Jinko gets $66m China finance

JinkoSolar has secured 400m yuan ($66m) in project loans from the China Development Bank (CDB) for 50MW of PV capacity it recently commissioned in China’s Xinjiang and Qinghai provinces.

The arrays, spread across a trio of projects brought on line last month, all qualify for the national feed-in tariff of 1 yuan per kWh.

The loans – handed down by the CDB’s Zheijiang branch – are a continuation of Jinko’s “deep relationship” with the CDB, with Jinko referring to itself as a “prioritised corporate client” of the state-run financial institution.

Jinko – the first major Chinese PV manufacturer to return to profitability in 2013 – was among the 109 Chinese solar companies marked for ongoing policy support in a recent list published by Beijing.

Over the past few years Jinko has steadily built its downstream muscle – mostly inside China – having commissioned 213MW by the end of last year, and with ambitions to roughly double that figure in 2014.

Jinko chairman Xiande Li says the new CDB loan secures “a long-term, stable source of capital” for the company’s projects in Xinjiang and Qinghai.

In addition to the CDB loans it has agreed in China, Jinko’s Switzerland-based subsidiary in 2012 signed a five-year loan package with the CDB worth $1bn for overseas projects.