ReneSola Ltd. announced that its wholly owned subsidiary, Sichuan ReneSola Material Co. Ltd., has signed a RMB800 million (about US$117 million) 5-year project loan agreement with China Construction Bank, Sichuan Branch. This loan will contribute to the funding of construction of a polysilicon manufacturing facility in Meishan, Sichuan province and will provide ReneSola with a steady, inexpensive supply of polysilicon.
“The agreement, combined with previously acquired financing, provides ReneSola with approximately 90% of the capital necessary to fund the project to completion,” stated Charles Bai, ReneSola’s chief financial officer.
ReneSola expects to begin the first phase of pilot production at the Sichuan facility late in the second quarter of 2009 and the second phase by the end of the third quarter of 2009. Each of the two phases will have a capacity of 1,500MT of polysilicon.
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