Chinese photovoltaic (PV) manufacturer ET Solar has secured a five-year RMB8bn ($1.27bn) credit facility with the Nanjing branch of the China CITIC Bank.
The company said that it will use the money for general corporate and capital expenditure purposes. The agreement also covers commercial and investment banking services CITIC Bank will provide.
Dennis She, CEO of ET Solar, said, 'With credit support and other banking services that the bank provided to us in the past three years, ET Solar has established a strong tie with CITIC, a leading financial powerhouse in China and one of our house banks. 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.'
Shijing Jiao, president of Nanjing branch of CITIC Bank, 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.'
Earlier this year ET Solar raised $50m through a common equity issuance that it said it will use to expand its manufacturing capacity.