Co. to support its U.S. business.