The PV power plant project development arm of GCL-Poly has signed an agreement with CMB Nanjing bank for solar PV project financing and other corporate activities.
GCL New Energy said it had tentatively secured financing from CMB Nanjing totalling RMB8.0 billion (US$1.3 billion) that will run for a provisional two years.
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CMB Nanjing was also said to be providing settlement services, financing needs and wealth management on a priority basis to GCL New Energy as well as providing
principal underwriting for project revenue notes, asset-backed medium-term notes, and funds for mergers and acquisitions.
GCL New Energy recently said that it was currently negotiating with several banks in both Hong Kong and China for additional financing.
The company is targeting 2GW of additional grid-connected installations in 2015.