The International Finance Corporation, a member of the World Bank Group, is reported to have invested $60 million in Jinko’s Penang-based production facility to underpin its technology investment and related working capital needs.
It is believed that the Malaysia-based company, one of Jinko’s six production facilities worldwide, will use the funds for its $100 million project upgrading existing solar cell production lines to the PERC solar technology, as demand for high-efficiency products continues to be strong.
The investment is to be realized in two parts — $40 million of IFC A Loan from IFC’s own account and $20 million mobilised via its Managed Co-Lending Portfolio Program (MCPP).
JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 5.0GW for silicon ingots and wafers, 4.0GW for solar cells, and 6.5 GW for solar modules, as of December 31, 2016, finishing the year as the world’s biggest PV module producer.
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