A subsidiary of China Technology Development Group Corp. has lined up $36 million credit from a leading Chinese commercial bank to expand the solar PV company’s manufacturing plant. The company said that China Merchants Zhangzhou Development Zone Trenda Solar Energy Ltd. (known as Trenda Solar) has received a commitment of credit line worth RMB 250 million from the Fujian branch of China Construction Bank.
The credit, subject to certain terms and conditions, has been extended for the purpose of expanding CTDC’s existing amorphous-silicon thin-film photovoltaic manufacturing facility in Xiamen Bay Solar City.
“We are extremely pleased to receive this credit line facility from China Construction Bank, which demonstrates China Construction Bank’s recognition of our company and strong support for management’s goal to become one of the leading thin-film PV producers and application solutions providers in China,” said Gary Leung, CFO of CTDC.
“We expect that the credit line will not only accelerate our current expansion of thin-film PV production lines in the solar city,” the company executive added, “but also enables us to eventually supply solar products to the Qaidam Basin solar power plant which we announced recently.”
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The Qaidam Basin project, located in northwestern China, will start with 30 MW of crystalline-silicon and thin-film PV generating power–making it the largest on-grid solar plant in China–with a longer-term objective of 1 GW of installed generating capacity.