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JA Solar Gets $4B China Loan Package

NEW YORK( TheStreet) -- The controversial news in solar this week was the attack by the U.S. Steelworkers Union that China is giving unfair support to its green energy companies. But that hasn't slowed China a bit, as evidenced by new Chinese bank support for its green energy sector.

On Thursday, the powerful steelworkers union petitioned the Obama administration to challenge China over unfair trade support for green companies.

On Friday, JA Solar (JASO - Get Report) announced that it had signed a loan agreement with a branch of the China Development Bank that equalled roughly $4.4 billion.

JA Solar is the latest among the big Chinese solar firms to receive big loan packages from the China Development Bank this year, following Trina Solar (TSL - Get Report), Suntech Power (STP) and Yingli Green Energy (YGE), which together nabbed roughly $16 billion in Chinese loan packages.

Trina Solar received just under $4 billion. Suntech received a loan package of over $7 billion, while Yingli received loan offers of up to $5.3 billion.

The loan package is for general purposes and long-term development of JA Solar, and as in the case of the other deals, it's structured as a letter of intent so it's not as if JA Solar is receiving the $4 billion today or tomorrow. "The parties will meet on a regular basis to identify additional opportunities for strategic cooperation. They have also agreed to work closely to improve JA Solar's global competitiveness, and collaborate to create an international financing platform to support JA Solar's growth and capital needs," the JA Solar release stated.

JA Solar shares surged earlier this week when it announced at the Valencia, Spain, solar conference that it has already booked 500 megawatts in shipments for 2011, with shares reaching a 52-week high.

-- Written by Eric Rosenbaum in New York

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Copyright 2009 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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