Shunfeng Photovoltaics International, the company revealed yesterday as a bidder for struggling Wuxi Suntech, has secured a HK$980,000,000 (US$126,000,000) loan to expand its PV project development business.
The company said in a stock exchange filing that the loan, from Hong Kong Bank, would be used to build PV power stations.
Further details were not given, but the company has been on an aggressive drive this year to expands project development business in China’s booming market.
In July it announced its acquisition of a 95% stake in almost 500MW of PV projects being developed by Hareon Solar and then last month revealed plans to build up to 1.5GW of PV capacity in China’s remote western Xinjiang province.
These expansion ambitions were underlined with the news this week that Shunfeng is bidding for the bankrupt Wuxi unit of beleaguered manufacturer Suntech. Shunfeng said the acquisition would bolster its PV manufacturing capabilities.