Jinko Power, the subsidiary of Chinese JinkoSolar, signed a $1.5 billion strategic agreement on Thursday with the Industrial and Commercial Bank of China.
According to JinkoSolar, the terms of the agreement will see the Industrial and Commercial Bank of China (ICBC) Jiangxi Provincial branch provide Jinko Power with a RMB10 billion, or $1.5 billion, line of credit over three years to fund a number of downstream projects such as capital loans, supply chain financing loans, and project loans.
“Working with ICBC, the largest commercial bank in China, once again demonstrates the confidence that leading financial institutions have in our brand as well as our project development potential,” said Mr. Xiande Li, Chairman of JinkoSolar. “This financial support will further enhance Jinko Power’s project development capabilities.
“With the support of government policy and the booming of project development in China, we’re glad to see more commercial banks entering the downstream solar market,” Mr Li continued. “We think highly of cooperating with ICBC and hope to develop more high-quality power plants and eventually repay our investors and society by producing more clean energy.”
This is not the first recent line of credit JinkoSolar has acquired, as it follows several other similar agreements, including an RMB3 billion line of credit agreement with Chinese bank Ping An Bank back in July.
Jinko Power is one of a number of yieldcos which have sprung up over the past year from renewable energy developers, focused on owning and operating operational projects. JinkoSolar announced its second quarter earnings last month, which included delivery of 90.4 MW worth of solar modules for Jinko Power’s own downstream projects.
“We had an overall strong quarter as we continue to build a diversified foundation for long-term sustainable growth,” said Mr. Kangping Chen, JinkoSolar’s Chief Executive Officer, at the time. “We are efficiently executing our strategy across all segments of our business as we benefit from the strong growth momentum gained by expanding our module and downstream businesses.”
Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.
CleanTechnica Holiday Wish Book
Our Latest EVObsession Video
CleanTechnica uses affiliate links. See our policy here.