Having previously used the banking services of China CITIC Bank's Nanjing Branch (CITIC), module manufacturer ET Solar has signed a new agreement with the bank, obtaining a US$1.27 billion line of credit to run over the next five years. ET Solar said that the credit facility would support ongoing efforts to capture increased market growth in Europe.
“This strategic agreement is taking our relationship to the next level and positioning us advantageously in capturing the overall market growth and accelerating our strong momentum in European system business development,” noted Dennis She, chief executive officer of ET Solar.
Shijing Jiao, president of China CITIC Bank Nanjing Branch, added: “The agreement demonstrates our conviction of the strong viability of ET Solar's downstream driven business model, our long term commitment to the PV industry, and the full fledged banking services that we are capable of providing to our core customers.”
ET Solar has also been increasingly active in the UK market since the UK FiT was established in April 2010. Some ‘free solar’ enterprises, which had gained strong early adoption in the residential market, used ET Solar modules, and the company has also found success in commercial projects.