JA Solar Announces Milestone as First PV Manufacturer to Get Buyer’s Credit Insurance From SINOSURE
JA Solar Holdings Co., Ltd., one of the world’s largest manufacturers of high-performance solar power products, recently announced that China Export & Credit Insurance Corporation (“SINOSURE”) provided export buyer’s credit insurance to export around 300 MW JA Solar modules for a PV project developed by the multinational energy company ENEL S.p.A. (“ENEL”) in Brazil. The total amount insured was US $145 million. Bank of China and Banco Santander financed the purchase of the solar modules, while ENEL provided a loan guarantee and SINOSURE offered export buyer’s credit insurance.
Mr. Jian Xie, President of JA Solar, commented, “This transaction demonstrates that the financial community recognizes the quality and reliability of JA modules, and that they feel confident in committing large amounts of capital to JA-powered projects. This transaction represents an important milestone for solar project development in emerging economies, because it is a model for financing structures that can reduce the cost of capital and accelerate the pace of development. We look forward to seeing this financing model support further solar deployment in Brazil and other emerging markets.