Solarfun obtained RMB7 billion framework credit facility from Bank of China

SHANGHAI, CHINA: Solarfun Power Holdings Co. Ltd, a vertically integrated manufacturer of silicon ingots and photovoltaic cells and modules, announced that Jiangsu Linyang Solarfun Co. Ltd, a wholly owned subsidiary of Solarfun, has obtained a framework credit facility in the amount of RMB7 billion, or an equivalent amount of foreign currency, from Bank of China, Nantong branch.

The contract has a term of 10 years and provides a number of credit facility options. Specific drawdowns against this facility are subject to internal review and approval by the Bank.

Gareth Kung, CFO of Solarfun, commented: "Our longstanding relationship with Bank of China has been an important ingredient in Solarfun's growth and progress to date. Visibility of customer demand remains high throughout 2010 and key customer indications give us increased confidence in the prospect for 2011.

"We believe this new framework credit facility would provide added flexibility for Solarfun to finance future expansion plans. The demands of our customers are evolving, including project financing, and this new facility will assist us in meeting their needs more competitively."