SPI Solar, a notable solar photovoltaic (PV) project developer, has secured a new credit line of around $1.6 billion, according to recent reports.
The new credit line is being provided by three separate banks in China — China Construction Bank, China Minsheng Bank, and Suzhou Bank. Under the new agreements, China Construction Bank is providing RMB 2 billion (~$319.342 million); China Minsheng Bank is set to provide RMB 7 billion (~$1.118 billion); and Suzhou Bank is set to provide RMB 1 billion (~$159.671 million).
According to earlier reports, SPI Solar will be utilizing the new credit lines for project financing, the financing of M&A projects, re-financing, and various other funding necessities.
Commenting on the new financing, the chairman of SPI Solar, Xiaofeng Peng, stated: “As a global company, we are delighted to announce these strategic partnerships with three of China’s strongest banks. Gaining the support of these three banks, usually reserved for China’s state owned enterprises, gives SPI the ability to execute on our strategic plan to an even larger scale and positions us to greater long-term value for our shareholders.”
In related news, SPI Solar also recently signed a “strategic cooperation framework agreement” with the Industrial and Commercial Bank of China (ICBC) — one that will see the ICBC commit to provide credit facilities to the solar PV project developer.
Interestingly, the agreement stipulates that the ICBC will link its online e-commerce platform to SPI’s Solarbao.com platform — as well as including SPI’s innovative Solarbao investment products amongst its online wealth management product offerings.
“We are delighted to partner with ICBC, one of China’s most prominent banking institutions with one of the largest retail banking customer bases globally,” the SPI Solar chairman stated. “With ICBC’s strong credit support we will be able to accelerate SPI’s business expansion plans while Solarbao.com’s inclusion on ICBC’s e-commerce platform will help drive sales of our Solarbao investment products to ICBC’s massive customer base. We believe this win-win partnership is an important step forward to realizing our vision of creating a leading global solar company.”
Seems that SPI Solar has big things in the works?
Image Credit: SPI Solar
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