Kong Sun Holdings signs $157m deal with JIC Trust to finance Chinese PV
Hong-Kong based Kong Sun Holdings Limited has entered into a memorandum of cooperation with JIC Trust Co., Ltd., to identify certain photovoltaic power system projects of Kong Sun Holdings located in Gansu, Xinjiang and Shaanxi provinces of China, and to cooperate with each other for the development of the projects.
Kong Sun Holdings and JIC Trust will establish one or more trust for the purpose of providing financing, up to an amount of RMB1 billion (US$161 million), to Kong Sun Holdings for the purpose of the development of the projects.
Kong Sun Holdings and JIC Trust will cooperate with each other to identify suitable projects with investment value, upon which JIC Trust shall invest not more than 49% equity interests in the project companies either by way through equity acquisition, provision of trust financing or issuance of convertible equity.
During the cooperation period of the respective projects, Kong Sun Holdings will have the right to acquire the equity interests in the SPVs held by JIC Trust at the face value of such equity interests. ,
However, upon the expiry of the cooperation period, JIC Trust will have the right to request Kong Sun Holdings to acquire the equity interests in the SPVs held by JIC Trust at the face value of such equity interests.
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