JinkoSolar Power, a subsidiary of JinkoSolar, has signed a strategic agreement for line of credit of up to RMB10 billion with the Industrial and Commercial Bank of China (ICBC), Jiangxi Provincial branch.
According to the terms of the agreement, the bank will disburse the line of credit within three years.
Financial instruments under the agreement include working capital loans, supply chain financing loans and project loans. The final withdrawal will depend on financing needs of Jinko Power projects.
The financial backing is expected to help Jinko Power enhance its 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,” Xiande Li, the chairman of JinkoSolar, said.
Ajith Kumar S