PV project developer and EPC firm, Solar Power, Inc (SPI Solar) has secured a credit line of over US$1.6 billion from China Minsheng Bank, China Construction Bank and Suzhou Bank.
SPI Solar said that under the agreements, Minsheng Bank would provide RMB7 billion (US$1.11 billion approximately) in financing, China Construction Bank RMB2 billion (US$319.1 million approx) and Suzhou Bank RMB1 billion (US$159.9 million).
The company plans to use the lines of credit for project financing, re-financing, as well as financing for M&A projects and other general funding needs.
Xiaofeng Peng, chairman of SPI, said: “As a global company, we are delighted to announce these strategic partnerships with three of China's strongest banks. Gaining the support of these three banks, usually reserved for China's state owned enterprises, gives SPI the ability to execute on our strategic plan to an even larger scale and positions us to greater long-term value for our shareholders.”