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Chinese PV maker signs $50m bank deal to back growing module production

ReneSola in 15-year loan agreement with China Development Bank to support Chinese PV operations as market shows “encouraging growth”

RenaSola said the USD 50m funding will support its operations to develop PV production in China

A Chinese solar manufacturer has signed a USD 50m deal with a leading bank to support its growing PV operations in the country. China’s ReneSola, a global producer of solar photovoltaic modules and wafers, has signed the USD 50.9m 15-year loan agreement with the China Development Bank, as the company saw “encouraging growth” in its PV operations at the end of 2012.

Mr. Xianshou Li, ReneSola's chief executive officer, said: "This funding will support our operations in China, a market in which we saw encouraging growth in the fourth quarter of last year. Our ability to secure additional capital amid weak macro conditions and a tight credit environment speaks to our healthy overall financial position, as well as to the ability of our management team."

Renewables support

The news is another example of a Chinese bank helping support the development of renewable energy growth around the world. 

In May 2012, China’s central bank signed a USD 120m agreement to help build solar plants in Canada. More recently, in December 2012, China’s state-owned Export-Import Bank jostled to win a wind farm deal in Ethiopia. The deal involved the development of three 100MW wind plants in African country.