The Shanxi branch of the Industrial and Commercial Bank of China (ICBC) loaned the State-owned Jinneng Group 5 billion yuan ($743.25 million) to help the company carry out upgrades, according to an agreement signed on Sept 14 in Taiyuan.

After issuing a bond of 1.5 billion yuan to the group, the bank furthered economic support for Jinneng, establishing a firm financial foundation in boosting the company's innovation and transformation.

Lu Qin, president of ICBC Shanxi Branch, said, "Our bank will provide more convenient and efficient financial service for Jinneng Group and expect win-win cooperation with the company in more fields."

Jinneng aims to improve its efficiency in coal utilization and develop green energy in return to external support including financial institutions' favor, said Li Guobiao, manager of Jinneng Group.

Jinneng is a State-owned corporation whose business spans coal, power, clean energy, trade and logistics industries. It has been enhancing its comprehensive strength in recent years by adjusting its industrial structure and layout.