Chinese solar company Solar Power Inc. has signed agreements with three financial institutions for a total of RMB 10 billion (US1.6 billion) to help fund the company’s funding requirements.
Under the agreements, China Minsheng Bank, China Construction Bank and Suzhou Bank will provide credit lines of RMB7 billion, RMB2 billion and RMB1 billion, respectively, to support SPI’s project financing, re-financing, as well as financing for M&A projects and other general funding needs.
Each of the banks also agreed to provide general banking services in support of SPI’s daily operations. China Minsheng Banking also signed a separate five-year RMB3 billion (US$479 million) strategic financing agreement with Chinese solar panel maker JinkoSolar Holding Co.