JA Solar Holdings Co., Ltd., one of the world's manufacturers of high-performance solar power products, announced on August 5th, 2013, that JA Solar and Jinglong Group, a related party of JA Solar, have secured a RMB 550 million credit facility from the Bank of Communications of China. Of the credit facility, RMB 250 million (US$40.8 million) will be available to JA Solar and RMB 300 million (US$48.9 million) will be available to Jinglong Group. JA Solar intends to use the credit facility for working capital and general corporate purposes.
The commitment from the Bank of Communications follows a series of incentive policies for the solar industry announced by China's State Council in July 2013, including a pledge to provide credit support to leading solar companies that have advanced technology and long-term growth potential.
Mr. Baofang Jin, executive chairman and CEO of JA Solar, who is also chairman of Jinglong Group, commented, "This credit facility demonstrates JA Solar's healthy access to capital and ongoing support from the banking community. It also highlights the value of JA Solar's relationship with Jinglong Group. We remain focused on maintaining a strong balance sheet as we continue to build our footprint across key growth markets."
Currency Convenience Translation
This announcement contains translations of certain amounts in Renminbi into U.S. dollars, at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB 6.1316 to US$1.00, the effective noon buying rate as of July 26, 2013 in the City of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York.
