BEIJING (dpa-AFX) - JinkoSolar Holding Co., Ltd. (JKS), a Chinese solar PV provider, Wednesday announced that it has entered into a five-year 1 billion Chinese yuan (about $161.2 million) strategic financing agreement with China Minsheng Banking Corp., Ltd. or CMBC.
Under the deal terms, CMBC has agreed to provide financing support of an aggregate amount up to 1 billion yuan over a five-year period. 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, CMBC has agreed to provide an 88.8 million yuan project loan for a 20MW distributed solar PV project in Haining Hi-tech Park, Zhejiang Province. Building upon this agreement, the company plans to replicate this financing model with three separate 20MW distributed PV projects, totaling 60MW, located in Jiaxing City, Zhejiang Province.
The company noted that CMBC's financial services will further enhance JinkoSolar's position in the development of solar PV infrastructure in China.
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