JA Solar (JASO) Closes Loans Worth $90.8 Million

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09:54:43 am on July 27, 2009

JA Solar just announced that it has obtained 2 loans with a combined worth of RMB 620 million (about $90.8 million). The loans have a three-year term and were obtained from Export-Import Bank of China. The interest rate was not specified, but it is below China’s benchmark rate.

In a press release, Baofang Jin, executive chairman of JA Solar, commented on the loans:

“We are pleased to receive continued support from tier-1 domestic Chinese banks. 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.

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