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SPI Solar Gets New Credit Line Of $1.6 Billion

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SPI Solar, a notable solar photovoltaic (PV) project developer, has secured a new credit line of around $1.6 billion, according to recent reports.

SPI SolarThe 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 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’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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James Ayre's background is predominantly in geopolitics and history, but he has an obsessive interest in pretty much everything. After an early life spent in the Imperial Free City of Dortmund, James followed the river Ruhr to Cofbuokheim, where he attended the University of Astnide. And where he also briefly considered entering the coal mining business. He currently writes for a living, on a broad variety of subjects, ranging from science, to politics, to military history, to renewable energy.


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