JinkoSolar Holding Co has signed credit facilities in Japan with a bank consortium led by Sumitomo Mitsui Banking Corporation (SMBC) and in US with Wells Fargo Capital Finance.
More concretely, the solar company has a one-year JPY2 billion (US$18.8 million) syndicated loan agreement with a bank consortium led by SMBC and includes Mizuho Bank, Ltd., the Tokyo Branch of the Industrial and Commercial Bank of China (ICBC) and NEC Capital Solutions Limited. The financing will be used to supplement JinkoSolar Japan’s working capital.
Mr. Charlie Cao, JinkoSolar's Chief Financial Officer commented:
“We are delighted to secure financing from a local bank consortium in Japan that will allow us to pursue opportunities in Japanese market. It also demonstrates the trust and recognition that first-tier Japanese commercial banks have in our brand and operations in Japan. We look forward to further deepening our relationship with SMBC and other local banks as we expand our business there.”
Additionally, JinkoSolar has signed amendments to the credit agreement with Wells Fargo Capital Finance, a division of Wells Fargo Bank to increase its credit limit to US$60 million from US$40 million with a three year term.
Mr. Charlie Cao, JinkoSolar's Chief Financial Officer stated:
"This is the second time we have raised our credit limit with Wells Fargo in the past years. We look forward to working closely with Wells Fargo to further expand our business in the U.S and across the globe.”
JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 3.5 GW for silicon ingots and wafers, 3 GW for solar cells, and 6 GW for solar modules, as of March 31, 2016. JinkoSolar also sells electricity in China, and had connected approximately 1,007 MW of solar power projects to the grid, as of March 31, 2016.
The company sells solutions and services in, among others, China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France and Belgium-