China Development Bank, the country's largest policy bank, has agreed to provide 1 billion U.S. dollars of financing for a Swiss subsidiary of a Chinese solar firm to support its overseas expansion.
The financing will be provided over a period of five years and its final conditions, terms and amount are subject to the two parties' further approval, according to a press release from the JinkoSolar Holding Co. Ltd., a solar product manufacturer headquartered in Shanghai and listed in New York.
The funds will be used for JinkoSolar's overseas expansion, including merger and acquisition as well as construction of solar power plants, the company said, citing a strategic cooperation agreement signed by JinkoSolar (Switzerland) AG and the CDB's Guangdong Branch in Switzerland on Friday.
Chinese solar panel producers have been embattled by excessive capacity and heavy duties from anti-dumping probes in the United States and Europe.
JinkoSolar saw the total capacity of its solar product shipments reach 335.2 megawatts in the third quarter of this year, according to information on the company's website.
The firm suffered a net loss of 54.8 million yuan (8.7 million U.S. dollars) in the third quarter, compared with a net income of 68.1 million yuan in the same period of last year.
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