Shunfeng Photovoltaic International has secured a RMB20 billion (US$3.25 billion) line of credit.
The two-year deal with China Minsheng Banking Corporation will extend into a third year unless it is cancelled by the parties.
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Shunfeng has been bankrolling a number of acquisitions including that of module maker Wuxi Suntech. In turn, Suntech has acquired inverter manufacturer Sunways. It also recently took a 30% stake in storage firm Powin Energy for US$25 million.
Finance on this scale is more likely to be used for Shunfeng’s ambitious project development business.
The company is targeting 10GW of PV projects by 2016 which it estimated would cost RMB24 billion (US$4 billion).
Questions over how it would pay for this would appear to have been answered.
