July 2 (Renewables Now) - The Japanese unit of Chinese solar module manufacturer JinkoSolar Holding Co Ltd (NYSE:JKS) has upsized a two-year syndicated loan that was inked in June 2018.
More specifically, JinkoSolar Japan KK has upsized a JPY-5.3-billion (USD 49m/EUR 43.4m) loan to JPY 6.7 billion through an agreement with a bank consortium led by Sumitomo Mitsui Banking Corporation (SMBC).
JinkoSolar said it will use the fresh financing to grow its business in Japan and to supplement working capital.
"We will continue to strengthen our brand recognition and operations in Japan to benefit from a rapidly growing market and look forward to further deepening our relationship with SMBC and other local banks to drive growth,” stated chief financial officer Charlie Cao.
(JPY 100 = USD 0.923/EUR 0.817)