JinkoSolar is availing a loan to support its production facility in Malaysia. According to a statement, the Chinese solar module manufacturer has signed an agreement to avail loan of $62 million plus RMB 50 million with The Export-Import Bank of China.
Of the sum, $62 million is to be utilized to support long-term fixed assets besides providing mid-term working capital for JinkoSolar’s production facility in Malaysia.
The sum of RMB50 million will be used to support near-term working capital for the Malaysian facility, the statement says. The Company has already drawn down the $62 million loan.
JinkoSolar launched operation of its solar cell and module manufacturing plant in Penang, Malaysia, in May. It was the first overseas factory of the company.
JinkoSolar has signed a $62m plus RMB50m ($8m) loan agreement with The Export-Import Bank of China http://t.co/rJ3ImxcE3O
— reNEWS (@reNEWS_) August 3, 2015
The company had started construction of the unit in March and it cost about $100 million to build. The Shanghai-based company received TUV certification for the project in late April.
The plant was equipped to produce multi-crystalline modules and the projected annual capacity was 500 MW of solar cells and 450 MW of modules.
JinkoSolar had informed in a statement that it was to employ Passivated Emitter Rear Cell (PERC) based high-efficiency multicrystalline technology to produce solar cells at the factory.
The Malaysia production unit was expected to help JinkoSolar further expand business as the country is a photovoltaic manufacturing hub. Established brands such as Comtec, Hanwha Q CELLS, Panasonic and First Solar have plants in the country.
Recently, Jinko Power, a subsidiary of JinkoSolar, signed a three-year RMB3 billion line of credit agreement with Ping An Bank in China. The financing will be used to support the photovoltaic project development of the company.
The company had already drawn down the first installment of the loan RMB630 million to support the development of PV solar power plant projects in Inner Mongolia, Guangdong province, and Zhejiang province.
Ajith Kumar S