JinkoSolar Signs $1B Strategic Cooperation Deal with China Development Bank
JinkoSolar Holding Co., Ltd. (NYSE: JKS), a leading global solar power product manufacturer, today announced that JinkoSolar (Switzerland) AG, its Swiss subsidiary, has entered into a strategic cooperation agreement ("Strategic Cooperation Agreement") with the Guangdong Branch of China Development Bank ("CDB"), pursuant to which CDB intends to provide financing cooperation to JinkoSolar (Switzerland) AG of an aggregate amount up to US$ 1 billion over a five-year period. The final conditions, terms and amount of the financing under the Strategic Cooperation Agreement is subject to the parties' further approval and will be set out in separate agreements.
JinkoSolar (Switzerland) AG will act as the platform to further expand the Company's presence overseas as the Company intends to use the financing to develop its overseas expansion, merger, acquisition, and downstream business, including project development and EPC for Photovoltaic ("PV") solar power plants. Pursuant to the Strategic Cooperation Agreement, the two parties will establish a high-level joint meeting mechanism to evaluate the progress of major development projects.
The Strategic Cooperation Agreement was signed in the presence of Mr. Shouguo Chang, Deputy President of CDB Guangdong Branch, and Mr. Xiande Li, Chairman of JinkoSolar, in Zug, Switzerland on December 7th, local time.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.