SHANGHAI, July 27 /PRNewswire-FirstCall/ -- JA Solar Holdings Co., Ltd. (Nasdaq: JASO), a leading manufacturer of high-performance solar products, today announced that it has closed two three-year term loans in the aggregate principal amount of RMB 620 million (approximately $90.8 million) from the Export-Import Bank of China. Both loans carry favorable interest rates that are below the benchmark interest rate set by the People's Bank of China.
(Logo: http://www.newscom.com/cgi-bin/prnh/20090309/JASOLARLOGO)
"We are pleased to receive continued support from tier-1 domestic Chinese banks," said Baofang Jin, executive chairman of JA Solar. "The closing of these three-year loans at favorable interest rates shows strong financial support from the Export-Import Bank of China for JA Solar and will further strengthen JA Solar's balance sheet and financial position for future strategic growth initiatives. These loans also lower JA Solar's overall cost of capital and offers us greater flexibility for financial and business planning," he said.
About the Export-Import Bank of China
Based in Beijing with numerous domestic branches and world-wide representative offices, the Export-Import Bank of China (China Eximbank) is a government policy bank under the direct leadership of the State Council, solely owned by the central government. As an important force in the backup system of foreign trade and economy and a significant component of the financial system, the main mandate of China Eximbank is to implement the state policies in industry, foreign trade, diplomacy, economy and finance to provide policy financial support to promote the export of Chinese mechanical and electronic products, to support Chinese companies with comparative advantages to conduct such cooperation with foreign partners as offshore construction contracts and overseas investment projects, to develop and strengthen relations with foreign countries, and to enhance Sino-foreign economic and technological cooperation and exchanges.
About JA Solar Holdings Co., Ltd.
Based in Shanghai with manufacturing operations in Hebei and Yangzhou, China, JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar cells. The company sells its products to solar manufacturers worldwide, who assemble and integrate solar cells into modules and systems that convert sunlight into electricity for residential, commercial, and utility-scale power generation. For more information, please visit http://www.jasolar.com.
SOURCE JA Solar Holdings Co., Ltd.
