ReneSola secures over $50 million loan guarantee from CDB

The Chinese photovoltaic module and wafer manufacturer signed the 15 year loan agreement with the China Development Bank (CDB). The RMB 320 million is expected to fund ReneSola’s domestic development.

While the Chinese Government is targeting 10 GW of new photovoltaic installations this year, many believe 8 GW will be added. Despite this, it is believed that China will become the top photovoltaic market in 2013, ahead of Germany.

Commenting on today’s news, ReneSola CEO, Xianshou Li said, "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."

According to Reuters, ReneSola’s total debt, and cash and equivalents, totaled $790.2 million and $268.1 million, respectively, as of December 2012.

Regarding the U.S.-Sino trade case, ReneSola recently announced that it is managing to circumvent tariffs by sourcing its photovoltaic cells from countries other than China; a loophole that both SolarWorld and U.S. Congress has said should be closed.