ET Solar Group closes $59m credit facility

23 November 2009

Nanjing, China-based solar company ET Solar Group has closed an RMB400m ($59m) credit facility. Nanjing, China-based solar company ET Solar Group has closed an RMB400m ($59m) credit facility.

The credit facility was arranged by China Everbright Bank and joined by China Merchants Bank. It has a trade finance tranche and a working capital tranche that lasts for one year.

The new facility brings total credit lines currently available to ET Solar by various Chinese banks to over RMB800m ($120m).

Fischer Chen, CFO of ET Solar, said, ‘This new loan facility further increases our financial flexibility and puts us in a more comfortable position to maintain our growth momentum and strengthen the bankability of our products and turnkey solution services.’

‘We are very pleased to have arranged the credit facility for ET Solar as we are very much impressed with its fast growth track record and differentiated business evolution roadmap,’ said Hong Cheng, deputy general manager of China Everbright Bank’s Nanjing branch.

ET Solar is a vertically integrated solar energy equipment manufacturer and turnkey solutions provider that serves more than 50 countries.

Headquarterd in Beijing and established in 1992, China Everbright Bank provides services in asset management, direct investment, brokerage and investment banking. Its total assets stood at $124bn in 2008.

Listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange, China Merchants Bank provides corporate and retail banking products and services and conducts treasury activities. It was founded in 1987, has headquarters in Shenzhen, and holds total assets of $289bn.

Copyright © 2009 NewNet

Tags: solar

This story was published on Monday, November 23rd, 2009 at 1:50 pm and is filed under Asia, companies, solar. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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