JinkoSolar to get up to $1 bln from China Development Bank
Dec 7 (Reuters) - JinkoSolar Holding Co Ltd said its Swiss unit will get up to $1 billion over five years from China Development Bank to fund solar projects outside China, sending its shares up 23 percent.
China has launched a number of incentives to prop up its ailing solar industry and its state-run banks have extended billions of dollars of credit to solar companies, which has sparked a European Commission investigation into illegal state subsidies.
China's export-focused solar panel industry has been hit hard by damp demand in top consumer Europe and recently imposed import duties in the United States. They are also suffering from margin erosion due to a sharp drop in panel prices.
Jinko Solar shares were up 18 percent at $4.92 in morning trading on Friday on the New York Stock Exchange.
"The agreement with CDB will provide numerous advantages to us, including a long-term, stable source of capital and a complete set of financial services and it will have a far-reaching impact...," JinkoSolar Chairman Xiande Li said.