Shunfeng PV secures $162 million credit line

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Fresh from its purchase of the Wuxi Suntech manufacturing operations, Shunfeng Photovoltaic International will put its expanded production capacity to use after securing a RMB980 million (US$162 million) credit line from the China Development Bank.

Six subsidiaries of Cayman Islands-registered Chinese manufacturer Shunfeng have each secured backing from the state-owned bank to construct 130 MW of solar projects in the Xinjiang Uygur autonomous province of China.

The 90% Shunfeng-owned Hami Jetion project development subsidiary banked RMB210 million to build the first phase of a 30 MW scheme.

The reamining five projects each have a 20 MW capacity with the wholly-owned Hejing Znshine and 99% owned Yanqi Xin’ao each securing RMB160 million backing.

The 90% owned Shufu Jetion, and Shufu CNBM subsidiaries and the 95% owned Maigaiti Jintain Znshine have each been offered RMB150 million by the bank, which was the world’s most active solar financing institution in loan terams in 2013, according to Mercom Capital.