JinkoSolar Holding Co. Ltd. has entered into an agreement with China Development Bank for a 15-year loan worth approximately $58 million (RMB360 million). The loan is backed by the main objective of building photovoltaic solar power plant projects to expand and strengthen the company’s Chinese operations.
China Development Bank continues to support its domestic solar power product manufacturers and service providers by paying out loans and offering financial assistances. In the last few months, the bank disbursed approximately $50.9 million (RMB320 million) and $69.8 million (RMB440 million) as loans to ReneSola Ltd. and LDK Solar Co., Ltd., respectively.
U.S. solar markets are gradually becoming less profitable for the Chinese solar module manufacturers. The U.S. Department of Commerce implemented anti-dumping duties of effectively 25.96% and countervailing duties of 15.24%. The U.S. DoC rolled out these tariffs to tighten supply of the Chinese solar-products in the U.S. and simultaneously encourage local players to tap the growing renewable domestic market. These steps have made the North American solar power market increasingly competitive for the Chinese solar power product manufacturers.
