Dec 7 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
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.