NANJING, CHINA: ET Solar Group Corp., a Nanjing-based photovoltaic system turnkey solution provider and integrated manufacturer of PV products announced obtainment of an RMB400 million credit facility.
The RMB400 million credit facility (approximately US$59 million, or Euro40 million) was arranged by China Everbright Bank and joined by China Merchants Bank. It has a trade finance tranche and a working capital tranche with a one-year tenor that would be renewable subject to satisfactory credit review.
The new facility brings total credit lines currently available to ET Solar by various Chinese banks well over RMB800 million (approximately $120 million, or Euro80 million). It further diversifies ET Solar's banking relationships in China with both large national banks and leading regional banks as its lenders.
Fischer Chen, Chief Financial Officer of ET Solar, commented: "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 especially pleased with the strong commitment from China Everbright Bank and China Merchants Bank, which are both leading lenders in the fast growing Chinese economy."
"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," Hong Cheng, Deputy General Manager of China Everbright Bank, Nanjing Branch, added.