JA Solar gets buyer's credit insurance from SINOSURE

Chinese solar products maker JA Solar Holdings Co Ltd (NASDAQ:JASO) said today it has secured export buyer's credit insurance from China Export & Credit Insurance Corp (SINOSURE) to export around 300 MW of modules to Brazil.

According to the announcement, JA Solar is the first photovoltaic (PV) maker to get buyer's credit insurance from SINOSURE. The amount insured was USD 145 million (EUR 135m), the Chinese company said.

The modules are for a solar project of Italy’s Enel SpA (BIT:ENEL). Their purchase was financed by Bank of China (HKG:3988) and Banco Santander (BME:SAN), with Enel providing a loan guarantee.

"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," said JA Solar president Jian Xie. "We look forward to seeing this financing model support further solar deployment in Brazil and other emerging markets," he added.

(USD 1.0 = EUR 0.931)

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